Page 54 - CV June-July 2023 Issue

INDIA

ALUMINIUM FORMWORK

SYSTEM MARKET FORECAST

TO 2028

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 2022 to 2028.

In the current competitive India aluminum formwork system market, builders and contractors are going through competition
concerning the use of advanced building materials. This aspect includes increased uptake of aluminum formwork solutions for
durable structures and boosting the safety of workers, speed, and quality of building materials. Along with formwork solutions, an
array of services is provided, such as maintenance & inspection, retrofitting, remote support & hotline packages, repairs & spare
parts, consultation, and many more. In India, Aluminum formwork solutions are widely being used in wall construction, slab
supporting decks, art stone textured panels, beams, column construction in submerged conditions, concrete house/pool
construction, rebuilding columns in water, and other applications. This is propelling the India aluminum formwork system market
growth. Factors, such as the growing construction industry, supported by favorable government assistance and inclination towards
constructing green buildings, are impacting the infrastructural projects, which would positively drive the growth of India aluminum
formwork system market size. Also, the penetration of aluminum is high over other materials as it has beneficial properties such as
strength and reliability. Moreover, with the advent of sophisticated technologies such as tunnel formwork, fiberglass shuttering, and
wireless temperature monitoring formwork system, the formwork industry is projected to generate ample growth prospects for the
India aluminum formwork system market share.

Based on offerings, the India aluminum formwork system market is segmented into solutions and services. The solutions segment
held the largest India aluminum formwork system market share in 2020 due 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 formwork segment accounted for a significant India aluminum
formwork system market size because timber is traditional formwork getting used in construction for a long duration. Also, their
multi-reuse feature is increasing their uptake in the construction sector. 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.The India Aluminum Formwork System market is segmented on the basis of offering, material used, and geography. Based
on offering, the India aluminum formwork system market is segmented into solutions and services. Based on material used, the
India aluminum formwork system market is segmented into aluminum, timber, plastics, mild steel, hybrid, and others.