The global formwork and shoring market is projected to reach USD 8.2 billion by 2030, growing at a compound annual growth rate (CAGR) of 5.8% from 2024, according to a new report from Construction Market Analytics.
Key growth drivers include rapid urbanisation across Southeast Asia and Sub-Saharan Africa, continued high-rise construction activity in the Middle East, and large-scale infrastructure investment programmes in South America.
Aluminium formwork systems are expected to record the fastest growth sub-segment, driven by their adoption in large-scale affordable housing programmes, particularly in India where the government has set ambitious targets for urban housing delivery.
Chinese manufacturers — including TECON — are projected to continue expanding their global market share, supported by competitive pricing, strong product development investment, and growing after-sales service networks.