Asia Pacific accounted for the largest revenue share of the market for formwork systems globally in 2020. The region is estimated to register the highest growth rate in the market during the next 5-10 years owing to the growing urbanization and industrialization. Market report says, “India is expected to become the world's third-largest construction market by2023.
Rapid urbanization and large investments in infrastructure will drive the Indian construction market. With such growth prospects across construction segments, the Indian formwork market has many opportunities and will continue to grow in the coming years.” Few Indian manufacturers like Navkaar have also introduced innovative products and systems that serve as a one-stop shop for all requirements relating to aluminum formwork systems. Navkaar has expanded its presence in the construction industry by providing over 2lacks square meters of formwork systems and managing formwork assets valued at over Rs.500 crores across numerous projects.
Mr. Vinit Jain, Chairman cum Managing director at Navkaar Aluform Services adds “Having supplied our system formwork for over 100projects across major cities including Mumbai, Bangalore, Chennai, Hyderabad, Delhi NCR, Kolkata, and emerging cities including Asansol, Ranchi, Durgapur, Bhubaneswar, Patna, Raipur, and Lucknow, our cutting-edge formwork system has proven its worth in providing cost-effective, customized solutions for every complex need.” In an exclusive interview with Industry Outlook Magazine, Vinit Jain enlightens us more about Navkaar Aluform Services and its unique positioning in the market.
Reflect on some of the major problems and expectations that customers have from the players of this segment. How do you strategize to meet those?
In recent years, the demand for customized formwork solutions has skyrocketed. Formwork manufacturers are required to provide systems that are commercially viable for the project, easy to handle, reusable, efficient, can withstand various types of construction processes, and command a competitive price. Shortage of manpower that is well-trained and can handle various components, accessories & processes of aluminum formwork system is also a big challenge for the industry. Another issue confronting the formwork market is its unorganized nature. Although the emergence of global manufacturers has brought some discipline, a certification body & association for all formwork manufacturers is required to ensure quality. The formwork industry is fed by construction activities, which are influenced by economic peaks and valleys.
Innovation does not happen overnight in any industry, and the Indian Formwork Industry, in its infant stages, is taking its time to understand the product, with challenges such as time and cost constraints. The traditional dominance of Major International Players such as S Form, Kumkang, Peri, and others makes it difficult for emerging Indian formwork manufacturers to keep up with their technologies and scale. At Navkaar, we are incorporating a lot of technology into our design process and production planning, which has significantly increased our production capacity. In fact, we have doubled our production capacity in the last 12months and are further investing in a skilled labor force, modern technology, and in-house engineering software to better manage the entire production process.
Can you talk about services provided by Navkaar Aluform Services?
Navkaar offers consulting, planning and other ancillary services to the clients and has built a diverse range of formwork product lines, including Monolithic, Vertices, Slab & Beam, Core & Staircase Systems, Refurbished Formwork System, Hybrid Slab with beam Formwork, and other formwork accessories and consumables. The newly developed hybrid slab formwork system is aimed at promoters and building contractors who are keen in using formwork systems but have not yet taken the plunge. The hybrid slab formwork is made of aluminum frames and stiffeners, and the concrete surface is encased with timber or WPC Board, ensuring high assembly performance and minimal capital cost. Our ISO 9001:2015 quality Management System ensures consistent quality and client satisfactions.
Having marquee clients like the ACC, Shapoorji Pallonji, Bengal Ambuja Neotia Group, Merlin, PS, and others, as well as supplied Column Box Formwork System at one of the most prestigious projects, THE 42, The Sky Walk Formwork System at Siddha Galaxia executed in Kolkata, and IIT Bhubaneswar with Simplex & NBCC demonstrates our engineering capability for complex project needs.
Tell us about the team of Navkaar Aluform Services. How is your combined experience helping the firm to grow?
Our company's tagline is "together we grow" and we firmly believe that we grow alongside the team, our clients and our vendors. Navkaar is staffed with more than 100young and dynamic professionals, who are eager to take on new challenges and meet all site requirements. Whenever we come on board with the customer, we try to ensure that the asset is optimized as per the requirement, and our team has enough experience in terms of dealing with the various categories of customers. Our team of experienced Formwork Engineers, professional technicians, and well-trained workers perform all designing, engineering, and fabrication work that meets all architectural requirements with the highest accuracy.
Having supplied over 2lac sq.m. of system formwork for over 100projects across major cities, our cutting-edge formwork system has proven its worth in providing cost-effective, customized solutions for every complex need
Where do you see this market in the near future?
With an emphasis on construction and infrastructural development, Make in India, and a higher target for PPP infrastructure projects, India is poised with manifold opportunities for system formwork manufacturers. In the wake of ongoing and new project announcements, particularly the surge in high-rise projects, formwork manufacturers have accelerated in tandem with the construction industry. Since modern metros have limited space and high demand for housing, the trend of building high-rises will continue in the future, system formwork allows building contractors to save time and meet project deadlines. Further, affordable housing for the masses, are also driving demand for formwork systems in urban, semi-urban, and even rural India.
The unprecedented speed with which projects are now awarded is another factor contributing to growth; a builder or contractor has no choice but to ensure a prompt completion and move on to the next project. A lot of finishing time and plastering materials are saved owing to the quality consistency in construction that the aluminum formwork system offers in addition to a good surface finish. Furthermore, the prevalence of conventional casting processes is declining as labor safety is gaining considerable importance in India. And finally, aluminum formwork solutions have a longer life and can be reused at multiple sites, resulting in project cost savings.
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