South & Central America Formwork System Market Forecast to 2030 - Regional Analysis - by Offerings (Solutions and Services) and Material Used (Wood, Metal, and Others)

The South & Central America formwork system market was valued at US$ 135.95 million in 2022 and is expected to reach US$ 168.87 million by 2030; it is estimated to register a CAGR of 2.7% from 2022 to 2030.

Advent of New Formwork Technologies Fuels South & Central America Formwork System Market

The development of the latest designs encourages formwork manufacturers to roll out latest and tailored solutions to fulfill the demand for abstract projects. The contemporary building system is dominated by skyscrapers and complex geometries. Therefore, the success of these complex buildings relies on the efficiency of construction processes. With continuous technological developments, modular formwork systems are introduced with standardized component items and panels to lower the need for cutting material at sites. The introduction of wireless temperature monitoring formwork systems, tunnel formwork, fiberglass shuttering, concrete form lining formwork, and semi-system formwork is expected to fuel the growth of the South & Central America formwork system market in the coming years.

Fiberglass shuttering: The fiberglass-reinforced plywood system is key to a perfect cast roof with a smooth finish, which does not need plastering. The fiberglass shuttering building systems are a revolution in the area of shuttering owing to their simplicity, lightness, solidity, durability, and resistance to temperature changes. Additionally, fiberglass shuttering provides simplification of shuttering with the same mechanical properties of different shuttering systems.

Tunnel formwork: The tunnel form is a formwork system enabling the contractor to cast slabs & walls in one operation on a daily cycle. The tunnel formwork unites quality, accuracy, and speed with flexibility and economy of in-situ construction. Also, hi-tech technologies of steel formwork production make the tunnel formwork durable and stronger. The system can create efficient load-bearing structures that are also known as earthquake-resistant structures.

Therefore, the advent of new formwork technologies would lead to new future trends in the South & Central America formwork system market.

South & Central America Formwork System Market Overview

The formwork system market in SAM is bifurcated into Brazil and Argentina. Despite several economic challenges, favorable government initiatives would propel the growth of the region's economy during the forecast period. SAM has the highest urbanization rate globally owing to the government initiatives that support industrial growth. With the growth in the industrial sector, the scope of integrating advanced technologies for constructing buildings such as formwork solutions is expected to increase in the coming years.

SAM has the highest urbanization rates globally, which is ~80% of the total rate, owing to government initiatives to support industrial growth. For instance, Argentina concentrates on attracting more FDIs by easing import restrictions, signing international bilateral agreements, and lifting restrictions imposed on foreign investment, among others. Such initiatives are expected to support the development of businesses in SAM.

Despite the political and economic uncertainties in SAM, the construction industry in Brazil, Chile, Colombia, and Peru expanded by 1.1% in 2019. According to the AEM, Colombia and Argentina are expected to witness faster growth compared to other countries in terms of construction, which is mainly attributed to the PPP projects; however, the growth in other SAM countries is expected to remain stagnant over the coming years. This is foreseen to result in the saturated growth of the formwork system market.

South & Central America Formwork System Market Segmentation

The South & Central America formwork system market is segmented based on offerings, material used, and country.

Based on offerings, the South & Central America formwork system market is bifurcated into solutions and services. The solutions segment held a larger share in 2022.

In terms of material used, the South & Central America formwork system market is segmented into wood, metal, and others. The wood segment held the largest share in 2022.

Based on country, the South & Central America formwork system market is categorized into Brazil, Argentina, the Rest of South & Central America. Brazil dominated the South & Central America formwork system market in 2022.

Encofrados Alsina, Brand Industrial Services Inc, EFCO corp, FORSA SA., MEVA GmbH, MFE Formwork Technology Sdn Bhd, PERI GmbH, and Doka GmbH are some of the leading companies operating in the South & Central America formwork system market.