Rising demand from end-users such as automotive, oil and gas and construction is driving the global steel ingots market and is predicted to boost growth in the forthcoming year too, says Fortune Business Insights in a report

Increasing investments in research and development for steel manufacturing is also predicted to contribute significantly to the global steel ingots market. The rise in trade actions along with the growing number of new capacity investments are factors likely to encourage the growth. The increasing government subsidisation along with high risks to the world GDP growth are factors likely to support the global steel ingots shares during the forecast period. The surge in steel prices will also aid its  growth.

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 labour wages and favourable financing costs in nations such as Italy, France and Germany is also expected to promote growth in Europe. In addition, growth in EU car industry is subsequently backing the 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. Rising investments in infrastructure projects 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 the GCC such as the 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.