The steel ingot market will benefit from a joint venture between
Pune, India, January 05, 2022 (GLOBE NEWSWIRE) – Growing demand from end-users such as automotive, oil and gas is driving the global steel ingot market, according to Fortune Business Insights in a report titled “Steel Ingot Market Global Size, Share & Trend by Type (Stainless Steel, Mild Steel), Application (Construction, Automotive & Aerospace, Energy, Engineering, Others) and Geographic Forecast to 2026. Increased investment in R&D for steelmaking is expected to boost the global steel ingot market.
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Joint venture agreement between Thyssenkrupp AG and Tata Steel will drive growth
Thyssenkrupp AG, a German multinational conglomerate and Tata Steel Ltd, an Indian steel company, have signed an agreement for their steel joint venture. The deal is expected to be the biggest for the European steel industry. The 50-50 joint venture, named Thyssenkrupp Tata Steel, is expected to have around 48,000 workers and around 17 billion euros ($ 19.9 billion) in revenue. The deal is expected to contribute positively to global steel ingot revenues as it is the continent’s second-largest steelmaking deal. In addition, increasing trade actions along with growing number of new capacity investments are factors that are likely to encourage the growth of the global steel ingots market. Rising government support and subsidies as well as high risks to global GDP growth are proud factors supporting global steel bullion shares during the forecast period. In addition, soaring steel prices and steel demand are also expected to support the global growth of steel ingots. Growing demand from end-user industries such as automotive, oil & gas, and construction is expected to drive the growth of steel ingots over the coming year. In addition, increased investment in R&D for steelmaking is also expected to significantly contribute to the global steel ingot market.
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Increased investment in infrastructure projects will facilitate growth in Asia-Pacific
Geographically, the global steel ingot market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa. Europe is expected to dominate the global steel ingot market due to the increasing demand for mechanical engineering. The increase in construction activity is also expected to promote growth in the region. In addition, high labor wages and favorable financing costs in countries like Italy, France and Germany are also expected to foster growth in Europe. In addition, the growth of the European Union automotive industry subsequently supports the steel ingot market. The Global Asia-Pacific Steel Ingot Market
Expected to increase at a considerable rate due to increasing demand for steel in countries like China and India. In addition, increased investment in infrastructure projects such as the construction of roads, bridges and subways is also expected to enable growth in the region. The global market for steel ingots in the Middle East is expected to increase gradually owing to the increased financing of infrastructure projects in Gulf cooperation such as UAE, Qatar and Saudi Arabia. Growing demand for steel in UAE due to increased construction works is expected to boost the market in the region. For example, the creation of Expo 2020 in Dubai and the 2022 FIFA World Cup in Qatar.
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List of key players covered in the Steel Ingot Market Reporting:
- North American stainless steel
- Baosteel Hu Group ICP
- SHAGANG GROUP Inc.
- Mirach Metallurgy Co. Limited
- NIPPON STEEL COMPANY
- HBIS GROUP
- Sandvik AB
- SCHMOLZ + BICKENBACH SA
- thyssenkrupp AG & Viraj Profiles Limited.
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