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

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

  • August 2022
  • 191 pages
  • ID: 6311674
  • Format: PDF
  • Mordor Intelligence LLP

Summary

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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.

Key Market Trends

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.

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.

Competitive Landscape

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.

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