The global Carbon Steel Market is estimated to be valued at US$ 1002.81 Bn in 2023 and is expected to exhibit a CAGR of 3.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Carbon steel refers to steels with carbon content up to 2.1% by weight. These alloys are commonly used in construction, automotive, agriculture, railway, mechanical components and other industrial applications due to their high strength, easy formability, high corrosion resistance and cost effectiveness.
Market key trends
One of the key trends in the carbon steel market is the increasing demand from the automotive industry. Around 60% of carbon steel consumed globally is used in the automotive industry for manufacturing engines, transmissions, car bodies and other components. The rising automotive production across countries such as China, USA, Germany, India etc. is expected to drive the demand for carbon steel during the forecast period.
Strength: Carbon steel is durable, corrosion-resistant and cost-effective making it suitable for a variety of applications. It has high strength and is easily available in the market.
Weakness: Carbon steel has low ductility and is susceptible to rusting. It has limited applications at elevated temperatures as its strength reduces at high temperatures.
Opportunity: Growing infrastructure development and construction activities worldwide is boosting the demand for steel. Rapid urbanization in developing nations also provides growth opportunities for carbon steel market.
Threats: Fluctuating raw material prices may increase the overall cost of carbon steel. Growing popularity of substitute materials like aluminum, composites poses a threat. stringent environmental regulations can also hamper the market growth.
The Global Carbon Steel Market Size is expected to witness high growth, exhibiting CAGR of 3.6% over the forecast period, due to increasing infrastructure development activities globally. Rapid urbanization and growth of the building & construction industry is fueling the carbon steel demand significantly.
Regional analysis: Asia Pacific dominates the global carbon steel market owing to robust growth of end-use industries in China and India. Abundant availability of raw materials and cheaper labor costs provide competitive advantage to the regions producers. Western Europe and North America account for over 20% share due to stringent product standards and technological advancements.
Key players: Key players operating in the carbon steel market are ArcelorMittal, Nippon Steel & Sumitomo Metal Corporation, POSCO, Tata Steel, Baowu Group, JFE Steel Corporation, JSW Steel, United States Steel Corporation, Shagang Group, Ansteel Group. The industry is moderately consolidated in nature with top players accounting for over 35% of the global production.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it