Global Carbon Steel Market to Reach $1,284.51 Billion by 2030 Owing To the Rapid Infrastructure Development Activities in Demand for Shipbuilding Industry | Says Coherent Market Insights

Burlingame, March 08, 2024 (GLOBE NEWSWIRE) — Coherent Market Insights published a report, titled, Global Carbon Steel Market, By Carbon Content (Low Carbon Steel (Mild Steel), Medium Carbon Steel, High Carbon Steel), By End-use Industry (Construction, Automotive, Oil & Gas, Energy, Consumer Goods, Shipbuilding, Others), By Form (Flat Products, Long Products, Tubular Products), By Process (Basic Oxygen Furnace (BOF), Electric Arc Furnace (EAF)), By Treatment (Cold Rolled, Hot Rolled, Galvanized, Annealed), By Application (Tools, Pipes & Tubes, Construction Hardware, Structural), and By Geography: Size, Share, Outlook, and Opportunity Analysis, 2023-2030. According to the report, the global carbon steel market was valued at US$ 1,002.81 Bn in 2023 and is expected to reach US$ 1,284.51 Bn by 2030, growing at a compound annual growth rate (CAGR) of 3.6% from 2023 to 2030.

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Market Dynamics:

The increasing demand for carbon steel in various industries such as construction, automotive, and manufacturing is one of the key drivers driving the growth of the carbon steel market. Additionally, the cost-effectiveness and durability of carbon steel compared to other materials are further fueling its demand in the market.

Carbon Steel Market Report Coverage

Report Coverage Details
Market Revenue in 2023 $1,002.81 billion
Estimated Value by 2030 $1,284.51 billion
Growth Rate Poised to grow at a CAGR of 3.6%
Historical Data 2018–2021
Forecast Period 2023–2030
Forecast Units Value (USD Million/Billion)
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered By Carbon Content, By End-use Industry, By Form, By Process, By Treatment, By Application
Geographies Covered North America, Europe, Asia Pacific, and Rest of World
Restraints & Challenges • Environmental Concerns

• Competition from Alternatives

• Volatility in Raw Material Prices

• Overcapacity

Growth Drivers • Infrastructure Development

• Automotive Industry

• Rapid Urbanization

• Energy Sector

Moreover, the growing investments in infrastructure development projects across the globe are also contributing to the growth of the carbon steel market. The use of carbon steel in the construction of bridges, buildings, and roadways is expected to drive market growth in the coming years.

Market Trends:

One of the key trends in the carbon steel market is the shift towards sustainable and eco-friendly manufacturing practices. Companies are increasingly focusing on reducing their carbon footprint and adopting green technologies in the production of carbon steel.

Another trend observed in the market is the rising adoption of advanced technologies such as automation and robotics in the manufacturing process of carbon steel. This is leading to improved efficiency, quality, and safety in the production of carbon steel products, thus driving market growth.

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The carbon steel market is a thriving industry with a market size of US$1,002.81 billion in 2023 and a projected CAGR of 3.6% during the forecast period from 2023 to 2030. This market offers two key opportunities for growth and expansion: one in the Low Carbon Steel (Mild Steel) segment and the other in the Construction industry segment.

Low carbon steel, also known as mild steel, is a dominating segment within the carbon steel market. This type of steel is widely used in various industries due to its properties of malleability and ductility. The low carbon steel segment is expected to continue its dominance in the market, making it a lucrative opportunity for businesses looking to invest in this sector.

Recent Developments:

In 2022, Cleveland-Cliff was purchased by ArcelorMittal for US$ 38 billion. With the agreement, the largest steelmaker in the world by output was formed.

In 2021, an announcement of intent to merge was made by Nippon Steel and Sumitomo Metal Corporation.

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Key Market Takeaways:

The carbon steel market is anticipated to witness a CAGR of 3.6% during the forecast period 2023-2030, owing to the growing demand for steel in various industries. On the basis of carbon content, the Low Carbon Steel segment is expected to hold a dominant position, owing to its versatility and wide range of applications.

In terms of end-use industry, the Construction sector is expected to dominate the market, fueled by infrastructure development projects globally. By region, North America is expected to hold a dominant position over the forecast period, driven by the construction and automotive industries.

Key players operating in the carbon steel market include Nippon Steel & Sumitomo Metal Corporation (NSSMC), POSCO, Tata Steel, Baowu Group, JFE Steel Corporation, JSW Steel, United States Steel Corporation (U.S. Steel), Shagang Group, and Ansteel Group. These key players are leading the market with their innovative products and strong market presence, contributing to the growth of the carbon steel industry globally.

In conclusion, the carbon steel market offers lucrative opportunities for growth and expansion, particularly in the low carbon steel (mild steel) segment and the construction industry. With a strong market size and projected CAGR, businesses in this sector have the potential to capitalize on the increasing demand for carbon steel products in various industries. By focusing on key market segments and regions, companies can position themselves for success and drive innovation in the carbon steel market.

Read complete market research report, “Global Carbon Steel Market, By Carbon Content, By End-use Industry, By Form, By Process, By Treatment, By Application, By Geography, Market Size And Share Analysis – Growth Trends And Forecasts 2023-2030”, Published by Coherent Market Insights.

Market Segmentation

By Carbon Content:

  • Low Carbon Steel (Mild Steel)
  • Medium Carbon Steel
  • High Carbon Steel

By End-use Industry:

  • Construction
  • Automotive
  • Oil & Gas
  • Energy
  • Consumer Goods
  • Shipbuilding
  • Others

By Form:

  • Flat Products
  • Long Products
  • Tubular Products

By Process:

  • Basic Oxygen Furnace (BOF)
  • Electric Arc Furnace (EAF)

By Treatment:

  • Cold Rolled
  • Hot Rolled
  • Galvanized
  • Annealed

By Application:

  • Tools
  • Pipes & Tubes
  • Construction Hardware
  • Structural

By Region:

  • North America
    • U.S.
    • Canada
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Europe
    • Germany
    • U.K.
    • Spain
    • France
    • Italy
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • South Korea
    • Rest of Asia Pacific
  • Middle East & Africa
    • South Africa
    • GCC Countries
    • Rest of Middle East & Africa

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About Us:

Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.

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