Global Steel Ingots Market To Reach $872.17 Billion By 2029 With A Growth Rate Of 4.4%

The Business Research Company’s Steel Ingots Global Market Report 2025 - Market Size, Trends, And Global Forecast 2025-2034

LONDON, GREATER LONDON, UNITED KINGDOM, May 19, 2025 /EINPresswire.com/ -- The Business Research Company’s Latest Report Explores Market Driver, Trends, Regional Insights - Market Sizing & Forecasts Through 2034

The forecast for the steel ingots global market anticipates steady growth over the coming years, expanding from $699.55 billion in 2024 to $732.85 billion in 2025 at a compound annual growth rate CAGR of 4.8%. The historical growth in the steel ingots market size has been propelled by the increasing demand for raw materials in the steel manufacturing sector, rising demand for specialty steel, rising investments in infrastructure projects, and the growth of the automotive industry and global economic growth. Technological innovations and advancements including new production techniques, enhancements in steel manufacturing processes, and the development of high-strength and lightweight alloys have been pivotal in supporting the steady growth seen in recent years.

Where Is The Steel Ingots Market Headed In The Future?

Looking towards the future, the market for steel ingots is set to further grow to $872.17 billion in 2029 at a CAGR of 4.4%. Factors driving this growth in the forecast period include the increasing emphasis on scrap recycling and sustainability initiatives, growing investments in renewable energy, and the increasing demand in mechanical engineering.

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What's Fueling The Growth Of The Steel Ingots Market?

Indeed, a chief driver of the steel ingots market growth is the rising production of vehicles. With consumer demand on the rise, vehicle production is surging, driving the demand for steel ingots — the foundational raw material for producing high-strength automotive components. Such components are integral in helping vehicle manufacturers enhance durability, safety, and performance. The Society of Motor Manufacturers and Traders, a UK-based trade association, anticipates that UK car production will reach around 839,000 units in 2025 and increase to 930,000 units by 2027.

Who Are The Key Players In The Steel Ingots Market?

Critical to the continuing growth and innovation in the steel ingots market are key industry players such as ArcelorMittal S.A., Pohang Iron and Steel Company, Nippon Steel Corporation, China Baowu Steel Group Corporation Limited, thyssenkrupp AG, JFE Steel Corporation, and Cleveland-Cliffs Inc, among others. These companies, and others, are responsible for meeting the increasing demand for high-quality steel ingots and driving advances in the field.

What Are The Emerging Trends In The Steel Ingots Market?

In particular, emerging trends within the steel ingots industry include a focus in developing innovative products designed for specific sectors. For example, steel ingots used in the wind energy sector are being designed to enhance durability, improve efficiency, and meet the growing demand for sustainable energy solutions.

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How Is The Steel Ingots Market Segmented?
One way to categorize this sector is by considering the type, manufacturing process, and application:
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 in consideration include:

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

What Are The Regional Insights Of The Steel Ingots Market?
From a regional perspective, Asia-Pacific emerged as the largest region in the steel ingots market in 2024 and is projected to be the fastest-growing region in the forecast period. The areas covered in the steel ingots market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

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