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, leading industry players, including ArcelorMittal, Nippon Steel, POSCO, and Essar Steel India Ltd., are addressing the energy-intensive nature and resulting greenhouse gas emissions of steel production. ArcelorMittal, a significant steel producer, unveiled its Climate Action report for 2022 in April 2023, detailing its commitment to reducing CO2 emissions worldwide and achieving carbon neutrality in Europe by 2050. The company is formulating a strategic plan to meet Paris Agreement targets and develop advanced, low-emission steel-producing technologies. Other key players are also taking similar initiatives to minimize their carbon footprint and contribute to a more sustainable steel industry.
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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 |
fragmentation |
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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, Egypt, Oman, Argentina, KSA, UAE, Brazil, 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, Steel Composition, and Properties, shaped by Steel Metallurgy and Microstructure. Steel Processing Techniques and Manufacturing Processes ensure Steel Quality Control and Traceability. Industry Trends and Market Dynamics influence the Steel Market Outlook, with Price Volatility and Competition shaping investments in Steel R&D and Sustainability Initiatives. Recycling Technologies, Green Steel, and the Circular Economy are crucial for Steel's future. Regulations, Safety Standards, Automation, and Digitalization shape the Steel Industry 4.0, with Smart Steel, Design Software, Simulation, Modeling, and Optimization Software driving Engineering and Architecture advancements. Fabrication Techniques, Welding Processes, Machining Methods, Cutting Technologies, Bending Equipment, and Forming Processes complete the Carbon Steel Market landscape. Testing Methods ensure the final product's quality and safety.
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. Carbon Steel includes various types such as Alloy Steel, High Strength Steel, Stainless Steel, Low Carbon Steel, Cold Rolled Steel, Hot Rolled Steel, Galvanized Steel, and Structural Steel. The global Diversified Metals and Mining Market, as per Technavio, comprises businesses dealing in the production or extraction of metals and minerals, including non-ferrous metals like lead, nickel, tin, titanium, zinc, cobalt, mercury, tungsten, beryllium, bismuth, cerium, cadmium, niobium, indium, gallium, germanium, lithium, selenium, tantalum, tellurium, vanadium, and zirconium, as well as their alloys. Technavio calculates the market size based on the consolidated revenue generated by these entities and diversified mining operations.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
Jesse Maida
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