An ingot is a material cast in a shape to facilitate processing and transportation. An ingot is typically rectangular in shape. Ingots are commonly associated with metals; in fact, ingots of gold stored in vaults of banks form popular images. Ingots are used to produce forgings with an axial channel, which offer several advantages. The axial channel can reduce the metal consumption significantly. Metal ingots are chemically more consistent due to accelerated directional solidification. Hollow ingots are often used as semi-finished products for cylindrical forgings. Hollow ingots require less time to reach the forging temperature, as they require a fewer forging operations. Hollow ingot casting is a very popular casting technology. It is used by major manufacturers across the globe to produce high-quality ingots for a variety of applications.
Steel ingots are used for production of oversized components weighing up to several hundred tons. Production of high-quality finished products is the key pre-requisite for competitiveness of a steel plant. Among all forged parts, shells of pressure vessels are commonly made by removing the center of any conventional ingot.
The global ingots market can be segmented based on product, material, application, and geography. In terms of product, the ingots market has been segmented into single crystal and copper alloys. Based on material, the ingots market has been classified into aluminum ingots, steel ingots, gold ingots, tin ingots, and others. In size, steel ingots range from small rectangular blocks that weigh only a few pounds to large, tapered, octagonal masses. Tin ingots is the starting material for numerous products, wherein tin is alloyed with other metals; converted into other forms; applied to surfaces of other metals; or converted into chemical compounds. Based on application, the ingots market has been divided into petroleum, oil & gas, chemical, marine, and others. Geographically, the global ingots market can be classified into North America, Europe, Asia Pacific, Middle East & Africa, and South America. In terms of revenue, North America is expected to hold a major share of the global ingots market during the forecast period.
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The global ingots market is witnessing immense increase in prices of ingots, due to increased use of ingots in various end-use industries. This factor is influencing the buying pattern of customers to a great extent. Product differentiation is leading to high rise in prices. The global ingots market is highly competitive, due to presence of a large number of regional and international manufacturers of ingots across the world. Ingot vendors are increasingly focusing on the introduction of innovative solutions with advanced efficiency and features to achieve more rapid and effective operations. It is difficult for new players to enter the ingots market, as the technology required for the manufacture of ingots is advanced and is owned by only a few enterprises.
Key players operating in the global ingots market are Alcoa Inc., Manaksia Aluminum Company, Rio Tinto Group, and Aluminum Corporation of China, Paras Steel Industries, Sharu Steels Private Limited, United Company RUSAL, Norsk Hydro, Dubai Aluminum Company, SPIC, BHP Billiton, Xinfa Group, Bahrain, and China Zhongwang.
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