by South Africa Formwork Market overview: Formwork systems are temporary molds that support freshly poured concrete until it gains sufficient strength. They are crucial for constructing infrastructure projects like roads, bridges, dams, tunnels and buildings. The growing infrastructure projects in South Africa like construction of stadiums, roads, metro lines and buildings is driving the demand for formwork systems.
The global South Africa Formwork Market is estimated to be valued at US$ 322.6 Bn in 2023 and is expected to exhibit a CAGR of 8.4% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends
The infrastructure development sector in South Africa is witnessing significant growth propelled by government initiatives and investments. Major infrastructure projects like expansion of ports, rail networks and road construction are currently underway. It is estimated that South Africa will require over US$ 100 billion of infrastructure investment by 2030 to sustain its economic growth. This growing investment in infrastructure development is expected to drive the demand for formwork during the forecast period. Formwork plays a crucial role in infrastructure construction as it offers support, shape and surfaces to fresh concrete until it gains strength. Thus, the rapid infrastructure growth in South Africa will continue to propel the demand for innovative formwork solutions.
SWOT Analysis
Strength: The South Africa formwork market is supported by strong infrastructure development activities in the country. Rapid urbanization and industrialization are boosting construction activities.
Weakness: Skilled labor shortages and rising raw material prices are challenges faced. Fluctuations in economic growth can negatively impact market demand.
Opportunity: Government initiatives to develop affordable housing and upgrade transport infrastructure will drive market opportunities. Growing foreign investment in the construction industry opens up prospects.
Threats: Delayed projects and payment issues pose risks. Stringent environmental norms increase compliance costs.
Key Takeaways
The global South Africa Formwork Market Demand is expected to witness high growth. Favorable housing and infrastructure development policies are encouraging construction activities in South Africa. The global South Africa Formwork Market is estimated to be valued at US$ 322.6 Bn in 2023 and is expected to exhibit a CAGR of 8.4% over the forecast period 2024 to 2031.
Regional analysis: South Africa dominates the regional market owing to massive investments in public infrastructure projects. Mega construction programs are underway across major cities to modernize facilities and housing. The government aims to address the housing backlog through projects under the RDP program.
Key players: Key players operating in the South Africa formwork market are Svenska Cellulosa AB, DSG International Ltd., First Quality Enterprises, Inc. and others. Major players are focusing on developing innovative formwork solutions to improve productivity and sustainability in construction. Strategic partnerships with local contractors are gaining prominence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
