According to a recent study by Future Market Insights (FMI), the carbon steel industry was projected to reach approximately US$ 833,683.7 million by the end of 2022. The report forecasts a steady growth rate with a CAGR of 5.1% between 2022 and 2030, providing an executive-level overview of the market for stakeholders. This comprehensive study examines the market’s growth trajectory and assesses investment opportunities within its key segments.
The industry has adopted efficient fabrication and manufacturing process, which is reducing the energy consumption. Carbon Steel manufacturers are no longer overheating or overcooling the rolling mills allowing them to manufacture products more efficiently by consuming less energy. Steps taken towards cautious manufacturing had bode well for the market.
However, despite their efforts, the ongoing COVID-19 crisis has caused deceleration in the industrial production and disruptions in supply chain for 3 quarters of 2020. Growth recovery in the upcoming years will be backed by the increasing demand from downstream industries such as automotive, construction, and heavy engineering & equipment will drive the carbon steel market.
Elevate Your Strategy – Request Your Sample Report: https://www.futuremarketinsights.com/reports/sample/rep-gb-307
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.
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 Nucor Corporation, ArcelorMittal, United States Steel Corporation, Baosteel Group, AK Steel Holding Corporation, EVRAZ, Hesteel Group, POSCO, Thyssenkrupp AG, JFE Holdings Corporation, etc amongst many others amongst many others. Market players have been focusing on strategic expansion and acquisition of manufacturing facilities. This strategy would help companies to expand into new markets to withstand in competitive environment.
Ask for Customization: https://www.futuremarketinsights.com/customization-available/rep-gb-307
Key Segments
Grade
- Low-Grade Carbon Steel
- Medium-Grade Carbon Steel
- High-Grade Carbon Steel
- Ultra-High-Grade Carbon Steel
Applications
- Basic and Perforated Sheets
- Bars & Rebars
- Normal Plates and Floor Plate
- Pipes & Tubes
- Wire Rod
- Angle
- Channels
- Beams
- Other
Form
- Hot-rolled carbon steel
- Cold-rolled carbon steel
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 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube