Carbon steel, a versatile and widely used material, is a fundamental pillar of modern industries and infrastructure. It is an alloy of iron and carbon, with varying proportions of other elements that lend it unique mechanical and chemical properties. This market segment plays a pivotal role in construction, automotive, energy, manufacturing, and many other sectors, making it a vital driver of economic growth and development.
By the end of 2022, the Carbon Steel Market will have a value of roughly US$ 833,683.7 Million. A recent analysis by Future Market Insights (FMI) predicts that between 2022 and 2030, the carbon steel market will grow at a CAGR of 5.1%. The purpose of the research is to provide market stakeholders with an executive-level blueprint of the industry. It analyzes the growth trajectory and evaluates the viability of investments across important segments.
The paper claims that a lot of trash is produced and a significant quantity of energy is spent in the carbon steel business. Through recycling and waste recovery technology, the steel sector is effectively reducing waste, supporting environmental concerns.
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Key Takeaways of Global Carbon Steel Market Study
- 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
- Carbon Steel manufacturers are improving its blast furnace technologies by taking full advantage of the converter slag of steelmaking by-products and improving the permeability of the blast furnace. All these factors have led to decrease in the steel manufacturing cost
- Construction industry is forecast to remain dominant end user through the forecast period. The global construction growth is expected to be 3.9% pa by 2030, as per a study by Oxford Economics, which will aid the overall expansion of the market
- 25% increase on steel tariffs derivative steel has increased the USA’s domestic steel production. Manufacturers are therefore on the process of implementing and enhancing production capability so as to meet the end-user’s increasing demand
- The global carbon steel market is expected to witness a plunge in FY2020, and is expected to recover sharply in the subsequent year as the industries across regional hubs have started resumption and augmentation of production and supply operations
“Carbon steel is used by a wide gamut of industries, which has been aiding expansion of the market despite oversupply recorded in the steel industry. Despite nose-dive growth during ongoing pandemic, the market is forecast to recover especially as leading companies move towards consolidation keeping expansion in their mind,” says FMI analyst.
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Who is Winning?
The carbon steel market is fairly consolidated, with manufacturing capacities majorly concentrated among tier-I manufacturers. While local tier-2 and tier-3 manufacturers present a stiff competition, tier-1 players leverage their distribution network and brand image in dominating the market space.
Some of the key players in the market are
- Arcelor Mittal
- NIPPON STEEL & SUMITOMO METAL CORPORATION
- Hitachi, Ltd.
- Kobe Steel, Ltd.
- EVRAZ
- Marubeni Itochu Steel Inc.
- Baosteel Group
- POSCO
- SHAGANG GROUP Inc.
- The Ansteel Group Corporation
- WISCO-Wuhan Iron & Steel
- JFE Steel Corporation
- Taiyuan Iron & Steel (Group) Co., Ltd.
- Tata Steel
- Thyssenkrupp
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Carbon Steel Market By Category
By Grade:
- Low-Carbon steel
- Medium-Carbon Steel
- High-Carbon Steel
- Ultra High-Carbon Steel
By Form:
- Hot Rolled Steel
- Cold Rolled Steel
By Application:
- Basic and Perforated Sheets
- Angle
- Channels
- Beams
- Normal Plates and Floor Plate
- Pipes
- Tubes
- Bars
- Struts
- Grating
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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