Carbon Steel Market to Reach Valuation of USD 1092.3 Billion by 2028 – Constructive Outlook of the Construction Sector Drives the Market

In terms of revenue, the Global Carbon Steel Market is expected to reach USD 1092.3 Billion by 2028, growing at a CAGR (Compound Annual Growth Rate) of 3.10% from 2022 to 2028.

The need for steel is expected to increase in downstream industries like manufacturing, building, and infrastructure. For example, the building business is said to be highly dependent on the steel industry. An increased focus on lowering the total cost of ownership of steel manufacturing processes has also led to better energy utilization, efficient processing, and efficient production procedures. Carbon Steel serves a wide range of goods, including flat-rolled sheets, structural steels, pipelines, and pressure vessels, in addition to a broad spectrum. Additionally, it is anticipated that growth in space exploration and recent aerospace industry expansion will raise demand for Carbon Steel during the forecast period.

Key Highlights from Report

• Among Types, the Low Carbon Steel segment is anticipated to dominate the Carbon Steel market with the highest market share during the forecast period. This is because it has several uses in the construction and automobile industries, which place a premium on affordability.
• By Applications, the Shipbuilding segment accounted for the highest CAGR in the forecast period. This is primarily because of the thriving shipbuilding sector in nations in the Asia Pacific area.
• Geographically, Asia Pacific held the largest market share in 2021 and is likely to be the most profitable market in the forecast period. Due to the expansion of the shipbuilding industry, increased demand for the material in the construction and automotive industries, and significant market participants in the area, China currently holds a dominant position in the Asia Pacific Carbon Steel market.

Market Dynamics

A minimum 2.1 percent carbon content is required for the alloy of steel and carbon to be called Carbon Steel. Low-Carbon Steel, medium-Carbon Steel, and high-Carbon Steel are the categories into which Carbon Steel is divided. Carbon Steels often have low compressive strength and are soft. However, they have high ductility, making them perfect for welding, and machining and being naturally cheap. Low-Carbon Steels are used in food cans, pipes, structures like angle iron and I-beams, automobile body parts, and building and bridge parts. Railway rails, train wheels, and equipment requiring great strength wear resistance, and toughness are frequently made of medium-Carbon Steel. Because of their excellent wear resistance and hardness, high-Carbon Steels are used in cutting tools, springs, and high-strength wire—one of the most widely used end-user industry alloys in Carbon Steel. Contrarily, adding carbon to steel makes it more robust and harder, making it a sought-after commodity for manufacturers in the construction and automotive industries.

Rapid urbanization results from the rising gross domestic product (GDP) of developing nations in Asia, Latin America, and the Middle East, driving construction activity. This is increasing demand for Carbon Steel, which is used to create wires and other small appliances. During the anticipated period, the Carbon Steel market will expand due to the acceleration of urbanization and industrialization.

Many products, including automobile parts, employ Carbon Steel. Aside from the numerous applications, demand is increasing due to technological developments that have created higher-quality Carbon Steel. Due to its ductility and formability, Carbon Steel is a good choice for wear-resistant gears, automobile body structures, and trunk closures. Since medium-Carbon Steel has less ductility but greater strength and endurance than low-Carbon Steel, it is also used in the automotive industry. Carbon Steel usage in the automotive sector is expected to rise with a growing focus on lightweight vehicles.

However, Carbon Steel has a drawback that limits its use—the challenging portion of welding Carbon Steel. Steel with higher carbon content has a lower melting point and temperature resistance, which makes it more difficult to weld.

Asia Pacific Carbon Steel market is anticipated to observe significant market growth with the highest CAGR in the coming years. In the upcoming years, it is expected that an increased emphasis on infrastructure development, particularly in Asia Pacific nations, will promote the demand for Carbon Steel products. Over the next few years, approximately half of all infrastructure investment will go to the Asia Pacific. With increased total economic growth, nations like India, China, and Southeast Asian countries are allocating a more significant amount of their budgets to infrastructure development. The infrastructure uses Carbon Steel for many things, including frame materials, pipelines, fencing, gates, and structural parts. Additionally, in recent years, the shipbuilding industries in China and Southeast Asia have experienced rising demand.

The Global Carbon Steel Market is Segmented as follows

• Types
  • Low Carbon Steel
  • Medium Carbon Steel
  • High Carbon Steel
• Applications
  • Shipbuilding
  • Automotive
  • Construction
  • Infrastructure & Transport
  • Other Applications
• Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

List of the Key Players of the Global Carbon Steel Market is

JFE Steel Corporation (Japan), HBIS Group (China), AK Steel Corporation (US), Evraz PLC (UK), Bao Steel Group (China), Arcelor Mittal (Luxembourg), Nippon Steel Corporation (Japan), United States Steel (US), Curtis Steel Co. Ltd. (US), Omega Steel Company (US)

The Global Carbon Steel Market Scope can be Tabulated as below