Formwork refers to surfaces or systems that support wet concrete and against which concrete is placed for construction purposes. It is an important part of the construction process for molds or supports used to contain freshly-placed concrete until it is self-supporting. Formwork allows the Project managers and architects to vision their ideas and designs into physical concrete structures. Advantages of formwork includes ability to produce accurate concrete surfaces, strength to resist the lateral forces exerted by concrete, cost-effectiveness etc. Growth of infrastructure sector including housing, commercial buildings and roads in South Africa is expected to drive the demand for formworks.
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, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The growing infrastructure development projects in South Africa is estimated to drive the market growth of formwork during the forecast period. South Africa government had recently announced plans to invest around USD 100 billion over next 5 years in infrastructure development projects including roads, rail networks, airports etc. Successful completion of these large infrastructure projects will require extensive usage of formworks to cast concrete structures. The favorable government policies and funding towards infrastructure sector is one of the major market opportunity that can boost the demand for formworks in South Africa during the forecast period. Focus on smart cities development and investments in affordable housing projects are other key opportunities for formwork providers in the country.
Porter's Analysis
Threat of new entrants: High capital requirements for setting up formwork facilities pose challenges for new players. Established players enjoy economies of scale.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitutes and standardized nature of formwork.
Bargaining power of suppliers: Suppliers of formwork materials and equipment have moderate bargaining power due to their specialized skills.
Threat of new substitutes: Limited threat from substitutes like slipforms and tunnel form systems as they are suitable only for specific construction projects.
Competitive rivalry: Intense due to the presence of numerous international and domestic players. Players differentiate based on innovations, quality, and service.
SWOT Analysis
Strengths: Growing infrastructure development and rapid urbanization drive demand. Support from government initiatives boosts the market.
Weaknesses: Labor shortages and volatile raw material costs increase operational expenses. Dependency on economic conditions impacts demand.
Opportunities: Investments in renewable energy and public infrastructure augur well. Innovation in design and materials widen applications.
Threats: Delay or cancellation of projects impacts revenues. Competition intensifies from substitutes and imports. Economic slowdowns affect spending.
Key Takeaways
The South Africa Formwork Market Demand is expected to witness high growth driven by the rising construction activity in the country. The market size is projected to reach US$ 322.6 Bn by 2024 registering a CAGR of 8.4% during the forecast period.
South Africa dominates the regional market owing to large-scale investments in infrastructure, housing, and industrial construction projects. The government's infrastructure initiative such as residential housing development boosts formwork demand.
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. Players differentiate based on innovations, quality, and service.
For More Details On The Report, Readhttps://www.pressreleasebulletin.com/south-africa-formwork-market-growth-analysis/
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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.
