Report : India Aluminum Formwork System Market Forecast to 2028 - COVID-19 Impact and Country Analysis By Offering (Solution and Services) and Material Used (Aluminum, Timber, Plastics, Mild Steels, Hybrid, and Others)
Green Building Revolution to Create Lucrative Opportunities for India Aluminum Formwork System Market Growth During 2022–2028
According to our latest market study, titled “India Aluminum Formwork System Market Forecast to 2028 – COVID-19 Impact and Country Analysis – by Offering and Material Used,” the 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.
The green building revolution is referred to the uptake of sustainable processes and materials for creating structures in the construction industry. The growing need to minimize the environmental's negative impacts has encouraged builders to create energy-efficient and self-sufficient buildings. The Indian Green Building Council (IGBC), part of the Confederation of Indian Industry (CII), aims "to enable a sustainable built environment for all and facilitate India to be one of the global leaders in the sustainable built environment by 2025." Such factors are anticipated to boost the India Aluminum Formwork System Market growth.
Aluminum is anticipated to play a crucial role in India’s modernized construction system. The aluminum formwork system helps form a cast with the help of panels for a concrete building structure. The metal is used while making the framework of the building. The basic structure of formwork is the aluminum material that is welded to a sheet and finally into a panel. Rising demands to improve the quality, and the efficiency of the building, are propelling the demand for India Aluminum Formwork System Market share. Aluminum formwork systems significantly reduce project turnaround time by almost half, further augmenting the India Aluminum Formwork System Market size.
Aluminum is a key ingredient in building green and sustainable buildings. The material is significantly replacing other metals in the construction of green structures. With around 92%-95% recycling rate, Thermal break aluminum formwork helps construct energy-efficient buildings, making the building self-sustainable. Aluminum itself meets the requirement of being a green material and is therefore being increasingly used in the construction industry vertical. In a country, such as India, there is a growing focus on increasing consumer awareness of using aluminum over other metals in the construction sector. This is likely to lead to increased aluminum consumption in India and increase the India Aluminum Formwork System Market share.
Moreover, the government initiatives, such as Make in India and Smart Cities, are also encouraging the use of aluminum. These initiatives are anticipated to accelerate the adoption of aluminum formwork at a very fast pace in the Indian infrastructure industry over the next few years, thereby propelling the India Aluminum Formwork System Market size.
The India aluminum formwork system market is segmented on the basis of offering and material used. Based on the offering, the India Aluminum Formwork System Market is segmented into solutions and services. The solutions segment holds the largest share in 2020 in the India Aluminum Formwork System Market and throughout the forecasted period due to increasing demand for aluminum and wood formwork systems. By material used, the India Aluminum Formwork System Market is segmented into aluminum, timber, plastics, mild steel, hybrid, and others. In 2021, the aluminum segment led the India Aluminum Formwork System Market.
Impact of COVID-19 Pandemic on India Aluminum Formwork System Market
The government of India has taken necessary steps to reduce the effects of COVID-19 by announcing lockdowns, impacting the growth of the formwork system market. The introduction of lockdowns has resulted in the halt of construction projects in the region, which negatively impacted the growth of the India formwork system market. The second wave of COVID-19 that hit India further negatively impacted the construction projects of the entire country. Value chain disruptions at all points and scales, limited construction material availability, and price inflation became major issues hindering the growth of India's aluminum formwork system market. The slowdown in India’s GDP negatively impacted the aluminum demand in the construction, transport, and electrical sectors, decelerating it by 40-50%. In addition, shrinking markets in the western hemisphere and semi-finished products through countries like Malaysia and Thailand also caused trouble for Indian aluminum exports.
Furthermore, residential projects in India are expected to sustain demand for aluminum formwork systems during the forecast period. Residential construction projects are witnessing a surge due to several factors, such as better wage growth, an increase in the relevance of housing to families after the pandemic, and interest rates on home loans. Such statistics are anticipated to positively influence the Indian formwork system market in the post-pandemic era.
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 with a significant market share that are profiled in this study. Several other market players have been analyzed to understand the market.
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