India Metal Fabrication Market Size (2024 - 2029)

The market size of the metal fabrication sector in India is expected to grow significantly, driven by factors such as the expanding metal and manufacturing industries, automotive and aerospace sectors, and rising R&D expenditures. Despite suffering setbacks due to COVID-19, the sector is anticipated to recover steadily to pre-pandemic levels by the end of 2023. The growth of the Indian steel industry, coupled with increasing demand for goods and services across various sectors, and global manufacturing companies diversifying their production in low-cost countries like India, are also contributing to the market size expansion. Government policies supporting the industry are further fueling the growth of the metal fabrication market size in the country.

Market Size of India Metal Fabrication Industry

India Metal Fabrication Market Summary
Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2020 - 2022
CAGR (2024 - 2029) 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 is expected to register a CAGR of 6.38% during the forecast period.

  • The Indian metal fabrication market is growing at a fast pace as the country’s economic growth and infrastructure development are on the rise. The demand for metal-fabricated products in India is expected to increase further due to the government’s ambitious plans for infrastructure development.
  • There are many steel fabricators across the country. Most of them are located in Mumbai and Kolkata, while the rest are located in Chennai. The steel fabricators industry in India is highly fragmented. Many SMEs are operating in the steel fabricators market. JSW Steel is the largest steel fabricator in India, followed by Tata Steel and SAIL.
  • In the Indian steel fabrication market, the entry barriers are low, and the competition is very high. Steel fabricators face a lot of competition from both domestic and foreign players. In addition, they also face competition from other industries like aluminum and concrete, which can replace steel in some applications.
  • The Indian steel fabrication market is currently valued at around INR 1,200 crore (USD 14.48 million) and is expanding at a growth rate of 15% to 20%. The growth of the steel fabrication market is largely attributed to the growth of infrastructure development and construction activity in India. In India, there are more than 5,000 steel fabricators, the majority of which are SMEs. The industry employs more than 1 lakh people and has a strong backward-link relationship with the steel sector.
  • In order to survive and succeed in this competitive market, steel fabricators are providing innovative products and services to meet the needs of customers. Furthermore, they must adopt efficient manufacturing processes and invest in modern technology in order to stay cost-competitive.
  • The rising demand for goods and services across various sectors in India, along with the 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, fueling the metal fabrication sector in the country for infrastructure projects.
  • During the forecast period, the expanding metal and manufacturing industries, expanding automotive and aerospace sectors, and rising R&D expenditures are expected to drive the Indian market for metal fabrication. The metal fabrication industry is also growing because of government policies that aid the industry.

India Metal Fabrication Market Analysis

Metal fabrication refers to the building of metal structures by assembling, cutting, and bending processes. It is a value-added process that includes creating machines, parts, and structures from raw materials.

The India metal fabrication market is segmented by material type (steel, aluminum, and others), end-user industry (manufacturing, power and utilities, construction, oil and gas, and other end-user industries), and service (casting, forging, machining, welding and tubing, and other services). The report offers the Indian metal fabrication industry market sizes and forecasts in value (USD) 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
Other Material Types
By Service Type
Casting
Forging
Machining
Welding and Tubing
Other Services

India Metal Fabrication Market Size Summary

The Indian metal fabrication market is projected to experience significant growth due to various factors such as the expansion of metal and manufacturing industries, the automotive and aerospace sectors, and increased R&D expenditures. The market has been recovering from the operational difficulties and reduced demand caused by the COVID-19 pandemic. The growth of the country's steel industry, which has bounced back from demonetization and GST reform, is also contributing to the expansion of the metal fabrication market. The market's growth is further propelled by global manufacturing companies setting up low-cost plants in India, thereby increasing demand for goods and services across various sectors. The Indian metal fabrication market is also benefitting from the increasing number of manufacturing plants in the country. The rise in manufacturing facilities is due to the expected growth in the Indian manufacturing sector, which is anticipated to significantly increase its current value. The market is also expected to be boosted by infrastructure development activities by the Government of India. Government projects such as the construction of metro stations, airports, industry corridors, power plants, and ports all require heavy steel structures, thus driving demand in the metal fabrication market. The market is fragmented, with many small- and medium-sized companies and EPC companies present.

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India Metal Fabrication Market Size - Table of Contents

  1. 1. MARKET INSIGHTS & DYNAMICS

    1. 1.1 Market Overview

    2. 1.2 Market Drivers

      1. 1.2.1 Growing Demand for Fabricated Metal Products Driving the Market

      2. 1.2.2 Technological Advancements Driving the Market

    3. 1.3 Market Restraints

      1. 1.3.1 Fluctuating Raw Materials Prices Hindering the Market

      2. 1.3.2 Lack of Skilled Labor Hindering the Market

    4. 1.4 Market Opportunities

      1. 1.4.1 Expansion of Aerospace Industry Driving the Market

      2. 1.4.2 Rising Adoption of EVs

    5. 1.5 Technological Advancements in the Indian Metal Fabrication Market

    6. 1.6 Government Regulations and Key Initiatives in the Indian Metal Fabrication Market

    7. 1.7 Industry Attractiveness - Porter's Five Forces Analysis

      1. 1.7.1 Threat of New Entrants

      2. 1.7.2 Bargaining Power of Buyers/Consumers

      3. 1.7.3 Bargaining Power of Suppliers

      4. 1.7.4 Threat of Substitute Products

      5. 1.7.5 Intensity of Competitive Rivalry

    8. 1.8 Value Chain Analysis

    9. 1.9 Impact of COVID-19 on the Market

  2. 2. MARKET SEGMENTATION

    1. 2.1 By End-user Industry

      1. 2.1.1 Manufacturing

      2. 2.1.2 Power and Utilities

      3. 2.1.3 Construction

      4. 2.1.4 Oil and Gas

      5. 2.1.5 Other End-user Industries

    2. 2.2 By Material Type

      1. 2.2.1 Steel

      2. 2.2.2 Aluminum

      3. 2.2.3 Other Material Types

    3. 2.3 By Service Type

      1. 2.3.1 Casting

      2. 2.3.2 Forging

      3. 2.3.3 Machining

      4. 2.3.4 Welding and Tubing

      5. 2.3.5 Other Services

India Metal Fabrication Market Size 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.

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