NEWARK, Del, Nov. 23, 2023 (GLOBE NEWSWIRE) -- The global carbon steel market value is forecast to increase from US$ 1,050.8 billion in 2023 to US$ 1,560.4 billion by 2033. Over the assessment period, global demand for carbon steel is projected to surge at a CAGR of 4.0%.
Low carbon steel segment is expected to dominate the global carbon steel industry during the assessment period. It will likely hold a volume share of 60.3% by 2023. On the other hand, the high carbon steel segment is set to thrive at a higher CAGR of 3.4% through 2033.
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.
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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.
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 Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
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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.
Key players are focusing on expanding their domestic production of carbon steel. They are also investing in developing high-quality materials and adopting strategies like acquisitions, partnerships, and mergers to solidify their market positions.
Recent Developments:
- In October 2023, the ribbon cutting ceremony was hosted for the opening of a new NGO electrical steel line by the United States Steel Corporation at its Big River Steel facility in Arkansas.
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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 the Chemicals & Materials at Future Market Insights
The Chemicals & Materials team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations with the objective of providing authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 billion+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis of key trends including competitive landscape, profit margin, and research development efforts.
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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