The
Steel Fabrication Market was valued at $6.111 Billion in 2020 and is projected to reach $9.78 Billion in 2028, growing at a CAGR of 5.36 per cent from 2021 to 2028. The increase in the number of constructions, rise in the demand of metal 3D printing and increasing usage of
steel fabrication in energy sector is the key market driver. Anti-corrosion and heat resistance properties are some of the major factors driving the steel fabrication market.
Stainless steel does not corrode or rust upon contact with water. It requires low maintenance cost. This has influenced its usage in commercial kitchens and food processing plants. “I believe that the Indian Steel Fabrication Industry is growing very fast as the country has a huge number of skilled workers who trust in their own capabilities and the growing adaptabilities of pre-engineering services has diversified the scope for metal fabricators”, says TV Narendran, CEO, Tata Steel.
Automation
As the value of an organisation’s steel fabrication increases, so too does the value of automation technology. In recent years, many steel fabrication companies have begun adopting automation technology to streamline the products they manufacture. One of the key benefits has been the simplification of complex processes for the average workplace. Many companies, especially with production and manufacturing elements are keen on reducing waste and improving operations. Additionally, automation has allowed manufacturers to cut metals without human supervision for days at a stretch and consequently save metal fabricators a large part of human resources cost.
Adoption of ERP Systems
The majority of steel fabrication companies operate across a wide geography, both local and global markets. Since, these companies also carry out customised steel fabrication, it becomes quite challenging sometimes for them to manage all their operations and suppliers sourcing materials and other processes across the supply chain. As a result, steel fabrication companies are resorting to ERP software to streamline their operations and increase their productivity and efficiency.
ERP software goes well beyond excel sheets and software like Tally to reliably manage all critical business functions such as operational performance planning, enterprise mobilization, demand forecasting and resource planning.
Some of the most used ERP systems by steel fabrication companies are abas ERP, SYSPRO, Plex Manufacturing Cloud, Epicor ERP and Oracle Netsuite.
3D Printing Technology
3D Printing is a relatively new technology and has been used in the manufacturing Industry to make product prototypes. However, things are looking quite exciting for the steel industry as more and more steel fabrication businesses are planning to invest in this technology to create simple and sophisticated tools and structures. Steel 3D printing differs from traditional steel fabrication processes as it involves the stamping of steel to produce a required design. For example, SpaceX relied on 3D printing of custom steel parts for the combustion chamber of the SpaceX SuperDraco engine.
Benefits of Fabricated Steel
Robust Quality
Usually it is seen that fabricated form of steel is easier to install in architecture. This efficiency of fabricated steel helps the architects to save their more time in construction. Also, less material is usually needed during construction as steel is generally lighter but more robust than other building substances. This factor ultimately helps the project managers to save more money. In other industries, the cost of tools and machines made from this process is usually lower and these prices often remain affordable for users. Besides that, since this procedure makes the alloy more robust and more reliable, buyers enjoy a good return on their investment.
Enhances the Durability of Steel
Steel is generally a more robust and long lasting metal which makes it a preferred material for various uses. Fabrication can help enhance its durability because it’s coated with materials like zinc during the process which protects the alloy from corrosion. In the meantime, technicians also cover it with fire resistant components. This means that the end product can withstand harsh conditions such as precipitation and fire. Therefore, a building constructed with fabricated steel has more chances to last longer than that made of other materials. In addition, tools and machines made from steel that has undergone this process can also last longer in the hands of their owners.
Environment Friendly
Steel is usually an environment friendly material in the sense that it can be recycled. Usually, industry technicians convert old tools made from this metal into different products during fabrication. This step helps to reduce the pollution as the alloy takes longer to decompose if left out as refuse in landfills.
The Way Ahead
The Indian steel fabrication market is expected to witness significant growth in the coming future owing to factors such as the increasing demand from manufacturing sector, the rising preference towards pre-engineered buildings, components and government initiatives for infrastructure development activities. The booming commercial building sector combined with government of India’s initiatives such as increasing the construction of green buildings, smart cities and make in India scheme will boost the Steel Fabrication market in India.
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