The 50.8 Markit/CIPS manufacturing Purchasing Managers' Index (PMI) figure represents a three-year low for the sector.
The seasonally adjusted figure represents its lowest reading since April 2013 and is down from 52.9 in January.
It is thought the low figure is due to a slowdown in new orders for the industry.
Both capital and consumer goods industries experienced a decline in February, which reflected "subdued trends in domestic and foreign demand".
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Exports also shrank for a second month running, with orders declining in mainland Europe, the US, Brazil and Russia.
Rob Dobson, Senior Economist at survey compilers Markit, said: "The near-stagnation of manufacturing highlights the ongoing fragility of the economic recovery at the start of the year and provides further cover for the Bank of England’s increasingly dovish stance.
"The breadth of the slowdown is especially worrisome. The domestic market is showing signs of weakening while export business continued to fall."
David Noble, Group Chief Executive Officer at the Chartered Institute of Procurement & Supply, added: "A distinct lack of progress has revealed a disappointing slowdown amongst manufacturers in February, with the weakest overall performance for nearly three years.
"Nevertheless, the overall index still remained in positive territory – but only just."
(LM)
