Steel Ingots Market on Path to Hit $841.16 Billion by 2029 at 4% CAGR

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Steel Ingots Market Outlook: What Size And CAGR Are Anticipated By 2025?
Over the past few years, the size of the steel ingots market has shown consistent growth. It is expected to expand from $699.55 billion in 2024 to $719.59 billion in 2025, registering a compound annual growth rate (CAGR) of 2.9%. The growth during the historical period is due to a surge in demand for raw materials in the steel production sector, an increase in the need for specialty steel, growth in infrastructure project investments, expansion of the automotive industry, and overall global economic growth.

What Is the Expected CAGR for the Steel Ingots Market Growth Through 2029?
The market size of steel ingots is predicted to experience a consistent rise over the upcoming years, expanding to $841.16 billion in 2029 with a compound annual growth rate (CAGR) of 4.0%. This projected expansion during the forecast period is attributable to a rise in scra*p recycling and sustainability efforts, increased investment in green energy, greater need for high-strength and lightweight alloys, government funding, and heightened demand within the mechanical engineering field. The forecast period also expects to see major trends such as innovative production methodologies, improvements in steel manufacturing processes, progress in steel recycling technologies, and the creation of advanced and high-strength lightweight alloys.

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What Are the Primary Drivers Behind Steel Ingots Market Growth?
The surge in vehicle manufacturing is predicted to fuel the expansion of the steel ingots market. Vehicles serve the purpose of transferring people or goods across different terrains, whether land, water, air, or space via various propelling mechanisms. The reason for this upswing in vehicle production can be attributed to growing consumer demand and the spread of car manufacturing facilities across the globe. Steel ingots, which are the basis for manufacturing sturdy automotive parts, help automakers to improve the durability, safety, and performance of the vehicles. The Society of Motor Manufacturers and Traders, a UK-based trade association, revealed in January 2025 that the production of cars and light vans in the UK is projected to touch approximately 839,000 units in 2025, surge to 930,000 units by 2027, possibly exceed one million in 2028, and outstrip 1.1 million by 2030. Hence, the escalating production of vehicles is fuelling the surge of the steel ingots market.

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What Are the Key Segments Driving Steel Ingots Market Growth?
The steel ingots market 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

Subsegments:
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 Technological Trends Impacting the Steel Ingots Market?
Leading businesses in the steel ingots market are making strides in innovation, such as creating special ingots for the wind energy sector. These advancements aim to increase the product's lifespan, boost efficiency, and cater to the rising demand for environment-friendly energy solutions. Steel ingots have a significant role in fabricating core parts like turbine towers, nacelle structures, and rotor hubs in the wind energy field. These ingots are transformed into high-strength steel pieces that can tolerate extreme wind pressures and mechanical stresses. To illustrate, in April 2023, Indu Steel, a company based in France and known for its specialty steel plates, unveiled a new selection of ingots in their catalog. These prime-quality ingots are perfect for a variety of uses, especially in the wind energy industry. The catalog highlights ingots of the finest quality, engineered for various applications like the demanding standards of windmill building. These ingots give importance to dependability and sturdiness, ensuring their long-term usage in vital components.

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Who Are the Major Competitors in the Global Steel Ingots Market?
Major companies operating 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 Region Dominates the Steel Ingots Market Share in 2025?
Asia-Pacific was the largest region in the steel ingots market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the steel ingots market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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