Infrastructure development projects such as transportation networks, energy facilities, and urbanization initiatives drive the global carbon steel market.
PORTLAND, Ore., June 30, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Carbon steel market by Type (Low carbon steel, Medium carbon steel, High carbon steel, Others), Product (Carbon steel, Alloy steel, Stainless steel), by End-User (Building and construction, Automotive, Shipbuilding, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global carbon steel market was valued at $0.9 trillion in 2022 and is projected to reach $1.3 trillion by 2032, growing at a CAGR of 3.6% from 2023 to 2032.
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Prime determinants of growth
Economic growth and increased industrialization drive the demand for carbon steel, thus fueling the global carbon steel market. Infrastructure projects, such as construction of buildings, bridges, roads, and railways, require significant amounts of carbon steel. Industrial sectors such as manufacturing, energy, and transportation also rely heavily on carbon steel for various applications, contributing to market growth. However, the cost of raw materials, particularly iron ore, and coal, can fluctuate significantly. Price volatility in these key inputs can affect the profitability of carbon steel manufacturers and create uncertainty in the market. However, the automotive industry's focus on lightweight and the increasing demand for electric vehicles (EVs) create opportunities in the industry. Advanced high-strength steels (AHSS) offer a balance of strength and formability, making them suitable for lightweight automotive components.
Report Coverage & Details:
Report Coverage | Details |
Forecast Period | 2023-2032 |
Base Year | 2022 |
Market Size in 2022 | $0.9 trillion |
Market Size in 2032 | $1.3 trillion |
CAGR | 3.6 % |
No. of Pages in Report | 354 |
Segments covered | Product, Type, End-User, Region. |
Drivers | Lucrative use of carbon steel in the automotive industry Infrastructural development Surge in renewable energy sources. |
Opportunities | Increased usage of carbon steel in the oil and gas sectors. |
Restraints | Complex manufacturing process Susceptibility to corrosion. |
The low carbon steel segment to maintain its leadership status throughout the forecast period
Based on type, the low carbon steel segment held the highest market share in 2022, accounting for more than three-fifths of the global carbon steel market revenue and is estimated to maintain its leadership status throughout the forecast period. The use of low-carbon steel, or mild steel, is driven by several compelling factors that contribute to its widespread adoption and popularity in various industries. However, the medium carbon steel segment is projected to grow at the highest CAGR of 3.94% from 2023 to 2032. There are a number of compelling reasons for the widespread usage and high demand for medium-carbon steel in a variety of industries. One of the primary driving factors is the optimal balance between strength and ductility that medium carbon steel offers.
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The stainless steel segment to maintain its leadership status throughout the forecast period
Based on product, the stainless steel segment held the highest share in 2022, accounting for around two-fifths of the global carbon steel market revenue and is estimated to maintain its leadership status throughout the forecast period. The use of stainless steel in the carbon steel market is driven by several compelling factors that contribute to its growth in prominence and demand. However, the carbon steel segment is projected to grow at the highest CAGR of 3.87% from 2023 to 2032. Several driving factors contribute to the widespread use and popularity of carbon steel across various industries. Firstly, carbon steel is renowned for its exceptional strength and durability. Its composition, primarily consisting of iron and carbon, provides the material with high tensile strength and resistance to wear and tear.
The building and construction segment to maintain its leadership status throughout the forecast period
Based on end-user, the building and construction segment held the highest share in 2022, accounting for more than one-third of the global carbon steel market revenue and is estimated to maintain its leadership status throughout the forecast period. One prominent trend is the focus on sustainable construction practices and materials. Carbon steel, being highly recyclable, aligns with the principles of sustainability. However, the automotive segment is projected to grow at the highest CAGR of 3.94% from 2023 to 2032. This is because the automotive industry is actively pursuing lightweight solutions to improve fuel efficiency and reduce emissions.
Asia-Pacific to maintain its dominance by 2032
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for nearly half of the global carbon steel market and is projected to maintain its dominant share in terms of revenue in 2032. This region is also projected to grow at the highest CAGR of 3.82% from 2023 to 2032. The increase in focus on renewable energy sources such as wind and solar power drives the demand for carbon steel in the manufacturing of renewable energy infrastructure across Asia-Pacific.
Leading Market Players: -
- ARCELORMITTAL
- DAIDO STEEL CO., LTD.
- NIPPON STEEL CORPORATION
- HBIS GROUP CO., LTD.
- AK STEEL INTERNATIONAL B.V.
- NLMK
- DONGBEI SPECIAL STEEL GROUP INTERNATIONAL TRADE CO., LTD.
- MARCEGAGLIA
- UNITED STATES STEEL CORPORATION
- KOBE STEEL, LTD.
The report provides a detailed analysis of these key players in the global carbon steel market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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