Carbon Steel Market

Carbon Steel Market Analysis and Forecast by Type, End-user, Region, and Country, 2023–2033

Rising Construction Activities Propel the Carbon Steel Market to New Heights

Category: Chemicals & Materials Published Date : Oct-23 ID: CVC01117 Format: PDF Pages: 300

Carbon Steel Industry Outlook

As per rigorous research by ChemView Consulting, our analysts forecast that the global carbon steel market is expected to reach a valuation of USD 12,39337.5 million and will grow at a 3.2% CAGR during 2023 to 2033.

Key Findings on the Carbon Steel Sector

  1. Which is the largest market for carbon steel?

The biggest market for carbon steel is East Asia. As per our analysis, East Asia holds nearly 44.6% of the market share.

  1. What is the largest end-user segment within the carbon steel market?

As per Chem View Consulting, the largest segment by end-user is building & construction. As per our analysis, this segment accounts for nearly 48.2% of total revenues.

  1. At what rate is the market size expected to grow?

The carbon steel industry is expected to grow at a CAGR of 3.2% during the period 2023–2033.

  1. What are the major trends influencing the carbon steel market?
  • Sustainability and Environmental Regulations: Increasing awareness of environmental issues and stricter regulations are driving a shift towards more sustainable and low-carbon steel production processes.
  • Automotive Industry Evolution: Lightweight carbon steel is increasingly being used in the automotive industry to meet fuel efficiency and safety standards.
  1. Who are the leading players in the carbon steel sector?

The key companies in the carbon steel industry landscape are Hyundai Steel, JFE Steel Corporation, Acciaierie d’Italia (ADI), POSCO, EVRAZ, ArcelorMittal, Baosteel Group, Evraz plc, HBIS Group, Nippon Steel Corporation, NLMK, Kobe Steel, Ltd., Daido Steel Co., Ltd., Tata Steel, United States Steel, AK Steel Corporation, Dongbei Special Steel Group International Trade Co., Ltd., ArcelorMittal, and Marcegaglia.

Key Drivers for Carbon Steel Market Demand

  • The oil and gas industry utilizes carbon steel extensively in drilling equipment, pipelines, and storage tanks. Thus, the expansion of the oil and gas sector, as well as exploration activities, will increase demand for carbon steel.
  • In addition, the industrial sector heavily relies on carbon steel for machinery, equipment, and production processes. Thus, there will be a boom in demand for carbon steel as businesses grow and modernize, particularly in developing nations.
  • Furthermore, as urbanization and infrastructure developments expand internationally, the demand for carbon steel, an essential construction product, will rise dramatically. The construction of bridges, buildings, roads, and other infrastructure projects requires large quantities of carbon steel.

Key Challenges Inhibiting Demand for Carbon Steel

  • The increasing usage of electric vehicles has an impact on the steel market since these vehicles require new types of steel for construction.
  • In addition, advances in manufacturing technology and techniques may result in higher efficiency and lower energy consumption, thereby lowering the demand for carbon steel in some applications.

Key Challenges & Opportunities for Carbon Steel Market Manufacturers

  • The price of iron ore, coal, and other raw materials used in the manufacturing of carbon steel can be highly volatile, making it difficult to predict and manage production costs.
  • However, offering value-added products and customization choices tailored to specific industry needs and client preferences can help firms stand out in a crowded market and acquire a larger customer base.

Country/Region-wise Insights

US Carbon Steel Industry Forecast 

  • The energy and oil & gas sectors are relying on carbon steel for pipelines and equipment in the US market, which is projected to observe significant growth in the estimated period.
  • In addition, the automotive industry is increasingly turning to carbon steel owing to its lightweight yet sturdy properties, making it a preferred material for vehicle manufacturing.

Europe Carbon Steel Market Outlook 

  • Growing demand for carbon steel in a variety of end-use industries such as construction, automotive, manufacturing, and infrastructure development in the European market is anticipated to drive sales in the market over the assessment period.
  • In addition, the continent’s focus on sustainability and energy-efficient solutions is driving the adoption of advanced carbon steel products that are not only robust and durable but also environmentally friendly.

Japan Carbon Steel Industry Overview

  • The government’s initiatives to promote infrastructure development and environmentally friendly transportation solutions in the Japanese market are anticipated to drive the market over the forecasted period.
  • Additionally, Japan’s commitment to reducing carbon emissions and its emphasis on environmental sustainability are likely to lead to advancements in carbon steel production, making it more appealing and competitive.

China & India Carbon Steel Market Forecast

  • Government initiatives and investments in key industries such as manufacturing, automotive, and energy in China & India are anticipated to fuel the market over the forecast period. China & India’s markets are likely to account for a leading share of the global industry.
  • In addition, expanding energy infrastructure, burgeoning construction projects, and a growing consumer base are fueling the demand for carbon steel.

Carbon Steel Market Outlook & Forecast by Segmentation

By Type

Based on type, the low-carbon steel segment is expected to remain at the forefront of the carbon steel industry share over the assessment period. The growth is mainly because low-carbon steel is frequently less expensive than high-carbon or alloy steel. Its lower carbon content makes manufacturing processes easier and less expensive, resulting in lower production costs. This affordability makes it an attractive choice for many industries, especially in price-sensitive markets.

Furthermore, low-carbon steel has a great combination of strength and ductility, making it appropriate for applications requiring durability and resilience. It can withstand a wide range of climatic conditions, making it an excellent choice for long-lasting infrastructure and equipment.

By End-user

Based on end-users, the building & construction segment is set to account for 48.2% of the carbon steel market share over the assessment period. The growth is because carbon steel is known for its low cost, making it an appealing alternative for the building industry. It maintains a balance between strength, durability, and cost.  Construction projects often require large quantities of steel, and the lower cost of carbon steel compared to some alternatives can be a significant factor in its continued use.

Furthermore, carbon steel is known for its resistance to harsh situations like earthquakes and natural disasters. As a result, it is a popular choice for buildings and construction that must withstand unforeseen events.

Which Company Owns the Largest Share in the Carbon Steel Industry?

The key companies in the carbon steel business landscape are Hyundai Steel, JFE Steel Corporation, Acciaierie d’Italia (ADI), POSCO, EVRAZ, ArcelorMittal, Baosteel Group, Evraz plc, HBIS Group, Nippon Steel Corporation, NLMK, Kobe Steel, Ltd., Daido Steel Co., Ltd., Tata Steel, United States Steel, AK Steel Corporation, Dongbei Special Steel Group International Trade Co., Ltd., ArcelorMittal, and Marcegaglia.

Recent Developments:

  • In June 2023, Hyundai Steel, a steel manufacturing company, launched HyECOsteel, its line of low-carbon steel, as part of the company’s ongoing effort to become carbon neutral.
  • In October 2023, Acciaierie d’Italia (ADI), the largest steel producer in Italy, in collaboration between the state-owned Invitalia and ArcelorMittal, launched the “Penisola Steel” brand of low-carbon steel.
  • In June 2023, POSCO, South Korea’s largest steelmaker, launched Greenate, the first product from its low-carbon brand.

As per our analysis, the companies that hold the largest share of the carbon steel market are

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AK Steel Holdings Corporation

Founded in 1899 and with headquarters in West Chester Township, Ohio, United States, it is a steel manufacturing company.

JFE Steel

Founded in 2003, it is Japan’s second-largest steel manufacturer.

Kobe Steel, Ltd.

Established in 1905 and with headquarters in Kobe, Hyogo, Japan, it is a major steel producer.

Tata Steel 

Founded in 1907 and with headquarters in Mumbai, it is an international steel manufacturer.

Baosteel Group

Founded in 1978 and with headquarters in Shanghai, China, it is a state-owned iron and steel firm.

What Makes this Report More Insightful than Others?

With ChemView Consulting, we’re redefining market research for the next generation. Go beyond traditional analysis and immerse yourself in a holistic exploration of business opportunities. We offer:

Actionable Business Opportunity Assessments: Navigate the business landscape with precise, actionable insights tailored for future growth.

Strategic Competitive Intelligence: Stay ahead with in-depth analysis, ensuring you always have a competitive edge.

Customer Insights Like Never Before: Understand your customers’ evolving needs, aspirations, and behaviors to drive brand loyalty and value.

Dynamic Price Tracking: Stay agile in a fluctuating market with real-time pricing intelligence.

Profitability Analysis with Precision: Dive deep into data-driven strategies that ensure optimal returns on investment.

M&A and Alliances Mastery: Navigate the complex world of mergers, acquisitions, and alliances with expert foresight.

Startup Ecosystem Tracking: Discover the next big disruptors before they make headlines.

Up-to-the-minute Regulations & Compliance Updates: Stay ahead of the regulatory curve, ensuring business continuity and compliance.

Pioneering Technological Insights: Explore the forefront of innovation, capturing trends before they shape the market.

The future is data-rich and insights-driven, and with ChemView Consulting, you are poised at the forefront. Every report is crafted to inspire, and every insight is designed to catalyze growth. Partner with us, and let’s co-create the future of your business.


The carbon steel market is projected to reach a significant value of USD 12,39337.5 million by 2033, driven by a robust 3.2% CAGR during the period 2023–2033. Key industry players actively contributing to its growth are Hyundai Steel, JFE Steel Corporation, Acciaierie d’Italia (ADI), POSCO, EVRAZ, ArcelorMittal, Baosteel Group, Evraz plc, HBIS Group, Nippon Steel Corporation, NLMK, Kobe Steel, Ltd., Daido Steel Co., Ltd., Tata Steel, United States Steel, AK Steel Corporation, Dongbei Special Steel Group International Trade Co., Ltd., ArcelorMittal, and Marcegaglia. The largest market segment by end-users is building & construction, while East Asia emerges as the dominant region in this market.

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1.1. Global Market Outlook

1.2. Technology Roadmap

1.3. Supply and Demand Side Trends

1.4. Strategic Success Factors

1.5. Analysis and Recommendations

2.1. Market Taxonomy

2.2. Market Definitions

2.3. Inclusions & Limitations

3.1. Supply Side Overview

3.2. Demand Side Overview

4.1. Macroeconomic Factors

4.2. Forecast Factors

4.3. PEST Analysis

4.4. Porter’s Five Forces

4.5. Value Chain Analysis

4.6. Market Dynamics

4.6.1. Drivers

4.6.2. Restraints

4.6.3. Opportunities

4.7. Patent Analysis

4.8. Trade Analysis

4.9. Investment Feasibility Matrix

4.10. Challenges for New Entrants

4.11. Regulations Overview

4.12. Covid-19 Impact Assessment

4.12.1. Economy/Cluster Projections

4.12.2. Covid-19 Economic Assessment

4.12.3. Potential Impact on Target Market

4.12.4. Recovery Scenario

5.1. Historical Value ($ Mn) and Future Market Value ($ Mn) Projection Analysis

5.2. Demand Y-o-Y Growth Rate Analysis

5.3. Total $ Opportunity Analysis

5.4. Historical Volume (Tons) and Future Market Volume (Tons) Projection Analysis

6.1. Regional Pricing Analysis By Source

6.2. Regional Price Forecast

6.3. Profit Margin Analysis

6.4. Future Price Impact Factors

7.1. Introduction

7.2. Market Trends

7.3. Historical Market Analysis and Market Forecast Analysis

7.3.1. Low carbon steel

7.3.2. Medium carbon steel

7.3.3. High carbon steel

7.3.4. Others

7.4. Market Attractiveness Analysis

8.1. Introduction

8.2. Market Trends

8.3. Historical Market Analysis and Market Forecast Analysis

8.3.1. Building and construction

8.3.2. Automotive

8.3.3. Shipbuilding

8.3.4. Others

8.4. Market Attractiveness Analysis

9.1. Introduction

9.2. Market Trends

9.3. Historical Market Analysis and Market Forecast Analysis

9.3.1. North America

9.3.2. Latin America

9.3.3. Western Europe

9.3.4. Eastern Europe

9.3.5. East Asia

9.3.6. South Asia Pacific

9.3.7. Middle East & Africa

9.4. Market Attractiveness Analysis by Region

10.1. Introduction

10.2. Key Market Trends

10.3. Pricing Analysis

10.4. Historical Market Analysis and Market Forecast Analysis

10.4.1. By Country The U.S. Canada

10.4.2. By Type

10.4.3. By End-user

10.5. Market Attractiveness Analysis

10.5.1. By Country

10.5.2. By Type

10.5.3. By End-user

10.6. Market Participants Presence Mapping

11.1. Introduction

11.2. Key Market Trends

11.3. Pricing Analysis

11.4. Historical Market Analysis and Market Forecast Analysis

11.4.1. By Country Brazil Mexico Rest of L.A.

11.4.2. By Type

11.4.3. By End-user

11.5. Market Attractiveness Analysis

11.5.1. By Country

11.5.2. By Type

11.5.3. By End-user

11.6. Market Participants Presence Mapping

12.1. Introduction

12.2. Key Market Trends

12.3. Pricing Analysis

12.4. Historical Market Analysis and Market Forecast Analysis

12.4.1. By Country Germany Italy France U.K. Spain BENELUX Nordics Rest of Western Europe

12.4.2. By Type

12.4.3. By End-user

12.5. Market Attractiveness Analysis

12.5.1. By Country

12.5.2. By Type

12.5.3. By End-user

12.6. Market Participants Presence Mapping

13.1. Introduction

13.2. Key Market Trends

13.3. Pricing Analysis

13.4. Historical Market Analysis and Market Forecast Analysis

13.4.1. By Country Poland Russia Baltics Balkans Rest of Eastern Europe

13.4.2. By Type

13.4.3. By End-user

13.5. Market Attractiveness Analysis

13.5.1. By Country

13.5.2. By Type

13.5.3. By End-user

13.6. Market Participants Presence Mapping

14.1. Introduction

14.2. Key Market Trends

14.3. Pricing Analysis

14.4. Historical Market Analysis and Market Forecast Analysis

14.4.1. By Country China Japan South Korea

14.4.2. By Type

14.4.3. By End-user

14.5. Market Attractiveness Analysis

14.5.1. By Country

14.5.2. By Type

14.5.3. By End-user

14.6. Market Participants Presence Mapping

15.1. Introduction

15.2. Key Market Trends

15.3. Pricing Analysis

15.4. Historical Market Analysis and Market Forecast Analysis

15.4.1. By Country India ASEAN ANZ Rest of SAP

15.4.2. By Type

15.4.3. By End-user

15.5. Market Attractiveness Analysis

15.5.1. By Country

15.5.2. By Type

15.5.3. By End-user

15.6. Market Participants Presence Mapping

16.1. Introduction

16.2. Key Market Trends

16.3. Pricing Analysis

16.4. Historical Market Analysis and Market Forecast Analysis

16.4.1. By Country GCC Countries Turkey South Africa Rest of MEA

16.4.2. By Type

16.4.3. By End-user

16.5. Market Attractiveness Analysis

16.5.1. By Country

16.5.2. By Type

16.5.3. By End-user

16.6. Market Participants Presence Mapping

17.1. Market Concentration Analysis

17.2. Tier Structure Breakdown

17.3. Market Share Analysis

17.4. Production Capacity Analysis

17.5. Key Strategies Adopted by Top Players

17.6. Start-up Ecosystem

17.6.1. New Player Entry

17.6.2. Strategies Adopted by New Players

17.7. Company Footprint Analysis

17.7.1. Vehicle Type Footprint

17.7.2. Regional Footprint

17.8. Competitive Dashboard

18.1. Hyundai Steel

18.1.1. Company Overview

18.1.2. Product Portfolio

18.1.3. Locations

18.1.4. Financial Analysis

18.1.5. Recent Developments

18.1.6. SWOT Analysis

18.1.7. Strategy Overview

18.2. JFE Steel Corporation

18.3. Acciaierie d’Italia (ADI)

18.4. POSCO

18.5. EVRAZ

18.6. ArcelorMittal

18.7. Baosteel Group

18.8. Evraz plc

18.9. HBIS Group

18.10. Nippon Steel Corporation

18.11. NLMK

18.12. Kobe Steel, Ltd.

18.13. Daido Steel Co., Ltd.

18.14. Tata Steel

18.15. United States Steel

18.16. AK Steel Corporation

18.17. Dongbei Special Steel Group International Trade Co., Ltd.,

18.18. ArcelorMittal

18.19. Marcegaglia.