Steel Ingots Market Report 2025

The steel ingots market size has grown steadily in recent years. It will grow from $699.55 billion in 2024 to $732.85 billion in 2025 at a compound annual growth rate (CAGR) of 4.8%. The growth in the historic period was driven by increasing demand for raw materials in the steel manufacturing sector, rising demand for specialty steel, growing investments in infrastructure projects, expansion of the automotive industry, and overall global economic growth.

The steel ingots market size is expected to see steady growth in the next few years. It will grow to $872.17 billion in 2029 at a compound annual growth rate (CAGR) of 4.4%. The growth in the forecast period can be attributed to increasing scrap recycling and sustainability initiatives, rising investments in renewable energy, growing demand for high-strength and lightweight alloys, increased government investments, and expanding applications in mechanical engineering. Major trends expected during this period include innovations in production techniques, advancements in steel manufacturing processes, improvements in steel recycling technologies, the development of advanced alloys, and the emergence of high-strength and lightweight alloys.

The increasing production of vehicles is expected to drive the growth of the steel ingots market. Vehicles, which are designed to transport people or goods across various terrains and environments, rely on a variety of propulsion systems. The rise in vehicle production is fueled by growing consumer demand and expanding automotive manufacturing capabilities around the world. Steel ingots serve as the primary raw material for producing high-strength automotive components, allowing manufacturers to enhance the durability, safety, and performance of vehicles. For example, in January 2025, the Society of Motor Manufacturers and Traders, a UK-based trade association, forecasted that UK car and light van production would reach approximately 839,000 units in 2025, rising to 930,000 units by 2027, potentially exceeding one million in 2028 and surpassing 1.1 million by 2030. As a result, the growing vehicle production is contributing to the expansion of the steel ingots market.

Leading companies in the steel ingots market are focusing on developing innovative products, such as ingots for the wind energy industry, to improve efficiency, durability, and meet the rising demand for sustainable energy solutions. Steel ingots play a vital role in manufacturing critical components such as turbine towers, nacelle structures, and rotor hubs for the wind energy sector. These ingots are processed into high-strength steel parts designed to endure extreme wind conditions and mechanical stresses. For example, in April 2023, Indu Steel, a France-based specialty steel manufacturer, introduced a new catalog of premium-quality ingots, particularly suited for applications in the wind energy sector. The catalog highlights ingots specifically designed to meet the rigorous demands of windmill construction, prioritizing reliability and durability for long-lasting performance in essential components.

In November 2024, Sandur Manganese & Iron Ores Limited, an Indian iron ore company, acquired Arjas Steel Private Limited for an undisclosed sum. This acquisition allows Sandur Manganese & Iron Ores Limited (SMIORE) to shift from being a mining company to an integrated metals and mining powerhouse. Arjas Steel Private Limited, based in India, manufactures steel products and coke, including heavy ingots.

Major 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.

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 steel ingots report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the steel ingots market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Steel ingots are large, solid blocks of steel cast from molten metal, serving as essential raw materials for further processing. They are utilized in rolling mills to manufacture sheets, bars, and structural components. Due to their strength and malleability, steel ingots play a vital role in heavy engineering and infrastructure projects.

The primary types of steel ingots include carbon steel ingots, alloy steel ingots, and stainless steel ingots. Carbon steel ingots are solid blocks primarily composed of iron and carbon, with minimal alloying elements. Known for their strength, durability, and cost-effectiveness, these ingots are widely used in various industrial applications. Steel ingots are produced through different manufacturing processes, including the electric arc furnace (EAF) and basic oxygen furnace (BOF), among others. They are used across multiple industries such as construction, automotive, machinery, shipbuilding, and electrical and electronics.

The steel ingots market research report is one of a series of new reports that provides steel ingots market statistics, including the steel ingots industry global market size, regional shares, competitors with the steel ingots market share, detailed steel ingots market segments, market trends, and opportunities, and any further data you may need to thrive in the steel ingots industry. These steel ingots market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The steel ingots market consists of sales of slab ingots, bloom ingots, and killed steel ingots. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values and are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

This product will be delivered within 3-5 business days.