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India Metal Fabrication Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

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 value in USD Billion for all the above segments.

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Market Summary

India Metal Fabrication Market Summary
Study Period: 2018-2027
Base Year: 2021
CAGR: >5 %
India Metal Fabrication Market Major Players

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India Metal Fabrication Market Analysis

The India Metal Fabrication Market is anticipated to register a CAGR of greater than 5% during the forecast period.

India's metal fabrication sector has 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 is expected in the forecast period. According to the Bussiness Standards, a severe dent in domestic demand for metals is anticipated and it will take until at least 2022-2023 to return to pre-pandemic levels.

The Indian steel industry is considered one of the few bright spots in the global steel industry. The steel industry in the country revived from the demonetization and the goods and services tax (GST) reform and is growing at a rapid pace.

The Indian metal fabrication market (henceforth, referred to as the market studied) is fragmented in nature, with the presence of a large number of small- and medium-sized companies and EPC companies. The rising demand for goods and services across various sectors in India, combined with the fact that global manufacturing companies focus to diversify their production by setting-up low-cost plants in countries, like China and India, is expected to drive the Indian manufacturing sector.

Market Segmentation (Scope of the Report)

Metal fabrication refers to the building of metal structures by assembling, bending, and cutting processes. It is a value-added process that involves creating machines, parts, and structures from raw materials. The India Metal Fabrication market is segmented By End-User Industry (Manufacturing, Power and Utilities, Construction, Oil and Gas, and Other End-user Industries) and By Product Category (Structural steel fabrication and Process Equipment Fabrication). The report offers value in USD Billion for all the above segments.

By End-user Industry
Manufacturing
Power and Utilities
Construction
Oil and Gas
Other End-user Industries
By Material Type
Steel
Aluminum
Others
By Service Type
Casting
Forging
Machining
Welding & Tubing
Other Services

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India Metal Fabrication Market Trends

This section covers the major trends shaping the India metal fabrication market growth according to our research experts:

Increasing Number of Manufacturing Plants

The rising demand for goods and services across various sectors in India, combined with the fact that global manufacturing companies focus to diversify their production by setting-up low-cost plants in countries, like China and India, is expected to drive the Indian manufacturing sector. Additionally, the Indian manufacturing sector is expected to register a growth of more than six times the current value, by 2025, to USD 1 trillion. This growth in the Indian manufacturing sector, in turn, is likely to increase the number of manufacturing facilities in the country, which is, thus, expected to drive the 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 the increasing demand in the market studied, owing to the increasing number of manufacturing units in the country. 

Capacity Utilisation in the manufacturing sector is measured by the Reserve Bank of India in its quarterly Order Books, Inventories, and Capacity Utilisation Survey. It indicates not only the production levels of companies but also indicates the potential for future investments.  

India Metal Fabrication Market: Capacity utilization of metals and metal products in India, by quater, 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. Government initiatives, such as the construction of metro stations, new no-frill airports, international terminals, industry corridors, power plants, and ports, among others, that require heavy steel structures are expected to drive the growth of the market studied.

There is a huge infrastructure gap in the country. The government estimates that infrastructure investment of USD 4.5 trillion may be needed through 2040. Over the next few years, the 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 consuming 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 Buxar district, Bihar.

The mega project is worth over INR 7,000 crore. The scope of the work for Larsen & Toubro (L&T) includes design, engineering, manufacture, procurement, supply, construction, erection, testing, and commissioning of the Buxar thermal power project (2x660 MW). As part of India’s Sagarmala Program, more than 610 projects (worth INR 7.78 lakh crores) 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 the 2015-2035.

India Metal Fabrication Market: Investments in Infrastructure in India, in USD Trillion rupees, By sector, 2021

Competitor Analysis

The Indian metal fabrication market is fragmented in nature, with the presence of a large number of small- and medium-sized companies and EPC companies. The majority of the large fabricators present in the market studied are majorly EPC companies, which handle end-to-end solutions for structural steel fabrication and process equipment fabrication services. Some of the major players in the market are Salasar Techno Engineering Ltd, Kirby Building Systems, Zamil Industrial Investment Co, Karamtara Engineering Pvt Ltd, and ISGEC Heavy Engineering Ltd. In structural steel, fabricators in the market are focusing on expanding their product portfolio through pre-fabricated buildings and providing engineering solutions to their clients. The increasing construction sector and the preference for pre-engineered buildings are expected to further increase the competition within the market studied.

Major Players

  1. Salasar Techno Engineering Ltd

  2. Kirby Building Systems

  3. Zamil Industrial Investment Co

  4. Karamtara Engineering Pvt Ltd

  5. ISGEC Heavy Engineering Ltd

India Metal Fabrication Market Concentration

Recent Development

July 2022: Pennar group, a leading value-added engineering products, and solutions company has bagged orders worth Rs 688 crore across its various business verticals such as Railways, Tubes, Steel, and ICD. The PEB vertical has received orders from Siemens, Annora Pharma, Zim Laboratories, S R Ashok & Associates VK Udyog Pvt. Ltd, Anthe Pharma, Tycon Infra, Expon Polymers, and TPL First Solar. The Railways vertical has received orders from Integral Coach Factory, TI India, Wabtec, Oriental, Metlord, and IGR.

March 2022: ISGEC Heavy Engineering has received a significant order for cement waste heat recovery boilers. Shree Cement, one of India's leading cement businesses, placed the order for an integrated cement plant with a 3.8 MTPA clinker capacity in Nawalgarh, Rajasthan. The scope of work comprises the design, manufacture, and supply of a PH boiler in the preheater exhaust and an AQC boiler in the cooler exhaust.

Table of Contents

  1. 1. Introduction

    1. 1.1 Study Deliverables

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET INSIGHTS AND 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 Bargaining Power of Suppliers

      2. 4.7.2 Bargaining Power of Buyers

      3. 4.7.3 Threat of New Entrants

      4. 4.7.4 Threat of Substitute Products and Services

      5. 4.7.5 Competitive rivalry within the Industry

    8. 4.8 Value Chain Analysis

    9. 4.9 Impact of COVID-19 on the Market

  5. 5. MARKET SEGMENTATION

    1. 5.1 By 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 By Material Type

      1. 5.2.1 Steel

      2. 5.2.2 Aluminum

      3. 5.2.3 Others

    3. 5.3 By 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 Competition 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.*

    3. *List Not Exhaustive
  7. 7. APPENDIX

  8. 8. CREDENTIALS

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Frequently Asked Questions

The India Metal Fabrication Market market is studied from 2018 - 2027.

The India Metal Fabrication Market is growing at a CAGR of >5% over the next 5 years.

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

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