Formwork Plywood Market Report 2026

The formwork plywood market size has grown steadily in recent years. It will grow from $7.85 billion in 2025 to $8.14 billion in 2026 at a compound annual growth rate (CAGR) of 3.7%. The growth in the historic period can be attributed to expansion of urban construction activities, growth in infrastructure development projects, increasing adoption of concrete construction methods, availability of hardwood plywood materials, rising demand for cost-effective formwork solutions.

The formwork plywood market size is expected to see steady growth in the next few years. It will grow to $9.31 billion in 2030 at a compound annual growth rate (CAGR) of 3.4%. The growth in the forecast period can be attributed to increasing investments in infrastructure modernization, rising focus on reusable construction materials, expansion of high-rise and commercial construction, growing preference for high-durability formwork systems, increasing adoption of sustainable building practices. Major trends in the forecast period include increasing use of reusable high-cycle formwork panels, rising demand for film-faced plywood in infrastructure projects, growing preference for moisture-resistant concrete forming solutions, expansion of large-scale construction applications, enhanced focus on surface finish quality.

The rising number of construction activities is anticipated to drive the growth of the formwork plywood market in the coming years. These construction activities involve building, repairing, or modifying structures such as buildings, roads, bridges, and other infrastructure. The surge in such activities is attributed to urbanization, as the growing population in cities increases the need for residential, commercial, and infrastructure development. Formwork plywood plays a crucial role in these projects by serving as a durable and reusable mold for shaping concrete structures, ensuring precision and structural integrity. It improves project efficiency by enabling quicker assembly and disassembly, making it a vital component in contemporary construction methods. For example, in April 2025, the United States Census Bureau reported that construction spending reached $2.15 trillion in 2024, up from $2.02 trillion in 2023. Thus, the growth in construction activity is contributing to the expansion of the formwork plywood market.

The rise in infrastructure investments is also expected to drive the growth of the formwork plywood market. Infrastructure investments refer to the allocation of funds towards the development and maintenance of essential systems, including roads, bridges, energy, water, and communication networks that support economic and societal advancement. The increase in such investments is driven by urbanization and population growth, which place greater pressure on existing infrastructure and necessitate new development and upgrades. These investments lead to heightened demand for formwork plywood through the acceleration of major construction projects such as bridges, roads, and tunnels. Formwork plywood facilitates these initiatives by providing durable, reusable molds for concrete structures, ensuring accuracy, resilience, and streamlined project execution. For instance, in July 2024, the Office for National Statistics reported that the UK government’s total investment in infrastructure reached $17.25 billion (£13.8 billion) in 2023, representing a 3.9% increase from 2022. Consequently, growing infrastructure investment is fueling the formwork plywood market.

Leading companies in the formwork plywood market are increasingly adopting advanced manufacturing technologies such as computer numerical control (CNC) machinery to boost precision, efficiency, and product quality. CNC machinery refers to automated tools controlled by programmed software that enable high-accuracy cutting, shaping, and finishing of formwork plywood. For example, in December 2024, PERI Ltd., a UK-based formwork and scaffolding solutions provider, invested $335,153 (£250,000) in state-of-the-art CNC machinery to improve customer service and enhance operational performance. This technological upgrade helps the company streamline production, minimize material waste, and deliver consistently high-quality formwork plywood. Additionally, the machinery shortens production timelines, addressing the growing demand for reliable and durable formwork solutions within the construction sector. The upgraded CNC system enables the fabrication of complex components such as cleat boxes and replacement panels using robust birch plywood, commonly used in wall and slab formwork.

Major companies operating in the formwork plywood market are PERI SE, Doka GmbH, ULMA Construction, SVEZA Co., UPM Plywood, Metsa Wood, Greenply Industries Ltd., Century Plyboards India Ltd., Shandong Xingang Group Co. Ltd., Jiangsu Jinhai Plywood Co. Ltd., Jiangsu Hanbao Group Co. Ltd., Vinawood Co. Ltd., Koskisen Oyj, Segezha Group LLC, Weyerhaeuser Company, UFP Industries Inc., Tulsa SA, ROC International Co. Limited, Adto Group Co. Limited, Metsa Fibre.

North America was the largest region in the formwork plywood market in 2025. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the formwork plywood market report are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the formwork plywood market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The formwork plywood market consists of sales of waterproof shuttering plywood, formliner plywood panels, phenolic film-faced plywood, and edge-sealed plywood panels. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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