South Africa Formwork Market Will Grow At Highest Pace Owing To Surging Infrastructure Development

Comments · 14 Views

 The South Africa formwork market encompasses products, including formwork accessories, shoring, scaffolding, and engineering services used to support wet concrete until it gains sufficient strength. Formwork provides support and shape to concrete structures until the concrete has gained enough strength to stand on its own. Growing infrastructure development activities across commercial and residential sectors have driven the demand for formwork in South Africa. The surging number of construction projects for roads, bridges, dams, buildings, and other structures has boosted the sales of formwork.

 The Global South Africa Formwork Market is estimated to be valued at US$ 322.6 Bn in 2024 and is expected to exhibit a CAGR of 8.4% over the forecast period 2024 to 2030.

Key Takeaways
Key players operating in the Aluminum Formwork Systems Size  are Svenska Cellulosa AB, DSG International Ltd., First Quality Enterprises, Inc., Kimberly-Clark Corporation, Abena A/S, Attends Healthcare Products, Inc., Unicharm Corporation, Kao Corporation, Ontex Group, Chiaus (Fujian) Industrial Development Co Ltd and others. The rampant housing shortage and infrastructure development activities have bolstered the demand for formwork in South Africa. Technological advancements including self-climbing systems and lightweight formwork materials have widened the application scope of formwork.

Market trends:
Growing popularity of green construction: The increasing awareness about sustainability has boosted the adoption of eco-friendly formwork systems made from recycled or recyclable materials in the construction sector. Various materials such as wood, aluminum, and fiberglass are being used to manufacture green formwork solutions.

Rise of Prefabricated formwork systems: Prefabricated formwork systems offer advantages such as less installation time, repeated use, ease of reuse, and risk-free dismantling. Leading manufacturers are focusing on developing prefabricated formwork solutions to reduce construction timelines.

Market Opportunities:
Surging investment in megaprojects: The South African government's ambitious investment plans such as new housing projects, road upgrades, and railway developments are expected to generate lucrative opportunities.

Growing repair and refurbishment activities: The increasing refurbishment of aging infrastructure and non-residential buildings is projected to drive the aftermarket opportunities for formwork rental and leasing companies.

Impact of COVID-19 on South Africa Formwork Market

The COVID-19 pandemic has significantly impacted the growth of the South Africa formwork market. During the initial months of the pandemic in 2020, strict lockdowns were imposed in the country which led to the closure of construction sites. This severely hampered the demand and supply of formwork equipment and systems. Companies faced challenges in procuring raw materials and components due to disruptions in the supply chain. International trade was also affected which affected the import and export of formwork products.

However, post lockdown lifting from mid-2020, construction activities resumed gradually with implementation of safety protocols. The government also announced various stimulus packages to boost infrastructure development and real estate sector. Mega projects related to highways, bridges, commercial buildings provided support to formwork market recovery. Moreover, demand increased from healthcare infrastructure upgradation to enhance medical facilities. Market players implemented various strategies like online sales channels, inventory management to cater growing orders. They also focused on workforce safety, digital solutions for contactless operations. It is expected that with resumption of major projects, investments in precast construction and policies to accelerate growth, the South Africa formwork market will experience positive expansion in the forecast period regaining pre-pandemic levels.

Geographical Regions with High Concentration in South Africa Formwork Market

The South Africa formwork market is highly concentrated in Gauteng province in terms of value sales. It accounts for around 35-40% of the country's total formwork requirement due to massive infrastructure development activities in the region. Johannesburg and Pretoria being the economic hubs attract major construction projects related to transportation, commercial, residential sector. Other cities like Cape Town, Durban, Port Elizabeth also have considerable demand for formwork owing to upcoming real estate and industrial construction. Mining industry dominated provinces like North West, Limpopo, Mpumalanga also provide opportunities for specialized formwork products. Overall, the economic growth corridors in Gauteng and Western Cape will continue driving the formwork consumption in South Africa.

Fastest Growing Region in South Africa Formwork Market


The Northern Cape province has emerged as the fastest growing region in the South Africa formwork market over the last few years. It is expected to maintain this momentum even in the forecast period. Major reasons for its high growth include increasing investments for mining and renewable energy projects. Major mining companies are setting up new beneficiation plants and increasing production capacities. This has augmented the demand for specialized formwork from the sector. Additionally, Northern Cape province is suitable for solar and wind energy generation due to availability of vast land and natural resources. Several utility-scale energy projects are coming up which use large volumes of formwork for structures like support towers, substations etc. Overall, the mining and renewable sectors will keep stimulating the formwork requirement in Northern Cape at a rapid pace.

For more Insights, Read –

https://www.newsstatix.com/south-africa-formwork-market-size-market-share-analysis/

 

disclaimer
Comments