Over the forecast period, the global carbon steel market is expected to experience robust growth, with a compound annual growth rate (CAGR) of 4.0%. This upward trend is projected to drive the market value to an impressive USD 1,560.4 billion by 2033. The increasing demand for carbon steel, driven by its wide application in construction, automotive, and industrial sectors, is fueling this expansion. As industries continue to evolve and infrastructure projects grow, the carbon steel market is set to play a pivotal role in supporting global economic development and technological advancements.
Growing infrastructure development is the primary factor driving the growth of the carbon steel industry. This is because infrastructure projects, including roads, bridges, railways, and buildings, require substantial amounts of carbon steel due to its strength, durability, and versatility.
Carbon steel is used in diverse applications within the construction industry. For instance, it is used for making structural beams, reinforcing bars, and steel plates. Growing demand for these products will likely bolster sales of carbon steel through 2033.
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Carbon steel is also witnessing a high demand for automotive, shipbuilding, aerospace, oil & gas, and other industries. This is due to its excellent strength, ductility, weldability properties, and affordability.
The global carbon steel market will also benefit from increasing environmental concerns and the need for sustainable materials. Low carbon steel offers improved strength and durability while reducing carbon emissions.
Key Takeaways from the Report
- The global market for carbon steel is projected to thrive at 4.0% CAGR through 2033.
- By carbon content, low carbon steel segment is expected to total US$ 886.6 billion by 2033.
- By end use, building & construction segment is set to hold a market share of 19.0% in 2023.
- East Asia is expected to account for a significant share of about 56.4% in 2033.
- The United States industry value is anticipated to reach US$ 91.5 billion by 2033.
- China is projected to attain a valuation of US$ 721.8 billion by 2033.
- Demand in India is predicted to rise at 3.8% CAGR through 2033.
“The carbon steel industry is set to grow steadily amid heightened environmental regulations and burgeoning industrial sectors. With industries worldwide increasingly looking for innovative solutions to minimize their impact on the environment, the carbon steel market is well positioned to take advantage of new growth opportunities”, says an analyst at Future Market Insights (FMI).
Who is Winning?
Top manufacturers of carbon steel listed in the report include
- ArcelorMittal
- Baowu Steel Group Corporation Limited
- Nippon Steel Corporation
- Thyssenkrupp AG
- Nucor Corporation
- JFE Steel Corporation
- Tata Steel Limited
- Posco International
- Cleveland-Cliffs Inc
- EVRAZ Plc
- Gerdau S.A.
- Hyundai Steel Co
- Jiangsu Shagang Group Co., Ltd.
- United States Steel Corp.
- Novolipetsk Steel
- Severstal
- Steel Authority of India Limited
- JSW Steel Ltd.
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Global Carbon Steel Market Segmentation
By Carbon Content:
- Low Carbon Steel/Mild Steel (up to 0.3% carbon)
- Medium Carbon Steel (0.3 to 0.6% carbon)
- High Carbon Steel (more than 0.6% carbon)
By Product Type:
- Flat Product Types
- GP/GC Sheets
- HR Coils
- CR Sheets/Coils
- Pipes
- Electrical Sheets
- Tin Plates
- HR Sheets
- Plates
- Long Product Types
- Bars & Rods
- Steel Structural
- Railway Material
By End Use:
- Building & Construction
- Automotive
- Railways
- Shipbuilding & Marine
- Aerospace
- Oil & Gas and Energy
- Heavy Machinery & Equipment
- Consumer Appliances
- Cutting Tools & Agriculture Equipment
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and the Pacific
- East Asia
- Middle East & Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries. Join us as we commemorate 10 years of delivering trusted market insights. Reflecting on a decade of achievements, we continue to lead with integrity, innovation, and expertise.
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