Carbon Steel Market

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.

2. 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.

3. 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.

4. 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.

5. 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.

Summary

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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