Metal Fabrication Industry in India Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Metal Fabrication Industry in India is Segmented by Material Type (Steel, Aluminum, and Others), By End-User Industry (Manufacturing, Power and Utilities, Construction, Oil and Gas, and Other End-user Industries), and By Service (Casting, Forging, Machining, Welding & Tubing, and Other Services). The market size and forecasts are provided in terms of value (USD billion) for all the above segments.

India Metal Fabrication Market Size

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India Metal Fabrication Market Summary
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Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2020 - 2022
CAGR 6.38 %
Market Concentration Low

Major Players

India Metal Fabrication Market Major Players

*Disclaimer: Major Players sorted in no particular order

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India Metal Fabrication Market Analysis

The India Metal Fabrication Market size is estimated at USD 20.89 billion in 2023, and is expected to reach USD 28.46 billion by 2028, growing at a CAGR of 6.38% during the forecast period (2023-2028).

  • India's metal fabrication sector suffered a significant blow on account of operational difficulties and poor demand due to COVID-19, and a slow recovery back to the pre-pandemic level of production was expected in the forecast period. According to the business standards, a severe dent in domestic demand for metals is anticipated, and it will take until at least the end of 2023 to return to pre-pandemic levels.
  • The Indian steel industry is considered one of the few bright spots in the global steel industry. The country's steel industry has recovered from demonetization and the goods and services tax (GST) reform and is expanding rapidly, increasing demand for the country's metal fabrication market.
  • The rising demand for goods and services across various sectors in India, combined with the fact that global manufacturing companies focus on diversifying their production by setting up low-cost plants in countries like China and India, is expected to drive the Indian manufacturing sector, further growing the metal fabrication sector in the country for infrastructure projects.
  • Throughout the forecast period, it is anticipated that factors such as the expanding metal and manufacturing industries, expanding automotive and aerospace sectors, and rising R&D expenditures would drive the Indian market for metal fabrication. Moreover, the metal fabrication industry is also growing because of government policies that help the industry.

India Metal Fabrication Market Trends

Increasing Number of Manufacturing Plants Are Propelling Market Growth

  • India's metal fabrication sector is expected to be driven by the rising demand for goods and services in many sectors, as well as the fact that global manufacturing companies are trying to diversify their production by setting up low-cost plants in countries like China and India. Additionally, the Indian manufacturing sector is expected to register a growth of more than six times its current value by 2025, to USD 1 trillion. This growth in the manufacturing sector in India is likely to lead to more manufacturing facilities in the country, which is expected to increase demand in the market studied.
  • For instance, the number of mobile manufacturing plants that were set up in India has increased by more than 60 times since 2017. This shows that the number of manufacturing units in the country is making the market more and more popular. The Reserve Bank of India measures capacity utilization in the manufacturing sector through its quarterly order books, inventories, and capacity utilization survey. It shows not only how much companies are making, but also how much they might be able to invest in the future. This shows that the Indian metal fabrication market has more potential.
India Metal Fabrication Market: Capacity utilization of metals and metal products in India, by quarter, in Percent, Q3 2019-Q1 2022

Infrastructure Development Activities in India are boosting the Market

  • The infrastructure development activities by the Government of India are likely to boost the Indian metal fabrication market over the next few years. The market studied is expected to grow because of government projects like building metro stations, new no-frills airports, international terminals, industry corridors, power plants, and ports, all of which need heavy steel structures. There is a huge infrastructure gap in the country. According to the government, infrastructure investment of USD 4.5 trillion may be required through 2040. Over the next few years, capital expenditure (CAPEX) is expected to remain high for Indian infrastructure players across sectors.
  • In addition, the construction and infrastructure sector is the largest end-user vertical consumer of steel in India. Larsen & Toubro (L&T), an infrastructure company, won a mega order from SJVN Thermal Pvt. Ltd. to set up an ultra-supercritical power plant in the Buxar district of Bihar. The mega project is estimated to cost more than INR 7,000 crore (USD 1 billion). Larsen & Toubro (L&T) is in charge of designing, engineering, making, buying, supplying, building, putting together, testing, and starting up the Buxar thermal power project (2x660 MW).
  • Further, as part of India's Sagarmala Program, more than 610 projects (worth INR 7.78 lakh crores, about USD 100 billion) have been identified for implementation across the areas of port modernization, new port development, port connectivity enhancement, port-linked industrialization, and coastal community development during 2015-2035. All the projects would require high-quality metal fabrication for infrastructure purposes, boosting the market's growth over the forecast period.
India Metal Fabrication Market: Investments in infrastructure in India, in USD Million, By sector, 2021

India Metal Fabrication Industry Overview

The Indian metal fabrication market is fragmented by nature, with the presence of many small- and medium-sized companies and EPC companies. Most of the large fabricators present in the market studied are primarily EPC companies, which handle end-to-end solutions for structural steel fabrication and process equipment fabrication services. In structural steel, fabricators in the market are focusing on expanding their product portfolios through prefabricated buildings and providing engineering solutions to their clients. The increasing construction sector and the preference for pre-engineered buildings are expected to further increase competition within the market studied. Salasar Techno Engineering Ltd., Kirby Building Systems, Zamil Industrial Investment Co., Pennar Group, and ISGEC Heavy Engineering Ltd. are some of the leading players operating in the India Metal Fabrication market. Some other major players in the market are Godrej Process Equipment, TEMA India, Larsen & Toubro Ltd., Diamond Group, Novatech Projects (India) Private Limited, SKV Engineering India Pvt. Ltd., Karamtara Engineering Pvt. Ltd., etc.

India Metal Fabrication Market Leaders

  1. Salasar Techno Engineering Ltd

  2. Kirby Building Systems

  3. Zamil Industrial Investment Co

  4. Pennar Group

  5. ISGEC Heavy Engineering Ltd

*Disclaimer: Major Players sorted in no particular order

India Metal Fabrication Market Concentration
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India Metal Fabrication Market News

  • July 2023: ArcelorMittal Nippon Steel India( AM/ NS India) - a joint venture between ArcelorMittal and Nippon Steel, two of the world's leading steelmakers - and Festo India, the world's leading manufacturer and supplier of automation technology and specialized education, announced the signing of a Memorandum of Understanding( MoU) at the Festo Corporate Center in Stuttgart, Germany. The cooperation will concentrate on the development of the New Age Makers Institute of Technology( NAMTECH), an ArcelorMittal Nippon Steel India education initiative aimed at delivering an integrated model of high-quality engineering and specialized education, with special emphasis on manufacturing and sustainability. NAMTECH will start operating an interim campus in the Research Park at IIT Gandhinagar, Gujarat, from August 2023.
  • September 2022: Tata Group approved the amalgamation of all its metal companies into Tata Steel. The companies to be intermingled into Tata Steel are Tata Steel Long Products( TSLP), Tinplate Company of India Limited( TCIL), Tata Metaliks Limited( TML), TRF Limited( TRF), Indian Steel and Wire Products Limited( ISWP), Tata Steel Mining Limited( TSML) and S&T Mining Company Limited. The scheme of amalgamation is subject to approval from majority shareholders of transferor and transferee companies, competent authorities as defined in each scheme, Securities and Exchange Board of India( SEBI) and stock exchanges piecemeal from other nonsupervisory and government warrants, as per a recent Tata Steel filing.

India Metal Fabrication Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET INSIGHTS & DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

    3. 4.3 Market Restraints

    4. 4.4 Market Opportunities

    5. 4.5 Technological Advancements in the Indian Metal Fabrication Market

    6. 4.6 Government Regulations and Key Initiatives in the Indian Metal Fabrication Market

    7. 4.7 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.7.1 Threat of New Entrants

      2. 4.7.2 Bargaining Power of Buyers/Consumers

      3. 4.7.3 Bargaining Power of Suppliers

      4. 4.7.4 Threat of Substitute Products

      5. 4.7.5 Intensity of Competitive Rivalry

    8. 4.8 Value Chain Analysis

    9. 4.9 Impact of COVID-19 on the Market

  5. 5. MARKET SEGMENTATION

    1. 5.1 End-user Industry

      1. 5.1.1 Manufacturing

      2. 5.1.2 Power and Utilities

      3. 5.1.3 Construction

      4. 5.1.4 Oil and Gas

      5. 5.1.5 Other End-user Industries

    2. 5.2 Material Type

      1. 5.2.1 Steel

      2. 5.2.2 Aluminum

      3. 5.2.3 Other Material Types

    3. 5.3 Service Type

      1. 5.3.1 Casting

      2. 5.3.2 Forging

      3. 5.3.3 Machining

      4. 5.3.4 Welding & Tubing

      5. 5.3.5 Other Services

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Market Concentration Overview

    2. 6.2 Company Profiles

      1. 6.2.1 Salasar Techno Engineering Ltd

      2. 6.2.2 Kirby Building Systems

      3. 6.2.3 Zamil Industrial Investment Co.

      4. 6.2.4 Pennar Group

      5. 6.2.5 ISGEC Heavy Engineering Ltd.

      6. 6.2.6 Godrej Process Equipment

      7. 6.2.7 TEMA India

      8. 6.2.8 Larsen & Toubro Ltd.

      9. 6.2.9 Diamond Group

      10. 6.2.10 Novatech Projects (India) Private Limited

      11. 6.2.11 SKV Engineering India Pvt LTD.

      12. 6.2.12 Karamtara Engineering Pvt Ltd.*

    3. *List Not Exhaustive
  7. 7. FUTURE OF THE MARKET

  8. 8. APPENDIX

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India Metal Fabrication Industry Segmentation

The word metal fabrication refers to the building of metal structures through assembling, bending, and cutting processes. It is a value-added process that involves creating machines, parts, and structures from raw materials. A complete background analysis of the India Metal Fabrication Market, including the assessment of the economy and contribution of sectors in the economy, a market overview, market size estimation for key segments, emerging trends in the market segments, market dynamics and geographical trends, and COVID-19 impact, is covered in the report.

The India Metal Fabrication Market is segmented By Material Type (Steel, Aluminum, and Others), By End-User Industry (Manufacturing, Power and Utilities, Construction, Oil and Gas, and Other End-user Industries), and By Service (Casting, Forging, Machining, Welding & Tubing, and Other Services). The report offers market sizes and forecasts in value (USD) for all the above segments.

End-user Industry
Manufacturing
Power and Utilities
Construction
Oil and Gas
Other End-user Industries
Material Type
Steel
Aluminum
Other Material Types
Service Type
Casting
Forging
Machining
Welding & Tubing
Other Services
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India Metal Fabrication Market Research FAQs

The India Metal Fabrication Market is projected to register a CAGR of 6.38% during the forecast period (2024-2029)

Salasar Techno Engineering Ltd, Kirby Building Systems, Zamil Industrial Investment Co, Pennar Group and ISGEC Heavy Engineering Ltd are the major companies operating in the India Metal Fabrication Market.

The report covers the India Metal Fabrication Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the India Metal Fabrication Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Metal Fabrication in India Industry Report

Statistics for the 2024 India Metal Fabrication market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. India Metal Fabrication analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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Metal Fabrication Industry in India Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)