Carbon Steel Market: Global Industry Analysis and Forecast (2024-2030)

Carbon Steel Market was valued at US$ 1012.96 Bn. in 2023. Global Carbon Steel Market size is expected to grow at a CAGR of 3.37% through the forecast period.
Carbon Steel Market Overview:
Carbon steel is a common type of steel that is an alloy of iron and carbon. It has a higher carbon content, lower melting point and greater durability compared to stainless steel.

Carbon steel has high tensile strength and hardness but is significantly more prone to corrosion. Carbon steel is the most widely used engineering and construction material for industrial applications on a large scale, including marine structures, power plants, transportation, chemical processing and petroleum production and refining.To know about the Research Methodology :- Request Free Sample Report

The report explores the Carbon Steel Market's segments (Connectivity and Content, and Region). Data has been provided by market participants, and regions (North America, Asia Pacific, Europe, Middle East & Africa, and South America). The MMR market report provides a thorough analysis of the rapid advances that are currently taking place across all industry sectors. Facts and figures, illustrations, and presentations are used to provide key data analysis for the historical period from 2018 to 2023.

The report investigates the Carbon Steel Market's drivers, limitations, prospects, and barriers. This MMR report includes investor recommendations based on a thorough examination of the Carbon Steel Market's contemporary competitive scenario
Carbon Steel Market Dynamics:
Globally, the demand for energy efficient and low carbon neutral buildings is increasing. Carbon steel is an affordable and safer solution, which provides high strength, versatility, durability and full recyclability throughout the entire life cycle of buildings.

The market has been significantly impacted by a number of macroeconomic and demographic factors, such as the growth of the infrastructure and construction industry, the production of automobiles, and the rising demand for carbon steel over other materials like heavy walled cast iron, alumina, and concrete because of its resistance to corrosion, ease of installation, and breaking stress.

Increased usage of carbon steel in the production of construction materials, such as pipes and tubes, and growing applications of carbon steel among various end-user industries are also boosting market growth. The steady growth of the automotive industry across the globe is driving demand for carbon steel, which is driving revenue growth of the market.

In the upcoming years, it is projected that key companies in emerging economies will continue to increase their investment in mining operations and that there would be an increase in demand for low carbon steel.

The need for basic and perforated carbon steel sheets is expanding, and the mechanical and tool manufacturing industries are producing sheets at a high rate for commercial, industrial, and other uses.

Carbon steel is a popular metal choice for knife making due to its high amount of carbon, giving the blade more edge retention. To make the most out of this type of steel it is very important to heat treat it properly. If not the knife may end up being brittle, or too soft to hold an edge.

Increased demand for shipbuilding materials is driving the carbon steel industry. It began with the construction of seagoing vessels and has continued ever since. Ships have improved in durability, strength, and speed as a result of ongoing inventions and developments. Additionally, they have grown significantly in size. The different types of ships range from the traditional wooden ships that were originally built years ago to the contemporary huge ships constructed of carbon steel.

A growing emphasis on infrastructure development, particularly in the Asia Pacific, is one of the main factors fuelling the growth of the carbon steel market. This metal is used in a wide range of infrastructure applications, including frame materials, pipelines, fencing, gates, and various structural sections.

Rising adoption of carbon steel is one of the key growth factor enhancing the demand over heavy walled cast iron, aluminium and concrete owing to its corrosion, service life, and installation and breaking stress properties.

Governments of developing nations are legislating and investing significantly in infrastructure development plans and initiatives to enhance the connectivity and to create boom in their economy. Infrastructure development id going to enhance the demand for carbon steel which are also significantly consumed in grown. The government funds infrastructure development initiatives to promote economic growth. These developments enhance the market’s demand for carbon steel.

One of the most extensively utilized end-user industry alloys in carbon steel. The inclusion of carbon in steel, on the other hand, boosts its strength and hardness, making it a desirable material for producers in the automotive and construction industries.

Development of new technologies is driven by the need to attain low cycle time in the manufacturing process. Suppliers in emerging economies are rapidly adopting technologies, in order to improve efficiency and increase production capacity.
Carbon Steel Market Segment Analysis:
Based on Type, Carbon Steel Market Segmented into the low-carbon steel, medium-carbon steel and high-carbon steel.

Low carbon steel is the most widely used form of carbon steel. These steels usually have a carbon content of less than 0.25 wt. %. They cannot be hardened by heat treatment so this is usually achieved by cold work. Low carbon steels are often used in automobile body components, structural shapes, pipes, construction and bridge components, and food cans.

Medium carbon steel has a carbon content of 0.25 – 0.60 wt. % and a manganese content of 0.60 – 1.65 wt. %. Which makes it stronger but difficult to be shaped. As a result of their high strength, resistance to wear and toughness, medium-carbon steels are often used for railway tracks, train wheels, crankshafts, and gears and machinery parts requiring this combination of properties.

High carbon steel has a carbon content of 0.60– 1.25 wt. % and a manganese content of 0.30 – 0.90 wt. %. It has the highest hardness and toughness of the carbon steels and the lowest ductility. High-carbon steels are very wear-resistant as a result of the fact that they are almost always hardened and tempered. Due to their high wear-resistance and hardness, high-carbon steels are used in cutting tools, springs high strength wire and dies.

Based on the Application, Carbon Steel Market Segmented into the shipbuilding, construction, automotive, and other. Shipbuilding segment held the largest market share in the historical and forecast period because of usage of carbon steel in shipbuilding is owing to its mechanical properties and low cost. Carbon steel is of vital importance in the ship-building industry.

Construction segment is held the second largest market share because of Carbon steel is extremely strong and shock resistant. Carbon steel, often used for decorative ironwork such as railings and gates. This makes it a popular choice for construction, piping and to support modern roads.

The use carbon steel in the Automotive sector will grow in the forecast period Low-carbon steel is used to make clutch housings, bushings and suspension components such as brackets and control arms. Because it improves weldability, low carbon steel is also used in decorative applications such as automotive wheel covers, and as fasteners such as nuts, bolts, screws and washers.
Carbon Steel Market Regional Insights:
Asia Pacific had the largest market share and it is likely to grow at a substantial rate for the rest of the forecast period. Shipbuilding development in recent years and increasing output from the construction and automobile industries are likely to contribute to rising commodity demand. Significant growth in the urbanization in Asia pacific is boosting the demand for carbon steel. Rising adoption of low-carbon steel is one of the key factors fuelling the demand, contributing to the growth of the market.

In north America Owing to the strong growth in the mining sector as well as construction sector, demand for carbon steel had witness a substantial growth in the country. Significant investment in the automotive sector by the multinational companies and well established domestic market players is also expected to propel the growth of the market.

In the Europe growth of the carbon steel industry is highly dependent on the growth of application in sectors like automotive and construction. The construction industry in China has witnessed a considerable growth over the recent past and growth prospects are expected to remain strong throughout the forecast period.

The objective of the report is to present a comprehensive analysis of the Global Carbon Steel Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Carbon Steel Market dynamic, structure by analyzing the market segments and projecting the Carbon Steel Market size. Clear representation of competitive analysis of key players by Vehicle type, price, financial position, product portfolio, growth strategies, and regional presence in the Carbon Steel Market make the report investor’s guide.
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Global Carbon Steel Market


Report Coverage
Details


Base Year:
2023
Forecast Period:
2024-2030


Historical Data:
2018 to 2023
Market Size in 2023:
US$ 1012.96 Bn.


Forecast Period 2024 to 2030 CAGR:
3.37%
Market Size in 2030:
US$ 1277.48 Bn.


 Segments Covered:
by Type
low-carbon steel
Medium-carbon steel
High-carbon steel


by Application
Shipbuilding
Construction
Automotive
Other


by Shape
Long Steel
Tabular Steel
Flat Steel


by End user
Ship-Building
Automotive
Infrastructure & Transport
Construction



Carbon Steel Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria, Turkey, Russia and Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Australia, ASEAN and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina, Columbia and Rest of South America)
Carbon Steel Market, Key Players are
1.HBIS Group
2. Baosteel Group
3. ArcelorMittal
4. Nippon Steel Corporation
5. POSCO
6. AK Steel Corporation
7. NLMK
8. Evraz plc
9. United States Steel
10. JFE Steel Corporation
11. Hitachi Ltd.
12. Ansteel Group Corporation
13. Tata Steel
14. Thyssenkrupp AG
15. United States Steel Corporation
16. Hyundai Steel
17. Curtis steel
18. Omega steel

Frequently Asked Questions:

1] What segments are covered in the Global Carbon Steel Market report?
Ans. The segments covered in the Carbon Steel Market report are based on Type and Application.

2] Which region is expected to hold the highest share in the Global Carbon Steel Market?
Ans. Asia pacific region is expected to hold the highest share in the Carbon Steel Market.

3] What is the market size of the Global Carbon Steel Market by 2030?
Ans. The market size of the Carbon Steel Market by 2030 is expected to reach US$ 1277.48 Bn.

4] What is the forecast period for the Global Carbon Steel Market?
Ans. The forecast period for the Carbon Steel Market is 2024-2030.

5] What was the market size of the Global Carbon Steel Market in 2023?
Ans. The market size of the Carbon Steel Market in 2023 was valued at US$ 1012.96 Bn.