Steel Ingots Market Size, Share and Global Trend By Type (Stainless Steel, Mild Steel), By Application (Construction, Automotive & Aerospace, Energy, Engineering, Others), and Regional Forecast, 2024-2032
KEY INDUSTRY INSIGHTS
Steel ingot is a rectangular in cross-section, weighs between 25 to 30 tons, and is rolled into blooms and billets (for making bars, rods, and sections) and slabs (for making plates, sheets, and strips). In a continuous casting process, common practice is to directly cast the metal into blooms or billets. Steel ingot market caters to demand from various application segments which uses stainless steel, such as building and construction, heavy industries, consumer goods, and others.
Steel ingot market conditions have been improving gradually in most regions since late 2015. Over the short and medium term, important headwinds include the increase in trade actions, the rising number of new capacity investments, the presence of distortive government support and subsidization, and downside risks to world GDP growth once fiscal and monetary policy stimuli are withdrawn, the steel market is expected to take a paced up growth rate.
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Furthermore, steel market has continued to improve since January 2017, possibly reflecting the increase of steel prices and improvements in steel demand. Rising demand from end-use industries such as automotive, oil and gas, and construction is anticipated to propel the growth of steel ingot market. Moreover, increasing investments in R&D for steel manufacturing is projected to contribute to the growth of the market.
Key Players in the Industry
Key players operating in the global steel ingots market are North American Stainless, Baosteel Group Hu ICP, ArcelorMittal, SHAGANG GROUP Inc., JSCMS, Mirach Metallurgy Co. Limited, NIPPON STEEL CORPORATION, HBIS GROUP, POSCO, Sandvik AB, SCHMOLZ + BICKENBACH AG, thyssenkrupp AG & Viraj Profiles Limited.
SEGMENTATION
SEGMENTATION | DETAILS |
By Type | · Stainless Steel · Mild Steel |
By Application | · Construction · Automotive & Aerospace · Energy · Engineering · Others |
By Geography | · North America (USA & Canada) · Europe (UK, Germany, France, Italy, Spain, Scandinavia & Rest of Europe) · Asia Pacific (Japan, China, India, Australia, Southeast Asia & Rest of Asia Pacific) · Latin America (Brazil, Mexico and Rest of Latin America) · Middle East & Africa (GCC, South Africa & Rest of Middle East & Africa) |
Regional Analysis:
In Europe, demand in mechanical engineering is expected to provide some impetus for overall growth of the steel industry. Additionally, the construction sector is expected to drive the growth of steel ingots market as a result of increased residential construction demand, which is supported by higher wages, strong consumer confidence as well as favorable financing costs in countries like Italy, France & Germany. Moreover, after high growth rates in recent years, the European Union car industry is expected to grow at stable rate aiding to the growth of the steel market.
In Asia-Pacific, steel demand growth in China is projected to be supported by the infrastructure investment projects, such as construction of roads, bridges and subways. Whereas in Middle East, Gulf Coast Conference (GCC) economies such as UAE, Qatar & Saudi Arabia are financing important infrastructure projects and public works which is anticipated to drive the ingot market. In the United Arab Emirates (UAE) and Qatar, demand for steel products is expected to increase, as the construction sector will benefit from improved demand, since preparations for the 2020 Expo in Dubai and the 2022 Football World Cup in Qatar.
Key Industry Development
- June 2018: 50:50 joint venture between Tata Europe and ThyssenKrupp was signed, the new entity, second in size only to ArcelorMittal, is expected to be established in late 2018 or early 2019
- Ongoing
- 2023
- 2019-2022
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