In the Indian real estate sector, Aluminium Formwork (commonly known by the brand name Mivan Technology) has moved from being a “premium” alternative to the standard for high-speed, high-quality construction.
The market was valued at approximately $538.5 million in 2022 and is projected to reach nearly $734 million by 2028, growing at a steady CAGR of 5.3% to 10.2% depending on the specific construction segment.1
1. Current Market Development
The adoption of aluminium formwork is no longer restricted to ultra-luxury skyscrapers; it is now the backbone of “Mass Housing.”2
- PMAY & Affordable Housing: The government’s Pradhan Mantri Awas Yojana (PMAY) has been the biggest driver.3 Over 1 million houses have already been constructed using monolithic RCC with aluminium formwork.4+1
- Speed as a Currency: Developers in Tier-1 cities (Mumbai, Bengaluru, Pune, Delhi-NCR) now prioritize “7-day floor cycles.” Aluminium formwork allows casting of walls and slabs simultaneously, which is roughly 3x faster than traditional timber or plywood shuttering.
- Finishing & Cost Savings: Because the concrete finish is so smooth, it eliminates the need for external plastering, saving significant labor costs and material weight.5
- Sustainability: With a reusability of 250–300 times (compared to 10–12 for timber), it is the most eco-friendly choice for large developers aiming for ESG (Environmental, Social, and Governance) compliance.6
2. The Future in Real Estate (2025–2030)
The future of formwork is shifting toward Customization, Automation, and Circularity.7
A. Modular & Scalable Systems
Future systems will be more “Lego-like.” Manufacturers are developing modular panels that can be reconfigured for different floor plans, addressing the current limitation where a set of formwork is often “project-specific.”
B. Integration with AI & Digital Twins
We are seeing the rise of BIM (Building Information Modeling) integrated with formwork design.8 This allows developers to simulate the entire pouring process digitally before a single panel is placed, reducing “honeycombing” (voids in concrete) and material waste to near zero.
C. The Rental Economy
The “High Initial Investment” (often 5x the cost of traditional methods) has been a barrier for mid-sized builders.9 The future will see a massive boom in the Formwork Rental Market, allowing smaller developers to access this technology without the heavy upfront Capex.10+1
D. Smart Alloys
New research is focusing on “High-Strength, Low-Weight” alloys that make panels even lighter, reducing the physical strain on labor and potentially eliminating the need for heavy cranes on mid-rise projects.
Comparison: Traditional vs. Aluminium Formwork
| Feature | Traditional (Timber/Plywood) | Aluminium Formwork (Future Standard) |
| Floor Cycle | 21–25 Days | 5–8 Days |
| Reusability | 10–15 times | 250–300+ times |
| Scrap Value | Zero (Waste) | High (Recyclable Aluminium) |
| Plastering | Required on both sides | Not required (Direct Putty/Paint) |
| Seismic Resistance | Low (Joint-based) | High (Monolithic/Single-shell) |
Potential Growth Area
If you are looking at this from a business perspective, the Southern and Western regions of India currently account for over 60% of the market share due to high-rise density. However, the next wave of growth is expected in Tier-2 “Smart Cities” where rapid urbanization is creating a sudden need for vertical housing.