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India Aluminum Formwork System Market Forecast to 2028 - COVID-19 Impact and Country Analysis By Offering (Solution and Services) and Material Used (Aluminum, Timber, Plastics, Mild Steels, Hybrid, and Others)
- Report Code : TIPRE00029688
- Pages : 103
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.
Aluminum formwork is a construction system used to form cast in place of concrete structures. The rising trend of new constructions in India has boosted the demand for scheduling and controlling operations, such as steel reinforcement, concrete placement, and mechanical and electrical conduits, thereby propelling the India Aluminum Formwork System market growth. Aluminum formwork is easy to assemble, has safety inbuilt into the system, and offers good labor productivity. The high durability of aluminum formwork is bolstering the India Aluminum Formwork System market growth in the Indian construction industry.
Companies operating in the aluminum formwork market are providing aluminum formwork systems for the entire building with reduced construction time and cost. A smooth surface finish eliminates plastering. The aluminum formwork is witnessing widespread applications for the door, window opening, plumbing lines, electrical conduits, hollow slabs, sunshade projections, and window boxout projections. Such advantages are also bolstering the India Aluminum Formwork System market share.
MFE Formwork Technology is a major company that manufactures aluminum for applications in residential buildings, including ground story structures for rehabilitation to affordable housing projects. MFE is the first company to use Formwork Technology in manufacturing aluminum panels in the India Aluminum Formwork System market. The company manufactures the formwork with strict tolerance and variation in panel size and has more than 50 supervisors across India helping clients with the first formwork setup. Significant growth in the construction of any reinforced cement concrete (RCC) structure that empowers the strength and durability of a building is bolstering the India Aluminum Formwork System market share. Further, various advantages, such as easy to set up, precise, and sturdy features, is enabling the aluminum formworks systems to be reused. Highly economical, convenient, and practical to construct benefits is propelling the India Aluminum Formwork System market size.
The India aluminum formwork system market is segmented on the basis of offering and materials used. Based on offering, the India Aluminum Formwork System market is segmented 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.
In India, Plastic formwork is becoming popular for large housing schemes and similar shapes which is boosting the India Aluminum Formwork System market size. Properties, such as multi-reuse property, good resistance against water, and lightweight, making it economical and ideal for small concrete structures and large concrete sections. TECON, a provider of concrete formwork and scaffolding for projects worldwide, offers plastic formwork made from fiberglass. It is the lightest system among all other material formwork systems. The company’s plastic formwork TP60+, plastic adjustable column formwork, and plastic round column formwork are available with a wide range of applications and daily productivity of up to 40sqm/person. It has wide application areas, such as remote areas with limited availability of construction machines and cranes.
Plastic formwork systems are made of a specific grade of plastic in which perfect adaptability of each part of the system eliminates the leakage of water or newly poured concrete. In addition, reduced labor cost, easy to install and lightweight compared to other formwork systems is also propelling the demands for India Aluminum Formwork System market. Plastic formworks can be easily washed with water after use, and in case of improper handling, they can be sealed with a low-pressure hot air gun.
Mild steel is a ferrous metal made from iron and carbon. Low-carbon mild steel is low priced and has good magnetic properties due to its high iron content. It is, therefore, defined as being ‘ferromagnetic.’ The steel formwork offers a uniform and smooth surface finish to concrete surfaces. In India, steel formwork is witnessing increased demands in the bridges, dams, columns, tanks, sewers, chimneys, tunnels, and retaining walls are a few mass structures that need steel formwork as it keeps the structure stronger and safer. Steel formwork is becoming popular due to various properties, such as strength, reuse, and durability, for a longer period. Steel framework offers moisture-proof waterproof operation making it ideal for circular/curved structures. With very smooth finishes to the concrete surface, steel formwork is suitable for circular or curved structures, such as tanks, columns, chimneys, sewers, tunnels, and retaining walls.
Additional advantages include durability and sturdiness, and provides a uniform and smooth surface finish for the structure. TECON provides Steel LITE Formwork, HETO frame wall formwork, steel deck slab formwork, adjustable steel frame column formwork, LITE steel column formwork, and single side formwork to reduce operational costs and bring environmental benefits to the construction process. The construction of a steel formwork requires a minimal production process. The emergence of digital modeling enables manufacturers to create steel formwork efficiently, minimizing rework. If the steel formwork can be manufactured quickly, the speed of fieldwork will also be accelerated. High strength, suitable for extreme environments, and high anti-corrosion performance is propelling the demand for mild steel India Aluminum Formwork System market.
The overall India aluminum formwork system market size has been derived using both primary and secondary sources. Exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the aluminum formwork system market. The process also serves the purpose of obtaining an overview and forecast for the aluminum formwork system market with respect to all segments. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data and gain more analytical insights into the topic. Participants of this process are VPs, business development managers, market intelligence managers, national sales managers, and external consultants—including valuation experts, research analysts, and key opinion leaders specializing in the India aluminum formwork system market.
TABLE OF CONTENTS
1. Introduction
1.1 Scope of the Study
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
1.3.1 India Aluminium Formwork System Market – By Offering
1.3.2 India Aluminium Formwork System Market – By Material Used
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. India Aluminium Formwork System Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.2.1 India – PEST Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinions
4.5 PREMIUM INSIGHTS
4.5.1 India –Formwork System Rental Model Analysis and Trends
5. India Aluminium Formwork System Market – Key Industry Dynamics
5.1 Market Drivers
5.1.1 Increasing Number of Infrastructure Projects In India
5.1.2 Growing Demand for Aluminium Formwork & Scaffolding
5.2 Market Restraints
5.2.1 High Costs associated with Aluminium Formwork systems
5.3 Market Opportunities
5.3.1 The Green Building Revolution
5.4 Future Trends
5.4.1 Advent of Mivan Aluminium Formwork Technology
5.5 Impact Analysis of Drivers and Restraints
6. India Formwork System Market – Country Analysis
6.1 Overview
6.2 India Aluminium Formwork System Market Forecast and Analysis
6.3 Market Positioning –Top 5 Players
6.3.1 Market Share of the top 10 Key Players
7. India Aluminium Formwork System Market Revenue and Forecast to 2028 Offering
7.1 Overview
7.2 India Aluminium Formwork System Market, By Offering (2021 and 2028)
7.3 Solution
7.3.1 Overview
7.3.2 Solution: India Aluminium Formwork System Market Revenue and Forecast To 2028 (US$ Million)
7.4 Services
7.4.1 Overview
7.4.2 Services: India Aluminium Formwork System Market Revenue and Forecast To 2028 (US$ Million)
8. India Formwork System Market Revenue and Forecast to 2028 Material Used
8.1 Overview
8.2 India Formwork System Market, By Material Used (2021 and 2028)
8.3 Aluminium
8.3.1 Overview
8.3.2 Aluminium: India Formwork System Market Revenue and Forecast To 2028 (US$ Million)
8.4 Timber
8.4.1 Overview
8.4.2 Timber: India Formwork System Market Revenue and Forecast To 2028 (US$ Million)
8.5 Plastics
8.5.1 Overview
8.5.2 Plastics: India Formwork System Market Revenue and Forecast To 2028 (US$ Million)
8.6 Mild Steels
8.6.1 Overview
8.6.2 Mild Steels: India Formwork System Market Revenue and Forecast To 2028 (US$ Million)
8.7 Hybrid
8.7.1 Overview
8.7.2 Hybrid: India Formwork System Market Revenue and Forecast To 2028 (US$ Million)
8.8 Others
8.8.1 Overview
8.8.2 Others: India Formwork System Market Revenue and Forecast To 2028 (US$ Million)
9. Impact of COVID-19 Pandemic on India Aluminium Formwork System Market
9.1 India: Impact Assessment of COVID-19 Pandemic
10. Industry Landscape
10.1 Overview
10.2 Market Initiative
10.3 New Product Development
11. Company Profiles
11.1 MFE Formwork Technology Sdn Bhd
11.1.1 Key Facts
11.1.2 Business Description
11.1.3 Products and Services
11.1.4 Financial Overview
11.1.5 SWOT Analysis
11.1.6 Key Developments
11.2 KNEST
11.2.1 Key Facts
11.2.2 Business Description
11.2.3 Products and Services
11.2.4 Financial Overview
11.2.5 SWOT Analysis
11.2.6 Key Developments
11.3 Technocraft industries India Ltd.
11.3.1 Key Facts
11.3.2 Business Description
11.3.3 Products and Services
11.3.4 Financial Overview
11.3.5 SWOT Analysis
11.3.6 Key Developments
11.4 Cosmos Construction Machineries And Equipments Private Limited
11.4.1 Key Facts
11.4.2 Business Description
11.4.3 Products and Services
11.4.4 Financial Overview
11.4.5 SWOT Analysis
11.4.6 Key Developments
11.5 IHITA FORMWORKS
11.5.1 Key Facts
11.5.2 Business Description
11.5.3 Products and Services
11.5.4 Financial Overview
11.5.5 SWOT Analysis
11.5.6 Key Developments
11.6 S-FORM
11.6.1 Key Facts
11.6.2 Business Description
11.6.3 Products and Services
11.6.4 Financial Overview
11.6.5 SWOT Analysis
11.6.6 Key Developments
11.7 MECPL
11.7.1 Key Facts
11.7.2 Business Description
11.7.3 Products and Services
11.7.4 Financial Overview
11.7.5 SWOT Analysis
11.7.6 Key Developments
11.8 Winntus
11.8.1 Key Facts
11.8.2 Business Description
11.8.3 Products and Services
11.8.4 Financial Overview
11.8.5 SWOT Analysis
11.8.6 Key Developments
11.9 Rudra Aluminium Formwork System (RAFS)
11.9.1 Key Facts
11.9.2 Business Description
11.9.3 Products and Services
11.9.4 Financial Overview
11.9.5 SWOT Analysis
11.9.6 Key Developments
11.10 Kumkang kind India
11.10.1 Key Facts
11.10.2 Business Description
11.10.3 Products and Services
11.10.4 Financial Overview
11.10.5 SWOT Analysis
11.10.6 Key Developments
12. Appendix
12.1 About The Insight Partners
12.2 Glossary of Terms
LIST OF TABLES
Table 1. India Aluminium Formwork System Market Revenue and Forecasts to 2028 (US$ Million)
Table 2. India Aluminium Formwork System Market, By Offering – Revenue and Forecast to 2028 (US$ Million)
Table 3. India Formwork System Market, By Material Used – Revenue and Forecast to 2028 (US$ Million)
Table 4. Glossary of Term: India Aluminium Formwork System Market
LIST OF FIGURES
Figure 1. India Aluminium Formwork System Market Segmentation
Figure 2. India Aluminium Formwork System Market Overview
Figure 3. Solution Segment Held the Largest Market Share in 2021 – By Offering
Figure 4. Timber Segment Held the Largest Market Share in 2021 – By Material Used
Figure 5. India – PEST Analysis
Figure 6. India Aluminium Formwork System Market– Ecosystem Analysis
Figure 7. Expert Opinions
Figure 8. India Aluminium Formwork System Market: Impact Analysis of Drivers and Restraints
Figure 9. India Aluminium Formwork System Market Forecast and Analysis to 2028, US$ Million
Figure 10. India Aluminium Formwork System Market, By Offering (2021 and 2028)
Figure 11. Solution: India Aluminium Formwork System Market Revenue and Forecast to 2028 (US$ Million)
Figure 12. Services: India Aluminium Formwork System Market Revenue and Forecast to 2028 (US$ Million)
Figure 13. India Formwork System Market, By Material Used (2021 and 2028)
Figure 14. Aluminium: India Formwork System Market Revenue and Forecast to 2028 (US$ Million)
Figure 15. Timber: India Formwork System Market Revenue and Forecast to 2028 (US$ Million)
Figure 16. Plastics: India Formwork System Market Revenue and Forecast to 2028 (US$ Million)
Figure 17. Mild Steels: India Formwork System Market Revenue and Forecast to 2028 (US$ Million)
Figure 18. Hybrid: India Formwork System Market Revenue and Forecast to 2028 (US$ Million)
Figure 19. Others: India Formwork System Market Revenue and Forecast to 2028 (US$ Million)
Figure 20. Impact of Covid-19 Pandemic in India Market
● To understand the India Aluminum Formwork System market landscape and identify market segments that are likely to guarantee a strong return in the coming years
● To stay ahead of the race by comprehending the ever-changing competitive landscape of the market
● To efficiently plan mergers and acquisitions and partnerships in the India aluminum formwork system market by identifying market segments with the most promising probable sales
● To help in taking knowledgeable business decisions from perceptive and comprehensive analysis of the market performance of various segments
● To obtain the India aluminum formwork system market revenue forecast by various segments from 2022 to 2028
The List of Companies – India Aluminium Formwork System Market
• COSMOS
• IHITA Formworks
• KNEST
• S-FORM
• TECHNOKRAFT
• MCEPL
• MFE Formwork Technology Sdn Bhd
• Winntus
• Rudra Aluminium Formwork System
• KUMKANG KIND
Green Building Revolution to Create Lucrative Opportunities for India Aluminum Formwork System Market Growth During 2022–2028
According to our latest market study, titled “India Aluminum Formwork System Market Forecast to 2028 – COVID-19 Impact and Country Analysis – by Offering and Material Used,” the 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 green building revolution is referred to the uptake of sustainable processes and materials for creating structures in the construction industry. The growing need to minimize the environmental’s negative impacts has encouraged builders to create energy-efficient and self-sufficient buildings. The Indian Green Building Council (IGBC), part of the Confederation of Indian Industry (CII), aims “to enable a sustainable built environment for all and facilitate India to be one of the global leaders in the sustainable built environment by 2025.” Such factors are anticipated to boost the India Aluminum Formwork System Market growth.
Aluminum is anticipated to play a crucial role in India’s modernized construction system. The aluminum formwork system helps form a cast with the help of panels for a concrete building structure. The metal is used while making the framework of the building. The basic structure of formwork is the aluminum material that is welded to a sheet and finally into a panel. Rising demands to improve the quality, and the efficiency of the building, are propelling the demand for India Aluminum Formwork System Market share. Aluminum formwork systems significantly reduce project turnaround time by almost half, further augmenting the India Aluminum Formwork System Market size.
Aluminum is a key ingredient in building green and sustainable buildings. The material is significantly replacing other metals in the construction of green structures. With around 92%-95% recycling rate, Thermal break aluminum formwork helps construct energy-efficient buildings, making the building self-sustainable. Aluminum itself meets the requirement of being a green material and is therefore being increasingly used in the construction industry vertical. In a country, such as India, there is a growing focus on increasing consumer awareness of using aluminum over other metals in the construction sector. This is likely to lead to increased aluminum consumption in India and increase the India Aluminum Formwork System Market share.
Moreover, the government initiatives, such as Make in India and Smart Cities, are also encouraging the use of aluminum. These initiatives are anticipated to accelerate the adoption of aluminum formwork at a very fast pace in the Indian infrastructure industry over the next few years, thereby propelling the India Aluminum Formwork System Market size.
The India aluminum formwork system market is segmented on the basis of offering and material used. Based on the offering, the India Aluminum Formwork System Market is segmented into solutions and services. The solutions segment holds the largest share in 2020 in the India Aluminum Formwork System Market and throughout the forecasted period due to increasing demand for aluminum and wood formwork systems. By material used, the India Aluminum Formwork System Market is segmented into aluminum, timber, plastics, mild steel, hybrid, and others. In 2021, the aluminum segment led the India Aluminum Formwork System Market.
Impact of COVID-19 Pandemic on India Aluminum Formwork System Market
The government of India has taken necessary steps to reduce the effects of COVID-19 by announcing lockdowns, impacting the growth of the formwork system market. The introduction of lockdowns has resulted in the halt of construction projects in the region, which negatively impacted the growth of the India formwork system market. The second wave of COVID-19 that hit India further negatively impacted the construction projects of the entire country. Value chain disruptions at all points and scales, limited construction material availability, and price inflation became major issues hindering the growth of India’s aluminum formwork system market. The slowdown in India’s GDP negatively impacted the aluminum demand in the construction, transport, and electrical sectors, decelerating it by 40-50%. In addition, shrinking markets in the western hemisphere and semi-finished products through countries like Malaysia and Thailand also caused trouble for Indian aluminum exports.
Furthermore, residential projects in India are expected to sustain demand for aluminum formwork systems during the forecast period. Residential construction projects are witnessing a surge due to several factors, such as better wage growth, an increase in the relevance of housing to families after the pandemic, and interest rates on home loans. Such statistics are anticipated to positively influence the Indian formwork system market in the post-pandemic era.
Cosmos; Ihita Formworks; Knest; S-Form; Technokraft; Meva; Mfe Formwork Technology Sdn Bhd; Winntus; Rudra Aluminum Formwork System; Mitaka Aluform LLP are the key market players with a significant market share that are profiled in this study. Several other market players have been analyzed to understand the market.
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