India Aluminum Formwork System Market to Grow at a CAGR of 5.8% to reach US$ 219.4 million from 2022 to 2030

The India aluminum formwork system market was valued at US$ 139.9 million in 2022 and is projected to reach US$ 219.4 million by 2030; it is expected to grow at a CAGR of 5.8% during 2022–2030.

Analyst Perspective:

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.

Market Overview:

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.

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India Aluminum Formwork System Market: Strategic Insights

Market Size Value in	US$ 139.9 million in 2022
Market Size Value by	US$ 219.4 million by 2030
Growth rate	CAGR of 5.8% from 2022 to 2030
Forecast Period	2022-2030
Base Year	2022

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Market Driver:

Growing Infrastructure Development Projects with Government Support and Initiatives is Boosting the Aluminum Formwork System Market

Many key players in the retail industry are also investing heavily in developing shopping malls. In 2023, in anticipation of its debut into Telangana, the Abu Dhabi-based Lulu Group, renowned for its massive malls and hypermarkets, began planning to open its first mall in Hyderabad and putting the last touches on investment plans totaling ~US$ 400 million across various industries in the State over the next five years. In 2023, a Delhi-NCR-based real estate company named Saya Group disclosed its ambitious goals to build "India's tallest mall" on the Noida-Greater Expressway. The company intends to build an extraordinary shopping place with an investment of more than US$ 240 million. Saya Status will cover a vast area with a total built-up area of 1.4 million square feet, with 1.1 million square feet devoted to leasable space. The mall will have nine stories, each with a fantastic selection of high-end brands and modern conveniences. This project's construction is already underway, with ~25% of the work being finished. By 2025, the mall is anticipated to be entirely operating. The government initiatives mentioned above and key players' investment activities are expected to drive the retail construction activities in India in the coming years, thereby driving the aluminum formwork system market growth in the future. 

Segmental Analysis:

The offering category of aluminum formwork system market share is segmented into solutions and services. The solution segment accounted for the highest market share in 2022 and is estimated to continue its dominance during 2023–2030. Owing to rapid urbanization, the demand for housing and infrastructure construction has increased. As per the data provided by the World Bank in 2023, 35.8% of the population was residing in urban areas compared to 33.6% in 2017. Rapid urbanization also impacts the per capita income positively. As per the data from the National Statistical Office (NSO), the per capita income in 2023 saw a ~100% hike from 2014. In addition, growing investments in the commercial and industrial sector is another factor that is supporting the aluminum formwork solutions in India. As per the Ministry of Statistics and Programme Implementation data in 2021, the industrial sector accounted for 25.9% of the nation's GDP. According to the Economic Survey 2021–2022, the industrial sector has sharply recovered by 11.8% in 2021–2022 after contracting by 7% in 2020–2021. The Indian government is taking initiatives such as Make in India, Credit Guarantee Trust Fund for Micro & Small Enterprises (CGTMSE), and international cooperation to promote its industrial sector. Thus, owing to the factors mentioned above, the growth aluminum formwork system market is increasing.

Key Player Analysis:

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 the prominent aluminum formwork system market players in the market.

Recent Developments: 

Inorganic and organic strategies such as mergers and acquisitions are highly adopted by companies in the India aluminum formwork system market. The market initiative is a strategy adopted by companies to expand their footprint across the world and to meet the growing customer demand. The market players present in the India aluminum formwork system market are mainly focusing on product and service enhancements by integrating advanced features and technologies into their offerings. A few recent developments by key India aluminum formwork system market players are listed below: 

Year	News
2023	Doka, one of the world's leading suppliers of formwork, completed the 100% acquisition of scaffolding manufacturer AT-PAC. Both companies initially partnered in 2020 to provide comprehensive global site solutions.