The South Africa formwork market comprises formwork systems that are used in the construction of reinforced concrete structures. Some of the key advantages of formwork include speedy construction, ease of handling, and producing concrete surfaces of high quality with minimum efforts. The rapid infrastructure development projects across South Africa is propelling the demand for formwork. The growing construction of buildings, bridges, dams, and other concrete structures is augmenting 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 2031.
Key Takeaways
Key players operating in the South Africa formwork market 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. Key players are focusing on developing innovative formwork systems with features such as reusability, easy handling, and speedy construction. For instance, DSG International Ltd. offers aluminum formwork systems that reduce construction time and cost of projects.
The growing demand for infrastructure from end-use industries such as transportation, residential, and commercial construction is fueling the sales of formwork in the country. Rapid urbanization and investment in public infrastructure are propelling the growth of the construction industry in South Africa. This in turn is augmented the demand for formwork.
The South Africa Formwork Market Trends manufacturers are focusing on expanding their global footprint to leverage the growth opportunities in the international markets. For example, in 2022, Svenska Cellulosa AB strengthened its presence in Africa by setting up a new manufacturing plant in Egypt. Such expansion strategies will help them tap into the demand from developing construction markets globally.
Market key trends
The increased adoption of digital technologies by formwork manufacturers is one of the key trends in the South Africa formwork market. Technologies such as BIM (Building Information Modeling) and VR/AR (Virtual Reality/Augmented Reality) are helping design innovative formwork systems. This allows contractors to visualize structures digitally and optimize formwork layouts to improve construction efficiency. The utilization of smart sensors in modular formwork systems is also gaining traction as they enable remote monitoring of structures during construction.
Porter's Analysis
Threat of new entrants: The construction industry in South Africa requires huge initial investments which act as a barrier for new companies. Existing players have strong brand identity and customer loyalty which makes it difficult for new entrants.
Bargaining power of buyers: The buyers have moderate bargaining power as there are few buyers for specialized formwork in South Africa. However, the threat of backward integration by major construction companies increases pressure on suppliers.
Bargaining power of suppliers: Cement, steel and other raw material suppliers have moderate to high bargaining power due to highly consolidated nature of supplies. Fluctuations in raw material prices can significantly impact profitability of formwork manufacturers.
Threat of new substitutes: New potential substitutes have less threat as formwork plays an important role in construction. However, 3D printing might emerge as a substitute for niche construction applications.
Competitive rivalry: The South Africa formwork market has presence of few organized players resulting in high competitive rivalry. However, the market is growing providing opportunities.
Geographical regions:
South Africa accounts for majority of the formwork market value in Africa. Gauteng and Western Cape provinces are the most concentrated regions due to presence of large construction projects and high infrastructure investments.
The fastest growing region for South Africa formwork market is expected to be KwaZulu-Natal province. This is attributed to government initiatives to develop Durban as a major industrial and port city through projects such as Dube TradePort. Growing construction of residential and commercial buildings will drive the demand in this region during the forecast period.
Get More Insights on, South Africa Formwork Market
The global Formwork Market research report, published by Value Market Research, is designed to offer various market framework such as market size, portion, trends, growth path, value and factors that impact the current market dynamics over the forecast period 2021-2027.
Most importantly, this report also provides the latest significant strategies adopted by major players along with their market share.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
This section includes a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Formwork Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/formwork-market/download-sampleMarket DynamicsThe rapidly expanding residential and commercial construction sector due to new construction activities and renovation of old sites across the globe is a major driver driving the formwork market.
The ever increasing demand for residential spaces due to the growing population will show potential growth opportunities for the market globally over the forecast period.
In addition to that, the growing adoption of simple and reusable molds is also positively impacting the market growth.
Moreover, the growing urbanization is expected to generate demand for formwork which in turn is boosting the growth of the overall formwork market globally.The report covers Porter’s Five Forces Model, Market Attractiveness Analysis and Value Chain analysis.
