Global Steel Ingots Market Size to Grow at a CAGR of 4.30% in the Forecast Period of 2023-2028
The ‘Global Steel Ingots Market Share, Trends, Growth, Size, Price, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global steel ingots market, assessing the market on the basis of its segments like type, application, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
Steel Ingots Market Size, Share, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 4.30%
The global steel ingots market is expected to witness significant growth owing to the rising construction activities where steel ingots have extensive applications. They are used in construction equipment for the building of bridges, structural beams (I-beams), and railroad tracks, among others. In the construction sector, steel ingots are also widely used in power generation equipment such as turbines and boilers. The ability of steel ingots to provide flexibility and power to TMT bars during construction is further enhancing their demand from users.
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The increasing demand for the steel ingots from the residential sector for household appliances where parts are made of stainless-steel alloys with the help of welding techniques is further promoting the growth of the steel ingots market. They are also used in the manufacturing of cables, generator rotor shafts, electric plant turbine shafts, and nuclear pressure vessels, among others.
Moreover, the capability of the steel ingots to withstand corrosion has surged their use in transporting food across large distances. They can also help in the transportation of food products by protecting them from risks of water. The automotive sector uses steel ingots to reduce the weight of vehicles without compromising with the safety of the vehicles.
Steel Ingots Industry Definition and Major Segments
Steel ingot is a simple piece of steel that can be cast into different shapes and sizes such as bars, sheets, or plates to suit the end use application. Convenient to store and transport, steel ingots are prepared by melting the steel and then reforming it in any shape using a mould. Like other ingots, steel ingots are also considered to be extremely high in purity.
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Based on type, the market is bifurcated into:
• Stainless Steel
• Mild Steel
On the basis of application, the market is segmented into:
• Automotive and Aerospace
Based on region, the market is classified into:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
Steel Ingots Market Trends
The key trends in the global steel ingots market include the rising demand for steel and increasing expenditure on research and development activities for the production of steel. New capacity investments are also expected to help in the growth of the global market for steel ingots. Moreover, governments of various countries are providing increased assistance and subsidies which is expected to further boost the market share of steel ingots globally.
Europe is expected to account for a large share in the steel ingots market owing to the rising demand from engineering and automotive and aerospace end users. Increasing construction activities is another factor that is supporting the growth of the market in the region.
The Asia Pacific is also expected to observe a significant growth due to rising demand for steel in countries like India and China. Increasing investments in construction and infrastructure projects such as the construction of subways, roads, and bridges is expected to further enhance the growth of the market in the Asia Pacific region.
Key Market Players
The major players in the global steel ingots market report are
• Industeel (ArcelorMittal S.A.)
• Tata Steel Limited
• Nippon Steel Corporation
• Sandvik AB
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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