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Pune, India, Jan. 05, 2022 (GLOBE NEWSWIRE) -- Rising demand from end-users such as automotive, oil and gas is driving the global steel ingots market, says Fortune Business Insights in a report, titled “ Steel Ingots Market Size, Share and Global Trend by Type (Stainless Steel, Mild Steel), By Application (Construction, Automotive & Aerospace, Energy, Engineering, Others), and Geography Forecast till 2026.” Increasing R&D investments for steel manufacturing is a factor expected to boost the global steel ingots market.
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Joint Venture Deal Between Thyssenkrupp AG and Tata Steel Will Encourage Growth
Thyssenkrupp AG, a German multinational conglomerate and Tata Steel Ltd, an Indian steel-making company, signed an agreement for their steel joint venture. The deal is predicted to be the biggest deal in the European steel industry. The 50-50 joint venture, named as Thyssenkrupp Tata Steel is expected to have about 48,000 workers and about €17 billion ($19.9 billion) in sales. The deal is expected to contribute positively to the global steel ingots revenue as it is continent's second-largest steel manufacturing deal. Further, the rise in trade actions along with the growing number of new capacity investments are factors likely to encourage growth of the global steel ingots market. The increasing government support and subsidization along with high risks to the world GDP Growth are factors prided to support the global steel ingots shares during the forecast period. In addition, the surge in steel prices and steel demands are also likely to aid global steel ingots growth. Rising demand from end-user industries such as automotive, oil and gas, and construction is predicted to boost steel ingot growth in the forthcoming year. In addition, increasing investments in R&D for steel manufacturing is also predicted to contribute to significantly to the global steel ingots market.
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Increasing Investment in Infrastructure Projects Will Facilitate Growth In Asia pacific
Geographically, the global steel ingots market is segmented into North America, Europe, Asia Pacific, Latin America, the Middle East and Africa. Europe is predicted to lead the global steel ingots market owing to the rising demand in mechanical engineering. The rising construction activities is also predicted to aid growth in the region. Further, high labor wages and favorable financing costs in nations such as Italy, France & Germany is also expected to promote growth in Europe. In addition, growth in European union car industry is subsequently backing to steel ingots market. The global steel ingots market in Asia Pacific
Is expected to rise at a considerable rate owing to the rising demand for steel in countries such as China and India. Further, rising investments in infrastructure projects such as the construction of roads, bridges and subways are also expected to enable growth in the region. The global steel ingots market in the Middle East is expected to gradually rise owing to the increased funding of infrastructure projects in Gulf Cooperation such as UAE, Qatar and Saudi Arabia. The rising demand for steel in the UAE due to the surge in construction work is expected to boost the market in the region. For instance, the creation of the 2020 Expo in Dubai and the 2022 Football World Cup in Qatar.
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List of Key Players Covered in the Steel Ingots Market Report:
- 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.
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