WASHINGTON, Jan. 24, 2023 (GLOBE NEWSWIRE) -- The Global Carbon Steel Market is valued at USD 904.2 Billion in 2021 and is projected to reach a value of USD 1092.3 Billion by 2028 at a CAGR (Compound Annual Growth Rate) of 3.2% over the forecast period 2022-2028.
Market Overview
According to Vantage Market Research, some key factors are anticipated to accelerate the Carbon Steel market growth over the forecast period. Increased manufacturing of automobiles, increased use of Carbon Steel in constructing pipes and tubes for infrastructure, and increased use of Carbon Steel across various end-user sectors contribute to the market's expansion.
We forecast that sales of the low-Carbon Steel category in the Carbon Steel market will account for more than 27% of total sales by 2028. It is also known as mild steel and may be formed into various shapes, including flat sheets and structural beams. It has many useful qualities, including ductility, machinability, and the capacity for cold forming. In comparison to its competitors, it is inexpensive.
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Market Dynamics
Increasing Scope Of Repair And Rehabilitation From Existing Structures to Drive Market Growth
A significant portion of the total statistics is anticipated to come from repair and rehabilitation, with a sizable portion of demand coming from Carbon Steel materials. To meet the rising demand and reduce emissions for longer-term sustainability, various producers will concentrate on recycling Carbon Steel in the next years.
Growing Construction Activities to Drive the Market Growth
Low Carbon Steel is a preferred material in construction because it has good cutting and soldering capabilities and benefits like no folding fractures, suppleness, flexibility, softness, and durability in disasters like seismic. The main advantage of Carbon Steel in disaster situations is that it is strong enough to keep the structure from crumbling and preserve its occupants.
Top Players in the Global Carbon Steel Market
- JFE Steel Corporation (Japan)
- HBIS Group (China)
- AK Steel Corporation (US)
- ArcelorMittal (Luxembourg)
- Nippon Steel Corporation (Japan)
- POSCO (South Korea)
- NLMK (Russia)
- Evraz PLC (UK)
- United States Steel (US)
For Additional Information on Carbon Steel Market Players and Detail List, Download a Report PDF Brochure
Top Trends in Global Carbon Steel Market
- One trend Vantage Market Research (VMR) expects to see in the Carbon Steel industry is growing infrastructure development. Increased expansion, increased product use in tunnels, framework metals, gateways, gates, and other applicability, increased demand for organic polymers, and increased uses in the aerospace and other end-use sectors are some of the crucial and significant factors.
- Another trend that VMR predicts will continue in the Carbon Steel industry is the increasing role of the non-residential sector. Government spending to replace failing infrastructure, including bridges, buildings, and other mass transit, is anticipated to fuel growth in the non-residential sector.
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Recent Developments in the Global Carbon Steel Market
- JFE Steel Corporation - JSW Steel India Pvt Ltd., a joint venture company between Japan's JFE Steel Corporation and Indian steelmaker Jindal Saw Limited, has launched a 0.35mm-thick low-alloy mild steel plate for automobiles under the brand name "Super Alloy." This product offers reduced weight while maintaining strength properties comparable to conventional high-alloy steels.
Top Report Findings
- Based on Type, most of the Carbon Steel market's revenue is controlled by the low-Carbon Steel category. The most popular type of Carbon Steel is low-Carbon Steel. The calorific value of these steels is typically less than 0.25 weight percent. Since high temperatures cannot harden them, cold work is typically used. Low-Carbon Steels are frequently utilized in food cans, steel, tubes, automobile body parts, and construction and bridge parts.
- Based on Applications, most of the Carbon Steel market's revenue is controlled by the shipbuilder's category. Steel is used in shipbuilding because of its structural qualities and affordable price. Although Carbon Steel is essential to the shipbuilding industry, it is projected that a drop in industry growth and a preference for alternatives like aluminum alloys will limit product use in the shipbuilding sector throughout the forecast period.
Shipbuilders Category in Carbon Steel Market to Generate Over 43% Revenue
Carbon Steel are an expensive investment. Vantage Market Research has analyzed the market for Carbon Steel to understand its current state and potential future growth factors. For better understanding, based on the application, the Carbon Steel market is divided into shipbuilding, construction, automotive, and other.
During the forecast period, the market for Carbon Steel is anticipated to experience the highest CAGR for the shipbuilder category. The Carbon Steel business is driven by rising shipbuilding material demand. The development of marine transport marked the beginning, and it has persisted ever since. As a result of continual discoveries and advancements, ships have increased in robustness, speed, and durability. They have also gotten considerably bigger. From the classic wooden ships that were first created decades ago to the massive modern ships made of Carbon Steel, there are many different types of ships.
On the other hand, the automotive category is estimated to grow significantly over the forecast period. The automotive industry will require more Carbon Steel. Transmission retrofit kits, seals, and suspension bushings, including brackets and control arms, are all low-Carbon Steel. Low Carbon Steel is utilized for components like nuts, bolts, nails, and spacers, as well as an aesthetic application like vehicle rubber bumpers because it enhances formability.
Asia Pacific Region in Carbon Steel Market to Generate More 33% Revenue
Asia Pacific region dominates the market throughout the projection period. Due to the expansion of the maritime sector, increased demand for the material in the automobile and construction industries, and the presence of major market competitors, China now holds a monopoly on the Asia-Pacific Carbon Steel market.
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Global Carbon Steel Market Segmentation
By Type
- Low Carbon Steel
- Medium Carbon Steel
- High Carbon Steel
- Ultra-high Carbon Steel
- Others
By Application
- Building and construction
- Automotive
- Shipbuilding
- Others
By Region
- North America
- United States
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- South-East Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Argentina
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of MEA
Scope of the Report:
| Report Attributes | Details |
| Market Size in 2021 | USD 904.2 Billion |
| Revenue Forecast by 2028 | USD 1092.3 Billion |
| CAGR | 3.2% from 2022 to 2028 |
| Base Year | 2021 |
| Forecast Year | 2022 to 2028 |
| Key Players | JFE Steel Corporation, HBIS Group, AK Steel Corporation, Evraz PLC, Bao Steel Group, Arcelor Mittal, Nippon Steel Corporation, United States Steel, Curtis Steel Co. Ltd., Omega Steel Company |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options |
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