The Business Research Company’s report on the Steel Ingots Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
How have key drivers contributed to the rapid growth of the steel ingots market?
The rising production of vehicles is expected to propel the growth of the steel ingots market going forward. Vehicles are machines designed for transporting people or cargo across land, water, air, or space using various forms of propulsion. The rise in vehicle production is due to rising consumer demand and expanding automotive manufacturing capabilities worldwide. Steel ingots are the foundational raw material for producing high-strength automotive components, enabling vehicle manufacturers to enhance durability, safety, and performance. For instance, in January 2025, according to the Society of Motor Manufacturers and Traders, a UK-based trade association, UK car and light van production is expected to reach around 839,000 units in 2025, increasing to 930,000 units by 2027, with the potential to exceed one million in 2028 and surpass 1.1 million by 2030. Therefore, the rising production of vehicles is driving the growth of the steel ingots market.
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How has the steel ingots market size evolved, and what are the latest forecasts for its expansion?
The steel ingots market size has grown steadily in recent years. It will grow from $699.55 billion in 2024 to $732.85 billion in 2025 at a compound annual growth rate (CAGR) of 4.8%. The growth in the historic period can be attributed to increasing demand for raw materials in the steel manufacturing sector, rising demand for specialty steel, rising investments in infrastructure projects, growth of the automotive industry, and global economic growth.
The steel ingots market size is expected to see steady growth in the next few years. It will grow to $872.17 billion in 2029 at a compound annual growth rate (CAGR) of 4.4%. The growth in the forecast period can be attributed to increasing scrap recycling and sustainability initiatives, growth in investments in renewable energy, rising demand for high-strength and lightweight alloys, government investments, and increasing demand in mechanical engineering. Major trends in the forecast period include innovations in production techniques, innovations in steel manufacturing processes, advancements in steel recycling technologies, the development of advanced alloys, and the development of high-strength and lightweight alloys.
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Which major companies dominate the steel ingots market?
Major companies operating in the steel ingots market are ArcelorMittal S.A., Pohang Iron and Steel Company, Nippon Steel Corporation, China Baowu Steel Group Corporation Limited, thyssenkrupp AG, JFE Steel Corporation, Cleveland-Cliffs Inc., United States Steel Corporation, Hyundai Steel Co. Ltd., Steel Authority of India Limited, PAO Seversta, Liberty Steel Group Holdings UK Ltd., Mitsubishi Steel Manufacturing Co. Ltd., Ambica Steels Limited, Ellwood Quality Steels Company, Laxcon Steels Limited, Bansal Alloys & Metals Pvt. Ltd., Japan Steel Works M&E Inc., Jay Jagdamba Limited, Kisco Castings (India) Limited
What trends will shape the future of the stationary energy storage market?
Major companies operating in the steel ingots market are focusing on developing innovative products, such as ingots for the wind energy sector, to enhance durability, improve efficiency, and meet the growing demand for sustainable energy solutions. Steel ingots are crucial in manufacturing key components such as turbine towers, nacelle structures, and rotor hubs in the wind energy sector. These ingots are processed into high-strength steel parts that withstand extreme wind conditions and mechanical stresses. For instance, in April 2023, Indu Steel, a France-based specialty steel manufacturer specializing in specialty steel plates, launched a new ingot catalog featuring premium-quality ingots ideally suited for diverse applications, notably in the wind energy sector. This catalog showcases top-quality ingots designed for various applications, including the demanding requirements of windmill construction. These ingots prioritize reliability and durability, ensuring long-lasting performance in critical components.
Which region dominates the steel ingots market, and what factors contribute to its leadership?
Asia-Pacific was the largest region in the steel ingots market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the steel ingots market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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How is the steel ingots market segmented, and which segment holds the largest share?
The steel ingots market covered in this report is segmented –
1) By Type: Carbon Steel Ingots, Alloy Steel Ingots, Stainless Steel Ingots
2) By Manufacturing Process: Electric Arc Furnace (EAF), Basic Oxygen Furnace (BOF), Other Manufacturing Processes
3) By Application: Construction, Automotive, Machinery, Shipbuilding, Electrical And Electronics
Subsegments:
1) By Carbon Steel Ingots: Low Carbon Steel Ingots, Medium Carbon Steel Ingots, High Carbon Steel Ingots
2) By Alloy Steel Ingots: Low-Alloy Steel Ingots, High-Alloy Steel Ingots, Tool Steel Ingots
3) By Stainless Steel Ingots: Austenitic Stainless Steel Ingots, Ferritic Stainless Steel Ingots, Martensitic Stainless Steel Ingots, Duplex Stainless Steel Ingots
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How is the steel ingots market defined, and what are its core characteristics?
Steel ingots are large, solid blocks of steel cast from molten metal, serving as raw material for further processing. They are used in rolling mills to produce sheets, bars, and structural components. Their strength and malleability make them crucial for heavy engineering and infrastructure projects.
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