The South Africa Formwork Market is Poised for Growth driven by Digital Construction Trends
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South Africa Formwork Market |
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.
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