Insight by Abdul Wasay, Chief Operating Officer at The Business Research Company
In response to fluctuating tariffs and geopolitical trade developments, the Steel Ingots Market Outlook 2025 analyses how businesses are adapting through supply chain diversification and strategic sourcing.
What Is the Projected Market Size of the Steel Ingots Industry in 2024 and 2025?
The market size for steel ingots has consistently expanded in the recent past. It is projected to rise from $699.55 billion in 2024 to $719.59 billion in 2025, with a Compound Annual Growth Rate (CAGR) of 2.9%. The historical growth trend in the Steel Ingots market is a steady increase.
What Is the Projected Market Size of the Steel Ingots Market in 2029?
The Steel Ingots market is forecasted to reach a size of $841.16 billion in 2029, with a compound annual growth rate of 4.0%.
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What Are the Key Drivers of Steel Ingots Market Growth?
The key Drivers in the steel ingots market are:
• An upsurge in vehicle production globally
• Expanding automotive manufacturing capabilities worldwide
• Rising consumer demand for vehicles
• Steel ingots' pivotal role in producing high-strength automotive components
What Are the Primary Segmentation Categories in the Steel Ingots Market?
The steel ingotsmarket 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
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What Are the Major Trends Shaping the Steel Ingots Market in 2025 and Beyond?
The key trends in the steel ingots market are:
• One emerging trend is the enhanced focus on producing innovative products in the steel ingots market, specifically tailored for sectors like wind energy.
• There's a growing emphasis on using steel ingots in manufacturing components for the wind energy sector, due to their high durability and efficiency.
• Steel ingots are being specially designed to withstand extreme weather conditions, thus serving critical applications in diverse sectors.
• Companies are prioritizing the manufacturing of top-quality steel ingots, aiming for reliability and durability to assure long-lasting performance.
Who Are the Emerging Players in the Steel Ingots Market?
The key players 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
Which Regions Are Leading the Growth in the Global Steel Ingots Market?
Asia-Pacific was the largest region in the steel ingots market in 2024
