Plastic Formwork Market Size

Plastic Formwork Market size was valued at USD 460 Million in 2023 and is expected to exceed USD 592 Million by the end of 2036, expanding at over 3% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of plastic formwork is evaluated at USD 473.8 million.

The plastic formwork market is expanding due to the surge in the world's infrastructure which has led to increased public works projects, including building, bridge, and road construction. According to the World Bank, the number of people worldwide will increase by about 2 billion by 2040, a 25% increase. With the urban population expected to rise by 46%, there will be a continued migration from rural to urban areas, creating a huge need for infrastructure assistance.

This can result in a larger demand for economical and efficient building techniques, such as plastic formwork systems. Systems for plastic formwork are made to be simple to carry, assemble, and disassemble. This might lead to shorter construction schedules, enabling projects to be finished sooner. Because infrastructure projects want to minimize disruptions and downtime, the efficiency of plastic formwork may be a selling point.