India Aluminum Formwork System Market Forecast to 2028 - COVID-19 Impact and Country Analysis By Offering and Material Used

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.