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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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.
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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.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
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- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
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. |
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Offering, Type, and Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
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.
1. Introduction
1.1 The Insight Partners Research Report Guidance
1.2 Market Segmentation
2. Executive Summary
2.1 Key Insights
2.2 Market Attractiveness, By Type
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Aluminium Formwork System Market Landscape
4.1 Overview
4.2 PEST Analysis
4.3 Ecosystem Analysis
4.3.1 Raw Material Suppliers:
4.3.2 Aluminium Formwork Manufacturers:
4.3.3 End-users:
4.3.4 List of Aluminium Formwork System Suppliers
4.3.5 Premium Insights
5. Aluminium Formwork System Market - Key Industry Dynamics
5.1 Aluminium Formwork System Market - Key Industry Dynamics
5.2 Market Drivers
5.2.1 Increased Demand for Residential Construction Projects
5.2.2 Improved Functional Performance and Capabilities
5.2.3 Rising Development of the Industrial Projects
5.3 Market Restraints
5.3.1 Presence of Several Substitute Material Based Products
5.3.2 High Costs associated with Aluminum Formwork systems
5.4 Market Opportunities
5.4.1 Growing Infrastructure Development Projects with Government Support and Initiatives
5.5 Future Trends
5.5.1 Growing Adoption of Sustainable Construction Practices
5.5.2 Rising Need for Modular Formwork for High Rise Construction
5.6 Impact of Drivers and Restraints:
6. Aluminium Formwork System Market - India Market Analysis
6.1 India Aluminium Formwork System Market Revenue (US$ Million), 2022 – 2030
6.2 Aluminium Formwork System Market Forecast and Analysis
6.3 Global Aluminium Formwork System Market Revenue (US$ Million), 2022 – 2030
6.4 Global Aluminium Formwork System Market Forecast and Analysis
6.5 India Formwork System Market Import and Export Share (%), 2022
6.6 India Formwork System Market Import and Export Values (US$ Million), 2022
6.7 India Formwork System Market Import and Export Values (US$ Million), 2022
7. Aluminium Formwork System Market Analysis - Offering
7.1 Solutions
7.1.1 Overview
7.1.2 Solutions Market, Revenue and Forecast to 2030 (US$ Million)
7.1.3 Services
7.1.3.1 Overview
7.1.3.2 Services Market, Revenue and Forecast to 2030 (US$ Million)
8. Aluminium Formwork System Market Analysis – Type
8.1 Slab Formwork
8.1.1 Overview
8.1.2 Slab Formwork Market Revenue, and Forecast to 2030 (US$ Million)
8.2 Wall Formwork
8.2.1 Overview
8.2.2 Wall Formwork Market Revenue, and Forecast to 2030 (US$ Million)
8.3 Corner Formwork
8.3.1 Overview
8.3.2 Corner Formwork Market Revenue, and Forecast to 2030 (US$ Million)
8.4 Beam Formwork
8.4.1 Overview
8.4.2 Beam Formwork Market Revenue, and Forecast to 2030 (US$ Million)
8.5 Others
8.5.1 Overview
8.5.2 Others Formwork Market Revenue, and Forecast to 2030 (US$ Million)
9. Aluminium Formwork System Market Analysis – Application
9.1 Industrial
9.1.1 Overview
9.1.2 Industrial Market Revenue, and Forecast to 2030 (US$ Million)
9.2 Residential
9.2.1 Overview
9.2.2 Residential Market Revenue, and Forecast to 2030 (US$ Million)
9.3 Commercial
9.3.1 Overview
9.3.2 Commercial Market Revenue, and Forecast to 2030 (US$ Million)
10. Aluminium Formwork System Market – Impact of COVID-19 Pandemic
10.1 Pre & Post Covid-19 Impact
10.2 Pre & Post Covid-19 Impact
11. Competitive Landscape
11.1 Heat Map Analysis by Key Players
11.2 Company Positioning & Concentration
11.3 Company Market Share Analysis, 2022
12. Industry Landscape
12.1 Overview
12.2 Market Initiative
12.3 Product Development
12.4 Mergers & Acquisitions
13. Company Profiles
13.1 Cosmos Construction Machineries And Equipments Pvt Ltd
13.1.1 Key Facts
13.1.2 Business Description
13.1.3 Products and Services
13.1.4 Financial Overview
13.1.5 SWOT Analysis
13.1.6 Key Developments
13.2 IHITA FORMWORKS
13.2.1 Key Facts
13.2.2 Business Description
13.2.3 Products and Services
13.2.4 Financial Overview
13.2.5 SWOT Analysis
13.2.6 Key Developments
13.3 Knest Manufacturers LLP
13.3.1 Key Facts
13.3.2 Business Description
13.3.3 Products and Services
13.3.4 Financial Overview
13.3.5 SWOT Analysis
13.3.6 Key Developments
13.4 Sammok S-Form Co Ltd
13.4.1 Key Facts
13.4.2 Business Description
13.4.3 Products and Services
13.4.4 Financial Overview
13.4.5 SWOT Analysis
13.4.6 Key Developments
13.5 Technokraft industries (India) private Ltd.
13.5.1 Key Facts
13.5.2 Business Description
13.5.3 Products and Services
13.5.4 Financial Overview
13.5.5 SWOT Analysis
13.5.6 Key Developments
13.6 MFE Formwork Technology Sdn Bhd
13.6.1 Key Facts
13.6.2 Business Description
13.6.3 Products and Services
13.6.4 Financial Overview
13.6.5 SWOT Analysis
13.6.6 Key Developments
13.7 Winntus Formwork Pvt Ltd
13.7.1 Key Facts
13.7.2 Business Description
13.7.3 Products and Services
13.7.4 Financial Overview
13.7.5 SWOT Analysis
13.7.6 Key Developments
13.8 Rudra Aluminium Formwork System (RAFS)
13.8.1 Key Facts
13.8.2 Business Description
13.8.3 Products and Services
13.8.4 Financial Overview
13.8.5 SWOT Analysis
13.8.6 Key Developments
13.9 Nova Formworks Pvt Ltd
13.9.1 Key Facts
13.9.2 Business Description
13.9.3 Products and Services
13.9.4 Financial Overview
13.9.5 SWOT Analysis
13.9.6 Key Developments
13.10 PERI India Pvt Ltd
13.10.1 Key Facts
13.10.2 Business Description
13.10.3 Products and Services
13.10.4 Financial Overview
13.10.5 SWOT Analysis
13.10.6 Key Developments
13.11 Vaba Aluminium
13.11.1 Key Facts
13.11.2 Business Description
13.11.3 Products and Services
13.11.4 Financial Overview
13.11.5 SWOT Analysis
13.11.6 Key Developments
14. Appendix
14.1 About The Insight Partners
14.2 Word Index
List of Tables
Table 1. Aluminium Formwork System Market Segmentation
Table 2. List of Vendors in the Value Chain
Table 3. India Aluminium Formwork System Market Revenue and Forecasts To 2030 (US$ Million)
Table 4. Global Aluminium Formwork System Market Revenue and Forecasts To 2030 (US$ Million)
Table 5. Aluminium Formwork System Market Revenue and Forecasts To 2030 (US$ Million) – Offering
Table 6. Aluminium Formwork System Market Revenue and Forecasts To 2030 (US$ Million) – Type
Table 7. Aluminium Formwork System Market Revenue and Forecasts To 2030 (US$ Million) – End-user
Table 8. Heat Map Analysis by Key Players
Table 9. List of Abbreviation
List of Figures
Figure 1. Aluminium Formwork System Market Segmentation
Figure 2. PEST Analysis
Figure 3. Ecosystem: Aluminium Formwork System Market
Figure 4. Expert Opinions
Figure 5. Impact Analysis of Drivers and Restraints
Figure 6. Aluminium Formwork System Market Breakdown by Geography, 2022 and 2030 (%)
Figure 7. Aluminium Formwork System Market Revenue (US$ Million), 2022 – 2030
Figure 8. Global Aluminium Formwork System Market Revenue (US$ Million), 2022 – 2030
Figure 9. India Aluminium Formwork System Market Share (%) – Offering, 2022 and 2030
Figure 10. Solutions Market Revenue and Forecasts To 2030 (US$ Million)
Figure 11. Services Market Revenue and Forecasts To 2030 (US$ Million)
Figure 12. India Aluminium Formwork System Market Share (%) – Type, 2022 and 2030
Figure 13. Slab Formwork: Aluminium Formwork System Market Revenue and Forecast to 2030 (US$ Million)
Figure 14. Wall: Aluminium Formwork System Market Revenue and Forecast to 2030 (US$ Million)
Figure 15. Corner Formwork: Aluminium Formwork System Market Revenue and Forecast to 2030 (US$ Million)
Figure 16. Beam Formwork: Aluminium Formwork System Market Revenue and Forecast to 2030 (US$ Million)
Figure 17. Others Formwork: Aluminium Formwork System Market Revenue and Forecast to 2030 (US$ Million)
Figure 18. India Aluminium Formwork System Market Share (%) – Application, 2022 and 2030
Figure 19. Industrial: Aluminium Formwork System Market Revenue and Forecast to 2030 (US$ Million)
Figure 20. Industrial: Aluminium Formwork System Market Revenue and Forecast to 2030 (US$ Million)
Figure 21. Commercial: Aluminium Formwork System Market Revenue and Forecast to 2030 (US$ Million)
Figure 22. Company Positioning & Concentration
Figure 23. Key Company’s Positioning & Its Share (%)
The List of Companies - India Aluminum Formwork System Market
- MFE Formwork Technology Sdn Bhd
- Technocraft Industries (India) Ltd
- PERI India Pvt Ltd
- Sammok S-Form Co Ltd
- Knest Manufacturers LLP
- Rudra Aluminum Formwork System India
- Winntus Formwork Pvt Ltd
- Nova Formworks Pvt Ltd
- Ihita Formworks
- Cosmos Construction Machineries And Equipments Pvt Ltd
- Vaba Aluminium
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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