India Aluminum Formwork System Market Size and Forecasts 2019 - 2028, Regional Share, Trends, and Growth Opportunity Analysis By Offering; Type; and Application

The India aluminium formwork system market was valued at US$ 538.5 million in 2022 and is projected to reach US$ 733.9 million by 2028; it is expected to grow at a CAGR of 5.3% during 2022-2028.

Rising government investments in developing residential projects and various programs to make housing affordable drive the aluminium formwork system market in India. For instance, the Ministry of Housing & Urban Affairs (MoHUA) launched the Affordable Rental Housing Complexes (ARHCs) scheme in 2020 for urban migrants. All such initiatives are driving the aluminium formwork system market share.

In 2015, the Indian government launched the Pradhan Mantri Awas Yojana to boost the affordability of houses which was active till March, 2022. In addition, due to favorable Foreign Direct Investment policies, the investments in construction projects increased, ultimately expanding the residential construction sector. Thus, the favorable government policies are driving the aluminium formwork system market growth.

As per the data published by the government, the construction sector attracted US$ 51.5 billion in Foreign Direct Investment (FDI) from 2020 to 2021. The aluminum formwork has played a significant role in residential construction in India by reducing the cost and time taken for completion. As per the government officials, the aluminum formwork was extensively used to complete the Pradhan Mantri Awas Yojana scheme initiated by the government. This has led to increased awareness and adoption of the product. Thus, with increased housing demand, government programs, and the need for an efficient construction process, the adoption of aluminum formwork increased, ultimately driving the aluminium formwork system market.

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. Due to the continuous growth in the industrial and construction sector, the nation's carbon emissions are rising. As per the Center on Global Energy Policy data in 2022, India's carbon emissions in 2021 was 2.7 billion metric ton from 2.38 billion metric ton in 2016. In addition, India was ranked third in the world regarding carbon emissions in 2022. Thus, rising environmental concerns are bolstering aluminium formwork system market share.

The construction industry in India is projected to surpass US$ 1.4 trillion by 2025, as per the data provided by the government. Growth in the construction sector is expected to increase carbon emissions notably. Thus, the Indian government has taken numerous initiatives such as responsible disposal of Construction and Demolition (C&D) waste material, Green Rating for Integrated Habitat Assessment (GRIHA), and Leadership in Energy and Environmental Design (LEED) certification to promote sustainable construction in recent years. As a result, the demand for sustainable construction materials is increasing, thus, positively, affecting the growth of the aluminium formwork system market. Aluminum formwork is a green alternative as it is 100% recyclable. This means that using aluminum formwork instead of using non-renewable resources such as timber in construction projects helps to lower the carbon footprint. Moreover, using recycled aluminum for formwork can help minimize expenses and environmental impact, thus driving the aluminium formwork system market growth.

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 Aluminium Pvt Ltd, Vaba Aluminium, and PERI India Pvt Ltd are among the key India aluminium formwork system market players profiled during the market study. In addition, several other important India aluminium formwork system market players operating in the ecosystem were studied and analyzed during this market research study to get a holistic overview of the market.