Carbon Steel Market Size, Trends, Latest Insights, Analysis and Forecast 2024-2032

0
17

The global carbon steel market size was valued at USD 894.62 billion in 2022. The market is projected to grow from USD 916.79 billion in 2023 to USD 1,245.62 billion by 2030, exhibiting a CAGR of 4.5% during the forecast period.

Carbon steel’s durability, affordability, and versatility make it a preferred choice for infrastructure projects such as railways and bridges, driving demand amid global expansion. Its role in replacing facilities, coupled with industrial growth, urbanization, and government investments, solidifies its importance across industries, driving market growth. Fortune Business Insights presents this information in their report titled “Carbon Steel Market Size Report, 2024–2032.”

Segments:

Versatility and Economic Benefits of Low Carbon Steel Drive Market Dominance

By type, the market is segmented into low carbon-steel, medium carbon-steel, high carbon-steel, and ultra-high carbon-steel. The segment of low carbon steel possesses a significant portion of the market. It is poised to maintain its leading position owing to its notable attributes of remarkable malleability, ease of welding, and economical nature, finding its application where modest strength and elevated ductility are essential prerequisites.

Building & Construction Boom Fuels Carbon Steel Demand with Policy Support and Prefabricated Solutions

By application, the market is classified into building and construction, automotive & transportation, industrial equipment, and others. The forefront of the market is held by the building & construction sector, fueled by the endorsement of housing infrastructure in emerging economies through policy initiatives. Simultaneously, the surge in favor of prefabricated construction amplifies demand due to carbon-steel’s robustness, longevity, and convenience in deployment within such contexts.

From the regional ground, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

Source- https://www.fortunebusinessinsights.com/carbon-steel-market-108494 

Report Coverage

The report offers:

  • Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
  • Comprehensive insights into the regional developments.
  • List of major industry players.
  • Key strategies adopted by the market players.
  • Latest industry developments include product launches, partnerships, mergers, and acquisitions.

Drivers and Restraints

Carbon Steel Innovations for Lightweighting and Sustainability to Fuel Market Growth

Lightweight and high-strength carbon-steel, manufactured to address lightweight trends in industries such as automotive and aerospace, enables vehicle and structure weight reduction, leading to improved fuel efficiency and emissions reduction. Additionally, evolving industry needs, such as renewable energy and infrastructure development, provide opportunities for carbon-steel applications, with a focus on sustainability and low-carbon solutions gaining traction due to environmental concerns and circular economy principles.

However, environmental regulations influencing global trade dynamics may constrain carbon steel market growth through potential export restrictions or import barriers.

Steel and an alloy with a minimum of 2.1% carbon content are called carbon steel. High, medium, and low carbon steel make up the three main classifications for carbon steel. Carbon steels often have low compressive strength and are soft. However, they have high ductility, making them perfect for welding and machining and being naturally cheap. Low-carbon steels are used in food cans, pipes, food structures such as angle iron and I-beams, automobile body parts, and building and bridge parts. Railway rails, train wheels, and equipment requiring great strength, wear resistance, and toughness are frequently made of medium-carbon steel. High-carbon steels are used in cutting tools, springs, and high-strength wire due to their excellent wear resistance and hardness.

Alloying, quenching, and martempering may be used to improve the characteristics of carbon steel. It includes spheroidizing and other operations. Specific carbon steel may temper carbon steel in various end-user industries. Carbon steel has a reduced weldability factor with a high carbon content. However, adding carbon to steel makes it more robust and harder, making it a sought-after commodity for manufacturers in the construction and automotive industries.

Carbon steel infrastructures have seen an upsurge in investment. The constant need for building materials such as beams, angles, wire rods, and bars that are anticipated to be driven by development projects in India and ASEAN across the globe is anticipated to boost the expansion of the market. It is expected that the expenditure for repair and rehabilitation anticipated account for a significant share of the total figures. It is expected to result in a considerable scope of demand being generated for carbon steel products. In the years to come, several producers are projected to place a greater emphasis on recycling carbon steel to satisfy the rise in demand, and to cut down on emissions and ensure longer-term sustainability.

Expanding automobile industry and increase in demand for carbon steel in the automobile industry drives the growth of the market. The demand for carbon steel is driven by the consistent expansion of the automotive sector in countries worldwide. Moreover, this expansion is also a vital driver of the revenue growth that the market is seeing. The automobile sector uses carbon steel that has a high percentage of carbon and is quenched after heat treatment to achieve enhanced durability.

High Carbon Steel has a lower ductility and a greater tendency toward brittleness (AHSS) compared to advanced high strength steel. However, these materials are employed for various manufacturing applications, including the production of tools and metal fasteners as these steels are resistant to abrasion. In the automotive industry, these are utilized in producing a wide variety of components, including door panels, bushings, door frames, and chassis, amongst other things.

The complex manufacturing process and use is a significant element that is anticipated to limit market revenue growth. Carbon steel presents a challenging working environment due to its tremendous strength and brittleness. Its use is restricted in several applications due to the material difficulties in being twisted and molded into different shapes. Corrosion and rust are more expected to occur in carbon steel than in other types of steel. Manufacturers give steel a chromium coating to provide the appearance of “stainless steel,” typically between 10% and 12%. The protective layer of chromium covering the substance protects the steel from moisture and subsequent corrosion. However, due to the absence of chromium in carbon steel, extended moisture exposure might result in rusting.

The carbon steel market is divided on the basis of type, product, end-user, and region. On the basis of type, the market is classified into low carbon steel, medium carbon steel, high carbon steel, and others. On the basis of product, the market is classified into carbon steel, alloy steel, and stainless steel. On the basis of the end-user, the market is segregated into building and construction, automotive, shipbuilding, and others. On the basis of region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Regional Insights

Asia Pacific Leads Due to Booming Manufacturing and Automotive Sectors

Asia Pacific leads with the largest carbon steel market share, driven by expanding manufacturing, automotive industry growth, and increasing population, urbanization, and disposable incomes.

Meanwhile, Europe’s market leadership results from stringent environmental regulations and sustainability initiatives, promoting cleaner manufacturing and premium low-carbon-steel development.

Competitive Landscape

Prominent Participants Focus on Innovation and Sustainability through Strategic Partnerships

Prominent participants within the carbon steel market, characterized by consolidation, emphasize competitive pricing and innovative applications, investing in new production technologies and sustainable solutions. Through strategic partnerships, these entities enhance operational efficiency, drive product evolution, and contribute to the market’s innovative growth trajectory.

Key Industry Development

  • July 2021: ArcelorMittal entered an agreement to acquire an 80% stake in voestalpine’s HBI plant, which has an annual capacity of two million tonnes of high-quality HBI feedstock utilized in steel manufacturing.

List of Major Players Profiled in the Report:

  • ArcelorMittal (Luxembourg)
  • NIPPON STEEL CORPORATION. (Japan)
  • POSCO (South Korea)
  • Baosteel Group Corporation (China)
  • JFE Steel Corporation (Japan)
  • Tata Steel Limited (India)
  • United States Steel Corporation (U.S.)
  • ThyssenKrupp AG (Germany)
  • HBIS Group (China)
  • JSW Steel Corporation (India)