Formwork System Market is poised to be valued at US$ 9,961.3 Mn in 2024 to Efficient Construction

Formwork systems play a vital role in the construction industry as they enable efficient and quality concrete pouring during construction activities. Formwork is used to hold wet concrete in desired shape and provide safety during curing until it gains enough strength. Key elements of formwork systems include panels, shores, rebars, hardware, and accessories that provide temporary rigid exterior structure to the wet concrete. Formwork systems reduce material wastage, production time, and labor requirements on construction sites compared to traditional timber formwork.

The Global Formwork System Market is estimated to be valued at US$ 9,961.3 Mn in 2024 and is expected to exhibit a CAGR of 5.1% over the forecast period from 2024 to 2031.