The India Aluminum Formwork System market is projected to reach US$ 7,486.32 million by 2028 from US$ 5,618.35 million in 2021. It is expected to grow at a CAGR of 5.3% from 2021 to 2028.
The India aluminum formwork system market is experiencing growth due to the increasing demand for scheduling and controlling operations in new construction projects. This is attributed to the rise in new constructions in India. The aluminum formwork system is a construction system that aids in forming cast-in-place concrete structures. It is easy to assemble and provides safety features, including good labor productivity. The high durability of aluminum formwork has also contributed to the growth of the India aluminum formwork system market in the construction industry of India.
The India Aluminum Formwork System market share is positively impacted by the offerings of companies that provide complete aluminum formwork systems, reducing construction time and cost. Additionally, the system's smooth surface finish eliminates the need for plastering. The aluminum formwork system is being extensively used in various applications such as door and window openings, plumbing lines, electrical conduits, hollow slabs, sunshade projections, and window boxout projections, which further contribute to the growth of the India aluminum formwork system market.
MFE Formwork Technology is a key player in the India aluminum formwork system market, supplying aluminum formwork systems for various applications in residential construction, ranging from ground-story structures to affordable housing projects. As the pioneer in manufacturing aluminum panels using formwork technology in this market, MFE maintains strict tolerance and panel size variation standards and provides over 50 supervisors throughout India to assist clients with the initial setup. The market's growth is driven by the increasing use of reinforced cement concrete (RCC) structures, which enhance the strength and durability of buildings. Furthermore, the aluminum formwork systems' easy setup, precision, and sturdiness make them reusable, highly economical, and convenient to construct, contributing to the India aluminum formwork system market's expanding size.
The India aluminum formwork system market is bifurcated on the basis of offering and materials used. Based on offering, the India aluminum formwork system market is bifurcated into solutions and services. Based on materials used, the India Aluminum Formwork System market is segmented into aluminum, timber, plastics, mild steel, hybrid, and others. Plastic formwork has interlocking systems and can be re-utilized gaining widespread usage in normal concrete construction.
The India aluminum formwork system market is seeing a boost due to the increasing popularity of plastic formwork for large housing schemes and similar structures. Plastic formwork's multi-reusable nature, water resistance, and lightweight properties make it economical and ideal for small and large concrete structures. TECON, a leading provider of concrete formwork and scaffolding worldwide, offers plastic formwork made from fiberglass. Among all the material formwork systems, plastic formwork is the lightest. The company's plastic formwork TP60+, plastic adjustable column formwork, and plastic round column formwork have a wide range of applications and can achieve a daily production of up to 40sqm/person. It is useful for projects in remote areas with limited access to construction machines and cranes.
The India aluminum formwork system market is experiencing a surge in demand for plastic formwork systems due to their unique characteristics. These systems are made from high-quality plastic material and have a perfect fit that eliminates water leakage or newly poured concrete. Furthermore, their lightweight nature, ease of installation, and reduced labor cost compared to other formwork systems contribute to their increasing popularity. Once the plastic formworks are used, they can be easily washed with water and sealed with a low-pressure hot air gun in case of mishandling.
Mild steel is a type of ferrous metal composed of iron and carbon. Due to its high iron content, low-carbon mild steel is cost-effective and highly magnetic, making it 'ferromagnetic.' Steel provides a uniform and polished surface finish to concrete structures when used as formwork. In India, steel formwork is in high demand for constructing mass structures like bridges, dams, tanks, sewers, tunnels, chimneys, and retaining walls, imparting strength and safety to the structures. Steel formwork is becoming increasingly popular due to its strength, durability, and reusability, making it ideal for long-term use. Additionally, steel formwork offers resistance to moisture and water, making it suitable for circular and curved structures, such as tanks, columns, chimneys, sewers, tunnels, and retaining walls, and offers a smooth finish to the concrete surface.
In addition to providing a uniform and smooth surface finish, steel formwork is known for its durability and sturdiness. TECON offers a range of steel formwork systems, including Steel LITE Formwork, HETO frame wall formwork, steel deck slab formwork, adjustable steel frame column formwork, and LITE steel column formwork single side formwork, to reduce operational costs and bring environmental benefits to the construction process. The production process of steel formwork is minimal, and digital modeling has made it possible for manufacturers to create steel formwork efficiently, reducing the need for rework. Faster manufacturing times for steel formwork can also accelerate fieldwork speed. Mild steel formwork is in high demand in the India aluminum formwork system market due to its high strength, suitability for extreme environments, and high anti-corrosion performance.
The India aluminum formwork system market size has been determined through a comprehensive analysis of both primary and secondary sources. The secondary research involved gathering qualitative and quantitative information from various internal and external sources to provide an overall overview and forecast of the aluminum formwork system market across all segments. Additionally, a series of primary interviews were conducted with industry participants and experts such as VPs, business development managers, market intelligence managers, national sales managers, valuation experts, research analysts, and key opinion leaders specializing in the Indian aluminum formwork system market. These interviews aimed to validate the data and gain further analytical insights into the subject matter.