The global steel ingots market size is expected to grow at a CAGR of 4.30% in the forecast period of 2025-2034, owing to the increase in construction activities.
Base Year
Historical Period
Forecast Period
Compound Annual Growth Rate
4.3%
Value in USD Million
2025-2034
Steel Ingots Market Outlook
*this image is indicative*
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.
The EMR’s report titled “Steel Ingots Market Report and Forecast 2025-2034 offers a detailed analysis of the market based on the following segments:
Market Breakup by Type
Market Breakup by Application
Market Breakup by Region
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.
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.
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.
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.
*Please note that this is only a partial list; the complete list of key players is available in the full report. Additionally, the list of key players can be customized to better suit your needs.*
Other market players include Industeel (ArcelorMittal S.A.) and Outokumpu, among others.
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The market is projected to grow at a CAGR of 4.30% between 2025 and 2034.
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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| REPORT FEATURES | DETAILS |
| Base Year | 2024 |
| Historical Period | 2018-2024 |
| Forecast Period | 2025-2034 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Type |
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| 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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