The major raw material used to manufacture aluminum formwork is aluminum alloys. These are generally high-grade aluminum alloys; however, the grade of these alloys can change depending on the formwork application and the manufacturer. A few of the commonly used grades are 6061-T6, 6063-T6, and 6082-T6. Furthermore, 6061-T6 is a heat-treated aluminum alloy with high strength and resistance to corrosion; as a result, it is widely preferred for structural applications, whereas 6063-T6 is used for extrusion purposes. Also, 6082-T6 is a high-strength alloy, which is frequently used in applications where formwork must withstand severe loads.
The availability of abundant raw materials and suppliers enables aluminum formwork manufacturers to select the appropriate supplier according to their requirements. The accessibility of raw material suppliers primarily enhances the supply chain of the aluminum formwork system market. In addition, the manufacturing and distribution of the final product become efficient owing to the requirement of limited raw materials to manufacture aluminum formwork, further enhancing the supply chain. Two different business processes are considered during aluminum formwork manufacturing. The first business process is manufacturing and selling aluminum formwork with the standard dimensions. In the second process, the product is manufactured as per the client's exact requirements. In this process, the manufacturing company collects information on the client's project, and accordingly, the product requirements are finalized. All such factors are driving the aluminum formwork system market growth.
The next step includes designing and manufacturing the product. The finished product is delivered to the client's project site in the final step. Manufacturers such as Winntus Group, Nova Formworks, and PERI India Pvt. Ltd also offers installation and training services. Cosmos Construction Machineries and Equipments Pvt Ltd, Ihita Engineering Services Pvt Ltd, Knest Manufacturers LLP, Sammok S-Form Co Ltd, Technocraft Industries (India) Ltd, Nova Formworks Pvt Ltd, MFE Formwork Technology Sdn Bhd, Winntus Formwork Pvt Ltd, Rudra Aluminum Pvt Ltd, Vaba Aluminum, and PERI India Pvt Ltd are a few of the major aluminum formwork system market players.
Factors such as the growing construction industry supported by favorable government assistance and rising inclination toward constructing green buildings are driving the infrastructural projects, thereby fueling the growth of the aluminum formwork system market share in India. Also, the penetration of aluminum is higher than other materials as it has beneficial properties such as strength and reliability. Moreover, the advent of sophisticated technologies such as tunnel formwork, fiberglass shuttering, and wireless temperature monitoring formwork systems in the formwork industry is projected to generate ample growth prospects for the India aluminum formwork system market. As per the India Brand Equity Foundation, in 2022, the renewable energy sector in India is expected to grow with a significant investment of US$ 15 billion. Such initiatives increase the growth for aluminum formwork system market.
Formwork solutions are also used in the construction of conventional power plants, nuclear power plants, and other public work projects. Therefore, growing infrastructural projects for strengthening the construction sector in India propel the adoption of formwork systems across the country. Also, the surge in construction work across residential, commercial, and industrial sectors, owing to the growing urbanization and industrialization, drives the growth of the aluminum formwork system market in India.
Based on the offering, the India aluminum formwork system market is segmented into solutions and services. The solution segment held a larger aluminum formwork system market share in 2021, owing to the increasing construction of flat/curved and small/large concrete structures. Based on the material used, the India aluminum formwork system market is segmented into aluminum, timber, plastics, mild steel, hybrid, and others. The timber segment accounted for a significant market share. This can be attributed to the use of timber in construction for a long duration. Also, its multi-reuse feature is feeling its adoption in the construction sector.
| Report Attribute | Details |
|---|---|
| Market size in 2022 | US$ 139.9 Million |
| Market Size by 2030 | US$ 219.4 Million |
| Global CAGR (2022 - 2030) | 5.8% |
| Historical Data | 2020-2021 |
| Forecast period | 2023-2030 |
| Segments Covered |
By Offering
|
| Regions and Countries Covered | India
|
| Market leaders and key company profiles |
MFE Formwork Technology Sdn Bhd, Technocraft Industries (India) Ltd, PERI India Pvt Ltd, Sammok S-Form Co Ltd, Knest Manufacturers LLP, and Rudra Aluminum Formwork System India are the top key market players operating in the India aluminum formwork system market.
Rapid urbanization has directly affected the demand for infrastructure and commercial buildings, especially shopping malls. The need for shopping malls has increased recently due to the large population, increasing spending capacity, and growing demand for recreational activities.
Aluminum alloy has a wide range of favorable physical characteristics such as low density, clean, good corrosion resistance, and simple to cast, machine, and form. It is also non-magnetic and does not catch fire. In addition, it is the second most malleable and sixth most ductile metal. Thus, making it ideal for formwork systems.
Increasing environmental awareness has led many developed and developing countries to adopt sustainable practices in almost every sector. India has launched numerous programs to increase awareness and adoption of sustainable practices.