Formwork Plywood Market Report 2025

The formwork plywood market size has grown steadily in recent years. It will grow from $7.56 billion in 2024 to $7.85 billion in 2025 at a compound annual growth rate (CAGR) of 3.9%. Growth in the historic period can be attributed to increasing demand for residential housing, expansion of transportation infrastructure, reconstruction efforts following natural disasters, a rise in industrial construction projects, and a stronger focus on reducing construction site waste.

The formwork plywood market size is expected to see steady growth in the next few years. It will grow to $9.02 billion in 2029 at a compound annual growth rate (CAGR) of 3.5%. Expected growth in the forecast period is driven by the expansion of global construction activities, rapid urbanization in developing countries, increased government investment in infrastructure, the proliferation of smart city initiatives, and the growth of commercial real estate development. Key trends anticipated for the forecast period include innovations in plywood coatings and treatments, the development of high-performance engineered plywood, the integration of digital modeling in formwork design, the adoption of computer numerical control (CNC) machining for precision plywood cutting, and advancements in adhesive technologies.

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 players in the formwork plywood market are UFP Industries Inc., Weyerhaeuser Co., PERI SE, Doka GmbH, ULMA Construction Srl, Century Plyboards (India) Ltd., Koskisen Oyj, Shandong Xingang Group Co. Ltd., Greenply Industries Ltd., Metsa Wood, UPM Plywood, Alsina Formwork Solutions S.A., Adto Group Co. Limited, SVEZA Co., Tulsa S.A., Hunan Zhongnan Shenjian Group Co. Ltd., Vinawood Co. Ltd., Jiangsu Hanbao Group Co. Ltd., Jiangsu Jinhai Plywood Co. Ltd., Segezha Group LLC, ROC International Co. Limited.

North America was the largest region in the formwork plywood market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in formwork plywood report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the formwork plywood market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Note that the outlook for this market is being affected by rapid changes in trade relations and tariffs globally. The report will be updated prior to delivery to reflect the latest status, including revised forecasts and quantified impact analysis. The report’s recommendations and conclusions sections will be updated to give strategies for entities dealing with the fast-moving international environment.

The quick escalation of U.S. tariffs and the resulting strain in trade relations in spring 2025 are considerably influencing the Paper, Plastics, Rubber, Wood And Textile sector by inflating costs for imported pulp, resin, synthetic rubber, lumber, and cotton key inputs with limited domestic substitutes. Packaging manufacturers, for example, now pay more for plastic films and corrugated materials, squeezing margins in an already price-sensitive market. Textile producers face similar challenges, as tariffs on imported yarns and dyes compound pressures from rising labor costs. Some firms are shifting to recycled materials or biodegradable alternatives, while others consolidate suppliers to negotiate bulk discounts.

Formwork plywood is a high-strength, moisture-resistant plywood designed specifically for concrete formwork applications. It is generally manufactured from hardwood veneers and coated with a phenolic film to endure the pressure of wet concrete and allow for multiple reuses. Its primary function is to provide a smooth, durable mold surface for shaping and supporting poured concrete until it hardens.

The main categories of formwork plywood include film-faced plywood, veneer plywood, plastic-coated plywood, and others. Film-faced plywood is a specialized plywood coated with a resin-impregnated film, typically phenolic or melamine, offering enhanced durability and a smooth finish. Applications include residential, commercial, industrial, and infrastructure construction, serving end-users such as construction firms, contractors, and related stakeholders.

The formwork plywood market research report is one of a series of new reports that provides formwork plywood market statistics, including formwork plywood industry global market size, regional shares, competitors with a formwork plywood market share, detailed formwork plywood market segments, market trends and opportunities, and any further data you may need to thrive in the formwork plywood industry. This formwork plywood market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

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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