NEW YORK, Jan. 19, 2018 (GLOBE NEWSWIRE) -- The global consumption of carbon steel is expected to expand at a CAGR of 3.2% during 2017 – 2023 to reach 1,569.2 million tons by 2023. Factors propelling the growth of the carbon steel market include an increasing demand from construction industry, primarily in developing nations and the increase in urbanization coupled with the growing economies primarily in APAC region. Further, focus on establishing industrial sustainable development provides thrust to carbon steel demand across the globe. The report segments the carbon steel market by Carbon Content (Low (0.3%), Medium (0.3-0.6%), High (>0.6%), by Application (Knives and Saw Blades, Chains, Wear Parts, Pneumatic Drill Bits, Railway Wheels, Shear Blades, Others), by End-Use (Automotive, Ship Building, Construction, Machinery, Rail Transport, Oil and Gas, Others), by Consumables (Electrodes, Solid Wires, Cored Wires, Fluxes, Sheets, Others) and by region (North America, Europe, Asia-Pacific, Middle East and Africa (MEA), South America). The report studies the global carbon steel market over the forecast period (2017-2023).
Carbon steel is iron combined with carbon varying from 0.06% to 1.5. Carbon steel is excellent for making cutting tools or masonry nails. Steel carbon provides high level of hardness and metal wear resistance making it preferred steel across various end-user industries. High carbon steel is also preferred by many manufacturers who create metal cutting tools or press machinery that must bend and form metal.
Browse full research report with TOC on “Global Carbon Steel Market Outlook, Trend and Opportunity Analysis, Competitive Insights, Actionable Segmentation & Forecast 2023” at: https://www.energiasmarketresearch.com/global-carbon-steel-market-outlook/
Key findings from global carbon steel market
- The low carbon steel is accounted to hold the largest share of carbon steel market in 2016. The high consumption of low carbon steel in construction application such as rolled structural sections, round bars and roof covering drive its demand globally
- The construction application is accounted for the highest consumption of carbon steel. The continuously increasing population is accompanied by rapid urbanization. The need for buildings and infrastructure would continue to grow worldwide over the coming years driving the demand for carbon steel
- Advanced High-Strength Carbon Steel is now used for nearly every new vehicle design. New grades of steel help automotive OEM to reduce vehicle weight by 22-35% compared to conventional steel
- Geographically, Asia-Pacific is the largest market for carbon steel market in 2016. The growth in the region is primarily due to presence of large industrial base and growing urbanization
- Key players in carbon steel Market are Curtis Steel Co Inc., Arcelor Mittal SA, Omega steel Co., Bushwick Metal LLC, Afarak Group, POSCO, Tata Steel, Nippon Steel & Sumitomo Metal, Jiangsu Shagang among others.
Carbon steel- providing infrastructural solution to reduce emission
Steelmakers around the world are continuously making efforts to provide construction solutions enabling energy-efficient and low-carbon-neutral buildings. These solutions are playing crucial role in reducing the environmental impact over the structures’ life cycle and further helps to extend their life span through design for disassembly and reuse. As the construction industry is growing worldwide, reducing consumption of natural resources and associated emissions is must for sustainable development. Carbon steel offers the solutions to infrastructure and construction industry across various developing nations through enabling protective coastal and wind-resistant designs. While buildings currently account for about 20% of global greenhouse gas emissions, it may also offer opportunities for reducing emissions and addressing climate change issue. Low cost of steel, readily available and safer, better intrinsic properties, recyclable nature allow for improved environmental performance across the entire life cycle of buildings.
Carbon steel Market- Regional Insight
Asia-Pacific represents largest and fastest region for the growth of carbon steel market. With rise in population, growing economy and urbanization demand for carbon steel has experienced high growth in the region. Growth in real estate and infrastructure investment picked up in past few years, leading to an increase in steel demand in the APAC region. Further, policy-driven investments by the Chinese government further supplement the growth of carbon steel market. Europe carbon steel market is driven by growing usage of carbon steel in mechanical engineering sector. Presence of large automotive OEMs propels the growth of carbon steel market in the region. Demand for carbon steel in North America is primarily owned to growing oil and gas industry and rise in steel-intensive infrastructure investment.
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