Carbon Steel Market Size to grow by USD 187.59 billion between 2024-2028
According to a research report “ Carbon Steel Market” by End-user (Construction, Shipbuilding, Automotive, Transportation, Others) Type (Low carbon steel, Medium carbon steel, High carbon steel) Geography (APAC, Europe, North America, Middle East and Africa, South America)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 187.59 billion, at a CAGR of 3.58% during the forecast period. The construction sector represents a significant consumer base for carbon steel, with its extensive application in the fabrication of commercial, residential, and industrial structures, as well as public infrastructure projects such as bridges, tunnels, and highways. Carbon steel's inherent properties, including strength, lightweight, and ductility, render it an ideal choice for manufacturing structural frameworks, high-strength plates, rectangular tubing, and other essential construction components. In 2020, the global construction industry experienced a growth rate of 5%-6%, driven by population expansion and increasing per capita income, leading to heightened demand for residential and commercial spaces, thereby boosting the market for carbon steel..
Browse market data tables, figures, and in-depth TOC on “Carbon Steel Market” by End-user (Construction, Shipbuilding, Automotive, Transportation, Others) Type (Low carbon steel, Medium carbon steel, High carbon steel) Geography (APAC, Europe, North America, Middle East and Africa, South America) Global Forecast to 2028. Download Free Sample
By End-user, the Construction segment is projected to dominate the market size in 2024
The construction sector led the global carbon steel market in 2023, accounting for the largest share, and is projected to expand at a faster rate than the overall market from 2024 to 2028. This growth can be attributed to the expanding construction industry, fueled by the increasing demand for residential and commercial structures. Notably, the development of infrastructure projects such as high-rise buildings, tech parks, roads, highways, bridges, and others, is driving the construction industry's growth across various countries. Carbon steel, known for its superior strength and ductility, is extensively utilized in the construction sector due to its versatility and cost-effectiveness.
By Type, Low carbon steel segment is expected to hold the largest market size for the year 2024
The global carbon steel market is divided into various types, with low-carbon steel holding a substantial market share. This steel category is characterized by a carbon content below 0.25%, making it highly malleable, ductile, and effortless to weld. The demand for low-carbon steel is robust due to its extensive applications across numerous industries. In the automotive sector, it is extensively utilized for manufacturing structural components such as body panels, chassis, and engine parts, owing to its superior formability and adaptability. Similarly, in the construction industry, low-carbon steel is preferred for producing beams, pipes, and reinforcement bars due to its superior strength and cost-effectiveness.
APAC is forecasted to hold the largest market size by region in 2024
The Asia Pacific (APAC) region emerged as the leading geographical segment of the global carbon steel market in 2023, accounting for a significant market share. This trend is projected to continue throughout the forecast period, with APAC exhibiting a faster growth rate than the overall market. Key contributors to this growth include industrial, commercial, and residential development projects in countries like China, Indonesia, South Korea, and India. Moreover, government initiatives in these nations are expected to stimulate steel demand, thereby fueling the expansion of the carbon steel market in APAC. In particular, India, the world's third-largest steel-consuming economy, experienced a 4% increase in demand for steel in 2023.
The Carbon Steel Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
Carbon steel is a versatile material widely used in various industries across the world due to its strength, durability, and cost-effectiveness. It is an alloy of iron with small amounts of carbon, with the carbon content ranging from 0.002% to 2.1%. Carbon steel is essential in manufacturing equipment parts, train wheels, railway tracks, structural shapes, and automobile body components. The world's carbon steel market is significant in the manufacturing of infrastructures and constructions. The applications of carbon steel are vast, including the building and construction industry and the shipbuilding segment. In the construction sector, carbon steel is used for structural shapes and reinforcing bars, while in shipbuilding, high carbon steel, medium carbon steel, and low carbon steel are used for hull plates, decks, and other structural components. Carbon steel is also alloyed with other elements like copper, silicon, and manganese to enhance its properties. For instance, high carbon steel contains more than 0.6% carbon, making it ideal for applications requiring high strength and wear resistance. Medium carbon steel, with a carbon content of 0.3% to 0.6%, is commonly used in automobile body components, while low carbon steel, with less than 0.3% carbon, is suitable for applications where ductility and weldability are essential. Overall, carbon steel is a crucial material in various industries, contributing significantly to the global economy.
Market Research Overview
Carbon steel is a versatile material widely used in various industries due to its high strength, durability, and cost-effectiveness. The carbon steel market is driven by infrastructure development plans and government infrastructure expenditure, particularly in developing markets. Steelmakers are focusing on producing low-carbon steel products to reduce carbon footprint and meet sustainability regulations. Greenate certified steel is gaining popularity as it helps in reducing CO2 emissions and promoting eco-friendly production methods. However, the carbon steel market faces challenges such as overcapacity, high reliance on coking coal and iron ore, and competition from alternatives like stainless steel, composites, aluminum, and greener production methods. The steel industry is adopting technologies like green hydrogen, end-to-end digitalization, and integrated production processes to reduce carbon emissions and increase efficiency. The B2C and B2B segments of the carbon steel market are witnessing e-commerce penetration, with Mill Steel Co and other e-commerce websites offering specific finishes, high tensile strength, and corrosion resistance. Carbon steel finds extensive applications in industries like oil and gas, energy, machinery, manufacturing, and construction, with characteristics varying based on grades and processing. New product launches in carbon steel focus on forming qualities, ductility, weldability, and industrialization and urbanization applications. Carbon steel is used in various sectors like transportation, utilities, and housing, with components like engine parts, train wheels, railway tracks, structural shapes, automobile body components, and shipbuilding segments being major consumers. Despite the challenges, carbon steel remains a brittle yet ductile alloying element that continues to play a significant role in the global manufacturing and infrastructure industries.
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