The Carbon Steel Market is being driven by Growing demand for construction industry
The Carbon Steel Market is expected to grow at a CAGR of 3.58% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 187.59 billion. In the carbon steel market, major industry players, including ArcelorMittal, Nippon Steel, POSCO, and Essar Steel India Ltd., are addressing the energy-intensive nature of steel production and its associated greenhouse gas emissions. ArcelorMittal, a leading steel producer, has announced its commitment to reducing CO2 emissions globally and achieving carbon neutrality in Europe by 2050. The company's Climate Action report of 2023 outlines its strategic plan to meet the Paris Agreement targets and develop low-emission steel-producing technologies. ArcelorMittal's initiatives underscore the industry's efforts to mitigate the environmental impact of steel production.
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The market is segmented based on
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
However, the market also witnesses some limitations, which are as follows:
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Market Scope |
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Report Coverage |
Details |
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Page number |
176 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 3.58% |
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Market growth 2024-2028 |
USD 187.59 billion |
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Market structure |
market_structure.ucfirst |
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YoY growth 2023-2024(%) |
3.21 |
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Key countries |
US, Canada, Germany, UK, Italy, France, China, India, Japan, Brazil, Egypt, UAE, Oman, Argentina, KSA, UAE, Brazil, Rest of World (ROW), US, China, India, Japan, and South Korea |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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The Carbon Steel Market encompasses various aspects, including Carbon Steel Grades and their unique compositions, influencing Steel Properties and Microstructure. Steel Metallurgy and Processing Techniques shape Manufacturing Processes and Quality Control, ensuring Traceability and adherence to Industry Trends. Market Dynamics and Outlook are shaped by Price Volatility, Competition, Investment, R&D, and Sustainability Initiatives. Recycling Technologies, Green Steel, and the Circular Economy are crucial for Steel's future. Regulations, Safety Standards, Automation, Digitalization, and Industry 4.0 drive innovation in Smart Steel Design, Simulation, Modeling, Optimization, Engineering, Architecture, and Structures. Fabrication Techniques, Welding Processes, Machining Methods, Cutting Technologies, Bending Equipment, and Forming Processes complete the Carbon Steel Market landscape. Testing Methods ensure the highest standards are met.
The Carbon Steel Market is a significant segment of the global diversified metals and mining industry, encompassing companies involved in the production and extraction of this steel grade. This sector falls under the broader category of the global materials market, which includes businesses dealing with the production or extraction of metals and minerals, such as non-ferrous metals (including lead, nickel, tin, titanium, zinc, cobalt, mercury, tungsten, beryllium, bismuth, cerium, cadmium, niobium, indium, gallium, germanium, lithium, selenium, tantalum, tellurium, vanadium, and zirconium, and their alloys). The global diversified metals and mining market size is determined by Technavio based on the combined revenue generated by these entities and their diversified mining operations. Carbon Steel specifically refers to low carbon content steel, available in various forms such as Cold Rolled Steel, Hot Rolled Steel, Galvanized Steel, and Structural Steel.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
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