The market is expected to create incremental $ opportunity of US$ 310.7 Mn by 2030
Category: Chemicals & Materials ID: CVC-10104-CH Format: PDF Pages: 285
Carbon Steel Market Overview
According to ChemView Consulting’s most recent study on the carbon steel industry, the market has been estimated to reach value of US$ 980.8 Bn in 2022 and is forecast to reach US$ 1,291.5 Bn by 2030, witnessing a magnitude of CAGR 3.5% in between 2022 and 2030.
The market growth outlook has been subjected to an array of certain macro-economic and industry factors, including urbanization, construction and infrastructure spending, GDP growth, trade activities, transportation sector growth, etc.
Carbon steel is utilized in a wide range of sectors, including transportation and automation, in construction and infrastructure, shipbuilding and machinery and equipment manufacturing. Low carbon steel is widely used in fence construction, whereas mild and medium carbon steel is utilized in bridge and building structure construction.
What are the factors influencing the growth of the Carbon Steel Market?
The rise of the carbon steel business is inextricably linked to the expansion of applications in industries such as automotive and construction. Construction industry has experienced significant growth in the past several years, further the outlook is anticipated to continue positively for the projection period, which will create ample growth opportunities for the market.
Construction and infrastructure sector has remained stable despite market turmoil. Carbon steel infrastructure investments are increasing in the present climate. Construction projects in India and ASEAN are expected to keep demand for materials such as beams, angles, wire rods, and bars stable, increasing market development.
Repair and rehabilitation are expected to account for a large share of overall spending, with carbon steel materials accounting for a key share of the demand. In the coming years, several manufacturers are going to focus on carbon steel recycling to meet expanding market size by minimize emissions to assure long-term sustainability.
What are the regional Insights of the Carbon Steel Market?
In 2021, Asia Pacific had the largest market share of about 66%, and it is likely to grow at a substantial rate for the rest of the forecast period. Shipbuilding development in recent years and increasing output from the construction and automobile industries are likely to contribute to rising commodity demand. According to projections, carbon steel sales in China to grow at a 6.2% yearly pace between 2022 and 2030. The quick rise of the application has increased the country’s market demand projection.
The United States is estimated to remain another key potential market, creating significant incremental dollar opportunities in between this assessment year and the next. Due to the significant presence of application segments and several significant competitors, the product is being consumed quickly. Market actors in the country are maintaining a constant supply of goods.
Why does Low Carbon Steel play an Important in the Carbon Steel Market?
Low carbon steel has hardness, machinability, ductility, toughness, and weldability and are available at low cost. Automobile industry makes use of it. Panels, nails, wire, structural steel, pipe, sheet steel, structural alloy, and LTCS vessels under structural pressure steel, pipe, sheet steel, structural alloy, and LTCS are used as high-temperature, heavy-duty carbon steel that can tolerate high temperatures. There are also mechanical and thermal loads. Carbon steel is used in a wide range of other applications as well.
What are the opportunities exist in the Carbon Steel Market?
Governments of developing nations are legislating and investing significantly in infrastructure development plans and initiatives to enhance the connectivity and to create boom in their economy. Infrastructure development id going to enhance the demand for carbon steel which are also significantly consumed in grown and developed regions such as, North America, Europe, and Asia-Pacific. The government funds infrastructure development initiatives to promote economic growth. These developments enhance the market’s demand for carbon steel. As a result, the growing emphasis on infrastructure development presents attractive prospects for the carbon steel market to grow throughout the forecast period.
Who are the key market participants of the Carbon Steel Market?
The carbon steel market is somewhat fragmented, with various local players present in the market especially in China. These market players utilize multiple marketing methods to increase their market share, including new product launches, investments, alliances, and mergers and acquisitions. Businesses are also investing in the creation of better products. They are also concentrating on competitive pricing. Further key players are investing in geographical expansions to increase their consumer reach.
The scope of the research includes Global Carbon steel market players as mentioned below,
The report is a compilation of first-hand information, qualitative and quantitative assessments by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides an in-depth analysis of parent market trends, macro-economic indicators, and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
Market Report Highlights:
Note: Although care has been taken to maintain the highest levels of accuracy in reports, recent market/vendor-specific changes may take time to reflect in the analysis.
By End Use:
By Region and Country:
|Historical Data Available for||2017-2021|
|Market Analysis||USD Million for Value and Tons for Volume, and CAGR from 2022 to 2030|
|Key Regions Covered||North America, Latin America, Europe, Asia Pacific, and Middle East & Africa|
|Key Countries Covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key Segments Covered||By Grade, Form, Application, End-Use, and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|
Carbon Steel Research Scope:
ChemView Consulting offers customizations according to the client’s specific requirements. There is no limit to the level of customization we offer to our client’s if it falls under market research purview.