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Global Steel Ingots Market Share, Growth, Opportunities, Forecast: By Type: Stainless Steel, Mild Steel; By Application: Construction, Automotive and Aerospace, Energy, Engineering, Others; Regional Analysis; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis; Competitive Landscape; Industry Events and Developments; 2023-2028
Global Steel Ingots Market Outlook
The global steel ingots market size is expected to grow at a CAGR of 4.30% in the forecast period of 2023-2028, owing to the increase in construction activities.
Key Trends in the Market
An ingot is a piece of relatively pure material, usually metal, that has been cast into a shape suitable for additional processing. The process of manufacturing steel into ingots yields steel ingots. They are semi-finished goods that are melted and cast into ingot moulds to get the correct size and shape. It can be further modified for diverse uses, such as rolling or forging.
- Steel ingots play a significant role in the production of automobile components, construction equipment such as structural beams (I-beams), railroad tracks, bridges, and power generation equipment such as boilers and turbines. In addition to these uses, steel ingots also find use in household appliances where parts made of stainless steel alloy need to be joined together using welding techniques. This is promoting the steel ingots market expansion.
- In addition, the demand for stainless steel ingots has increased due to their ability to withstand corrosion, which makes them ideal for transporting food across large distances.
- Additionally, the rise in steel demands along with the increasing research and development expenditures for the production of steel are projected to support the expansion of steel ingots globally.
- The increase in trade and the rising number of new capacity investments are predicted to support market expansion for steel ingots worldwide. Factors such as increased assistance and subsidies by various governments are anticipated to boost the global steel ingots shares during the forecast period.
Global Steel Ingots Market Analysis
Based on type, the market is segmented into stainless steel and mild steel. The market on the basis of application can be categorised into construction, automotive and aerospace, energy, and engineering, among others. The regional markets for steel ingots can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global steel ingots market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.
- Industeel (ArcelorMittal S.A.)
- Tata Steel Limited
- Nippon Steel Corporation
- Sandvik AB
- Outokumpu
- Others
Market Share by Application
To reduce the weight of vehicles, bicycles, and trains without sacrificing safety, steel ingots are employed in various areas. One of the biggest applications of steel ingots is in the automotive sector. Due to their ability to resist corrosion, stainless steel ingots are increasingly in demand because they are ideal for use in food transportation over long distances or in water where there is a chance of water contamination, thus aiding the steel ingots market growth.
The principal lightweight structural material of steel ingots can also be used for important parts like gasoline tanks, bumpers, or chassis. There are also practical applications of steel ingots for internal structures for doors, trunk lids, and hoods.
Market Share by Region
Europe is anticipated to dominate the global steel ingots market due to the increasing demand in mechanical engineering. It is also anticipated that the increasing construction activities will support regional growth. Furthermore, it is anticipated that countries like Italy, France, and Germany will have low costs and high labour wages, which will encourage economic expansion in Europe. Additionally, the market for steel ingots is supported by the expansion of the European Union's automobile industry.
The global market for steel ingots in the Asia Pacific region is anticipated to grow at a rapid rate due to the increasing demand for steel in nations like China and India. Additionally, it is anticipated that increasing investments in infrastructure projects, such as the building of roads, bridges, and subways, will enable growth in the region.
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Competitive Landscape
Tata Steel Limited, the first integrated private steel corporation in Asia was founded in India in 1907. Its operations cover the entire value chain of steel products, from the manufacture of raw steel to the finished products made of steel. It serves the agricultural, construction, general engineering, industrial, and automotive sectors.
Nippon Steel Corporation is a manufacturer of steel since 1950. Its headquarters are in Tokyo, Japan, and it manufactures steel and associated materials for a range of industrial uses. Its product line includes steel plates, flat products, pipes and tubes, structural steel, bars and wire rods, railroad vehicle and equipment parts, titanium, fabrications goods, and speciality stainless steel products.
Sandvik AB headquartered in Sweden and founded in 1862, is an engineering group based on innovation, digitisation, and sustainable engineering. The company offers products and solutions for mining and rock extraction, rock processing, and metal cutting. Its offerings are carefully based on research and development, combined with insights from customers, and expert knowledge of digital solutions and industrial processes.
Other market players include Industeel (ArcelorMittal S.A.) and Outokumpu, among others.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
|---|---|
| Base Year | 2022 |
| Historical Period | 2018-2022 |
| Forecast Period | 2023-2028 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Type |
|
| Breakup by Application |
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| Breakup by Region |
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| Market Dynamics |
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| Trade Data Analysis |
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| Competitive Landscape |
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| Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Industry Opportunities and Challenges
8 Global Steel Ingots Market Analysis
8.1 Key Industry Highlights
8.2 Global Steel Ingots Historical Market (2018-2022)
8.3 Global Steel Ingots Market Forecast (2023-2028)
8.4 Global Steel Ingots Market by Type
8.4.1 Stainless Steel
8.4.1.1 Market Share
8.4.1.2 Historical Trend (2018-2022)
8.4.1.3 Forecast Trend (2023-2028)
8.4.2 Mild Steel
8.4.2.1 Market Share
8.4.2.2 Historical Trend (2018-2022)
8.4.2.3 Forecast Trend (2023-2028)
8.5 Global Steel Ingots Market by Application
8.5.1 Construction
8.5.1.1 Market Share
8.5.1.2 Historical Trend (2018-2022)
8.5.1.3 Forecast Trend (2023-2028)
8.5.2 Automotive and Aerospace
8.5.2.1 Market Share
8.5.2.2 Historical Trend (2018-2022)
8.5.2.3 Forecast Trend (2023-2028)
8.5.3 Energy
8.5.3.1 Market Share
8.5.3.2 Historical Trend (2018-2022)
8.5.3.3 Forecast Trend (2023-2028)
8.5.4 Engineering
8.5.4.1 Market Share
8.5.4.2 Historical Trend (2018-2022)
8.5.4.3 Forecast Trend (2023-2028)
8.5.5 Others
8.6 Global Steel Ingots Market by Region
8.6.1 Market Share
8.6.1.1 North America
8.6.1.2 Europe
8.6.1.3 Asia Pacific
8.6.1.4 Latin America
8.6.1.5 Middle East and Africa
9 Regional Analysis
9.1 North America
9.1.1 Historical Trend (2018-2022)
9.1.2 Forecast Trend (2023-2028)
9.1.3 Breakup by Country
9.1.3.1 United States of America
9.1.3.2 Canada
9.2 Europe
9.2.1 Historical Trend (2018-2022)
9.2.2 Forecast Trend (2023-2028)
9.2.3 Breakup by Country
9.2.3.1 United Kingdom
9.2.3.2 Germany
9.2.3.3 France
9.2.3.4 Italy
9.2.3.5 Others
9.3 Asia Pacific
9.3.1 Historical Trend (2018-2022)
9.3.2 Forecast Trend (2023-2028)
9.3.3 Breakup by Country
9.3.3.1 China
9.3.3.2 Japan
9.3.3.3 India
9.3.3.4 ASEAN
9.3.3.5 Australia
9.3.3.6 Others
9.4 Latin America
9.4.1 Historical Trend (2018-2022)
9.4.2 Forecast Trend (2023-2028)
9.4.3 Breakup by Country
9.4.3.1 Brazil
9.4.3.2 Argentina
9.4.3.3 Mexico
9.4.3.4 Others
9.5 Middle East and Africa
9.5.1 Historical Trend (2018-2022)
9.5.2 Forecast Trend (2023-2028)
9.5.3 Breakup by Country
9.5.3.1 Saudi Arabia
9.5.3.2 United Arab Emirates
9.5.3.3 Nigeria
9.5.3.4 South Africa
9.5.3.5 Others
10 Market Dynamics
10.1 SWOT Analysis
10.1.1 Strengths
10.1.2 Weaknesses
10.1.3 Opportunities
10.1.4 Threats
10.2 Porter’s Five Forces Analysis
10.2.1 Supplier’s Power
10.2.2 Buyer’s Power
10.2.3 Threat of New Entrants
10.2.4 Degree of Rivalry
10.2.5 Threat of Substitutes
10.3 Key Indicators for Demand
10.4 Key Indicators for Price
11 Value Chain Analysis
12 Trade Data Analysis (HS Code- 7206)
12.1 Major Exporting Countries
12.1.1 By Value
12.1.2 By Volume
12.2 Major Importing Countries
12.2.1 By Value
12.2.2 By Volume
13 Price Analysis
14 Competitive Landscape
14.1 Market Structure
14.2 Company Profiles
14.2.1 Industeel (ArcelorMittal S.A.)
14.2.1.1 Company Overview
14.2.1.2 Product Portfolio
14.2.1.3 Demographic Reach and Achievements
14.2.1.4 Certifications
14.2.2 Tata Steel Limited
14.2.2.1 Company Overview
14.2.2.2 Product Portfolio
14.2.2.3 Demographic Reach and Achievements
14.2.2.4 Certifications
14.2.3 Nippon Steel Corporation
14.2.3.1 Company Overview
14.2.3.2 Product Portfolio
14.2.3.3 Demographic Reach and Achievements
14.2.3.4 Certifications
14.2.4 Sandvik AB
14.2.4.1 Company Overview
14.2.4.2 Product Portfolio
14.2.4.3 Demographic Reach and Achievements
14.2.4.4 Certifications
14.2.5 Outokumpu
14.2.5.1 Company Overview
14.2.5.2 Product Portfolio
14.2.5.3 Demographic Reach and Achievements
14.2.5.4 Certifications
14.2.6 Others
15 Industry Events and Developments
List of Key Figures and Tables
1. Global Steel Ingots Market: Key Industry Highlights, 2017 and 2027
2. Global Steel Ingots Historical Market: Breakup by Type (USD Million), 2018-2022
3. Global Steel Ingots Market Forecast: Breakup by Type (USD Million), 2023-2028
4. Global Steel Ingots Historical Market: Breakup by Application (USD Million), 2018-2022
5. Global Steel Ingots Market Forecast: Breakup by Application (USD Million), 2023-2028
6. Global Steel Ingots Historical Market: Breakup by Region (USD Million), 2018-2022
7. Global Steel Ingots Market Forecast: Breakup by Region (USD Million), 2023-2028
8. North America Steel Ingots Historical Market: Breakup by Country (USD Million), 2018-2022
9. North America Steel Ingots Market Forecast: Breakup by Country (USD Million), 2023-2028
10. Europe Steel Ingots Historical Market: Breakup by Country (USD Million), 2018-2022
11. Europe Steel Ingots Market Forecast: Breakup by Country (USD Million), 2023-2028
12. Asia Pacific Steel Ingots Historical Market: Breakup by Country (USD Million), 2018-2022
13. Asia Pacific Steel Ingots Market Forecast: Breakup by Country (USD Million), 2023-2028
14. Latin America Steel Ingots Historical Market: Breakup by Country (USD Million), 2018-2022
15. Latin America Steel Ingots Market Forecast: Breakup by Country (USD Million), 2023-2028
16. Middle East and Africa Steel Ingots Historical Market: Breakup by Country (USD Million), 2018-2022
17. Middle East and Africa Steel Ingots Market Forecast: Breakup by Country (USD Million), 2023-2028
18. Major Exporting Countries by Value
19. Major Importing Countries by Value
20. Major Exporting Countries by Volume
21. Major Importing Countries by Volume
22. Global Steel Ingots Market Structure
Key Questions Answered in the Report
The market is projected to grow at a CAGR of 4.30% between 2023 and 2028.
The major drivers of the steel ingots market include the increasing investments in research and development for steel manufacturing, rise in global trade, growing number of new capacity investments, increasing support and subsidisation by various governments, and rising construction activities.
The growing use in end-use industries such as automobile, construction, and engineering and the surge in steel demand are the key industry trends propelling the growth of the market.
The major players in the industry are Industeel (ArcelorMittal S.A.), Tata Steel Limited, Nippon Steel Corporation, Sandvik AB, and Outokumpu, among others.
Steel ingots are large-sized castings made in a foundry, and typically don't have any set dimensions. Steel billets are generally made from steel ingots and are used for rolling into sections, bars, and rods.
Steel dust is melted in any kind of furnace to produce a steel ingot. An iron ingot is first infused with 10 units of carbon to create enriched iron, and then that enriched iron is infused with an additional 10 units of carbon to create steel dust.
Ingot moulds are reusable moulds for the purpose of casting aluminium, steel, or zinc ingots.
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