The need for steel is expected to increase in downstream industries such as manufacturing, building, and infrastructure. The steel industry is an important part of the construction market. An increased focus on lowering the total cost of ownership of steel manufacturing processes has also led to better energy utilization, efficient processing, and efficient production procedures. Carbon steel serves many goods, including flat-rolled sheets, structural steels, pipelines, pressure vessels, and a broad spectrum. Additionally, growth in space exploration and recent aerospace industry expansion is anticipated to raise demand for carbon steel during the forecast period.
Data Bridge Market Research shows that the Carbon Steel Market accounted for USD 1,873.56 million in 2021 and is expected to reach USD 2,124.33 billion. The market is expected to grow with a CAGR of 4.0% from 2022 to 2029.
“Growing usage of carbon steel in the construction sector is expected to drive the market growth”
The market for carbon steel is predicted to expand due to the rising demand for high-rise structures. Steel and reinforced concrete are the main building blocks utilized in high-rise structures. In construction and infrastructure, carbon steel is used to reinforce roofing and insulate panels, bars, and structural elements. For instance, in 2021, 7.8 billion people lived in cities and urban regions; another 2.5 billion are projected to do so in 20 to 25 years. In highly crowded cities with unoccupied plots, high-rise buildings, particularly residential ones, have proven advantageous. As a result, the market for carbon steel is expanding due to the rising demand for high-rise structures.
What restraints the growth of the carbon steel market?
“Availability of alternatives of carbon steel”
The availability of an alternative option to carbon steel, such as stainless steel, is expected to hamper the market growth during the forecast period. When exposed to air and moisture, carbon steel may corrode and rust more easily compared to stainless steel. Even small amounts of moisture can cause carbon steel to rust. As a result, this reduces the demand for carbon steel, which may hamper the market growth.
Segmentation: Global Carbon Steel Market
The carbon steel market is segmented on the basis of type, product, shape, and application.
- On the basis of type, the carbon steel market has been segmented into low carbon steel, medium carbon steel, high carbon steel, ultra-high carbon steel.
- On the basis of application, the carbon steel market has been segmented into shipbuilding, construction, automotive, others.
- Carbon steel market on the basis of product has been segmented as carbon steel, alloy steel, stainless steel.
- On the basis of shape, the carbon steel market has been segmented into long steel, tabular steel, flat steel
Regional Insights: Asia-Pacific is expected to dominate the carbon steel market
Asia-Pacific is expected to dominate the market and is expected to grow significantly because of the growth and expansion of the shipbuilding industry in this region. Moreover, increasing carbon steel usage in the automotive and construction sectors will further boost the growth of the carbon steel market in this region.
In addition, the North American region is likely to register the highest growth rate during the forecast period of 2022 to 2029 because of the growth and expansion of the construction industry in this region. Furthermore, the growing usage of carbon steel in various industries, such as automotive, aviation, and others, will further boost the market growth in this region.
Recent Developments: Global Carbon Steel Market
- In 2019, On, AK Steel announced that it had entered into a licensing agreement with ArcelorMittal. Under the licensing, AK Steel has full control over the production and distribution of its ULTRALUME PHS hot stamping product. Its clients can use the product for stamping in the United States, Canada, and Mexico.
To know more about the study, visit https://www.databridgemarketresearch.com/reports/global-carbon-steel-market
The Prominent Key Players Operating in the Carbon Steel Market Include:
- NACHI-FUJIKOSHI CORP. (Japan)
- Daido Steel (Japan)
- voestalpine High-Performance Metals GmbH (Austria)
- Sandvik AB (Sweden)
- Kennametal Inc. (U.S.)
- Hudson Tool Steel Corporation (U.S.)
- ERASTEEL (France)
- ArcelorMittal (Luxembourg)
- Baosteel Group Corporation (China)
- POSCO (South Korea)
- Nippon Steel & Sumitomo Metal Corporation (Japan)
- JFE Holdings, Inc. (Japan)
- TATA Steel Ltd.(India)
- United States Steel (U.S.)
- Angang Steel Company Limited (China)
- Gerdau SA (Brazil)
- Maanshan Iron and Steel Company Limited (China)
Above are the key players covered in the report, to know about more and exhaustive list of carbon steel market companies, contact: https://www.databridgemarketresearch.com/contact
Research Methodology: Global Carbon Steel Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
