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Carbon Steel Market Size - By Type (Low Carbon Steel, Medium Carbon Steel and High Carbon Steel) and By Application & Forecast, 2024-2033

  • PUBLISHED ON
  • 2023-10-23
  • NO OF PAGES
  • 275
  • CATEGORY
  • Chemicals & Materials

Market Overview

Carbon Steel Market is projected to achieve a value of USD 953.6 Billion in 2023, with a linear behavior in the market growth it is forecasted to achieve a value of USD 1,542.8 Billion by 2033 with a CAGR of 3.4% during the forecast period 2024-2033.

Carbon steel is a type of steel that primarily consists of iron and carbon, with small amounts of other elements. It's one of the most common and widely used types of steel due to its versatility, cost-effectiveness, and a wide range of applications. The carbon content in carbon steel typically ranges from 0.05% to 2.0%.

The properties of carbon steel, including its strength, hardness, and ductility, can be adjusted by varying the carbon content and adding other alloying elements such as manganese, silicon, and sometimes small quantities of other elements like sulfur and phosphorus.

Survey Key Finding Of Carbon Steel Market:

·         Construction And Infrastructure:

o   Carbon steel is the most common type of steel used in construction, accounting for over 50% of all steel used in this sector.

o   It is used in a wide variety of applications, including bridges, buildings, and pipelines.

o   The main reasons for its popularity are its strength, durability, and cost-effectiveness.

·         Machinery And Tools:

o   Carbon steel is the most common type of steel used in machinery and tools, accounting for over 60% of all steel used in this sector.

o   It is used in a wide variety of applications, including gears, shafts, and cutting tools.

o   The main reasons for its popularity are its strength, hardness, and machinability.

Market Scope

Report Attributes

Description

Market Size in 2023

USD 953.6 Billion

Market Forecast in 2033

USD 1,542.8 Billion

CAGR % 2024-2033

3.4%

Base Year

2023

Historic Data

2016-2022

Forecast Period

2024-2033

Report USP

Production, Consumption, company share, company heatmap, company production capacity, growth factors and more

Segments Covered

Type and Application

Regional Scope

North America, Europe, APAC, South America and Middle East and Africa

Country Scope

U.S.; Canada; U.K.; Germany; France; Italy; Spain; Benelux; Nordic Countries; Russia; China; India; Japan; South Korea; Australia; Indonesia; Thailand; Mexico; Brazil; Argentina; Saudi Arabia; UAE; Egypt; South Africa; Nigeria

Key Companies

HBIS Group; Baosteel Group; ArcelorMittal; Nippon Steel Corporation; POSCO; AK Steel Corporation; NLMK; Evraz plc; United States Steel; and JFE Steel Corporation among others

 

Market Dynamics

Rapid urbanization and infrastructure development, particularly in emerging economies, drive the demand for carbon steel market. Its use in construction materials, pipelines, bridges, and other infrastructure projects is essential for economic growth and modernization.

·         For instance: India's plan to develop 100 smart cities is increasing demand for carbon steel for urban infrastructure, including buildings, transportation, and utilities.

·         This massive infrastructure project spanning Asia, Europe, and Africa is driving demand for carbon steel for railways, ports, and power plants.

As cities expand and populations grow, the need for new infrastructure, such as roads, bridges, buildings, and utilities, increases. Carbon steel is the primary material used in these constructions due to its strength, durability, and cost-effectiveness.

Investments in transportation infrastructure, including railways, airports, and ports, are driving the demand for carbon steel. Rails, bridges, support structures, and other transportation components rely heavily on carbon steel, thereby propelling the demand for carbon steel market.

As countries focus on improving sanitation and water access, investments in water and wastewater treatment plants are increasing. Carbon steel is used for pipes, tanks, and treatment equipment in these facilities.

The expansion of energy infrastructure, including power plants, transmission lines, and pipelines, requires significant amounts of carbon steel. Carbon steel is used for structural components, pipes, and pressure vessels in these facilities.

·         The Global Infrastructure Hub estimates that $94 trillion in infrastructure investment is needed by 2040 to meet global demand, indicating a substantial market for carbon steel.

·         Emerging economies are expected to account for over 60% of global infrastructure spending by 2040, driving carbon steel demand in regions like Asia, Africa, and Latin America.

·         Government initiatives like the U.S. Infrastructure Investment and Jobs Act, which allocates $1.2 trillion for infrastructure projects, are directly boosting carbon steel demand.

Market Type Analysis

The carbon steel market is segmented into three primary types based on carbon content: low carbon steel, medium carbon steel, and high carbon steel.

Low carbon steel holds the largest market share, accounting for approximately 70% of the total carbon steel market. Low carbon steel is characterized by its ductility, malleability, and weldability. It is relatively soft and easily formed into various shapes. Low carbon steel is widely used in construction, automotive parts, machinery, pipelines, and general structural applications.

Medium carbon steel holds a smaller market share compared to low carbon steel, accounting for around 25% of the total carbon steel market. Medium carbon steel offers a balance between strength and ductility. It is harder and stronger than low carbon steel but less formable. Medium carbon steel is used in automotive components, gears, axles, tools, machinery parts, and applications requiring higher strength.

High carbon steel holds the smallest market share among the three types, accounting for approximately 5% of the total carbon steel market. High carbon steel is characterized by its high strength, hardness, and wear resistance. It is less ductile and more difficult to form than low or medium carbon steel. High carbon steel is used in cutting tools, knives, springs, wear-resistant parts, and applications requiring high strength and hardness.

Market Application Analysis

Construction holds the largest share within carbon steel market, accounting for approximately 40% of the total market. Carbon steel is extensively used in construction materials, including beams, columns, reinforcing bars, structural components, and pipelines.

Automotive is the second largest market for carbon steel, accounting for around 25% of the total market. Carbon steel is widely used in car bodies, chassis components, wheels, engine parts, and various automotive components. Infrastructure and transport represent a significant market for carbon steel, accounting for approximately 15% of the total market. Carbon steel is used in bridges, railways, pipelines, transportation equipment, and infrastructure projects.

Shipbuilding holds a smaller but still important market share for carbon steel, accounting for around 10% of the total market. Carbon steel is used in shipbuilding for hulls, decks, structural components, and marine applications.

Market Regional Analysis

Asia-Pacific holds the largest share within carbon steel market, accounting for approximately 60% of the total market. Rapid industrialization, infrastructure development, and a growing manufacturing sector drive demand for carbon steel in this region. China, Japan, India, and South Korea are major producers and consumers of carbon steel in Asia-Pacific.

Europe holds the second largest market share for carbon steel, accounting for around 20% of the total market. A mature manufacturing base, infrastructure maintenance, and automotive production contribute to carbon steel demand in Europe. Germany, Italy, France, and the United Kingdom are significant producers and consumers of carbon steel in Europe.

North America holds a smaller but still significant market share for carbon steel, accounting for approximately 10% of the total market. Infrastructure investments, automotive manufacturing, and industrial applications drive demand for carbon steel in North America. The United States, Canada, and Mexico are major producers and consumers of carbon steel in North America.

Competitive Analysis

The carbon steel market is characterized by intense competition among numerous players, ranging from large multinational corporations to regional producers.

ArcelorMittal is the world's largest steel producer, with a significant presence in the carbon steel industry accounting for around 15% of the market share. The company operates in over 60 countries and produces a wide range of carbon steel products for various applications.

Nippon Steel Corporation is a leading Japanese steel producer and a major player in the carbon steel market. The company is known for its high-quality carbon steel products and its focus on technological innovation.

China Baowu Steel Group is the largest steel producer in China and a significant player in the global market. The company has a vast production capacity and is expanding its presence in international markets.

HBIS Group; Baosteel Group; ArcelorMittal; Nippon Steel Corporation; POSCO; AK Steel Corporation; NLMK; Evraz plc; United States Steel; and JFE Steel Corporation are some of the major key plyers in the Carbon Steel market.

Research Report Following Segments:

Market, By Type

·         Low Carbon Steel

·         Medium Carbon Steel

·         High Carbon Steel

Market, By Application

·         Shipbuilding

·         Automotive

·         Construction

·         Infrastructure and Transport

·         Others

Quality Assurance Process

  1. We Market Research’s Quality Assurance program strives to deliver superior value to our clients.

We Market Research senior executive is assigned to each consulting engagement and works closely with the project team to deliver as per the clients expectations.

Market Research Process




We Market Research monitors 3 important attributes during the QA process- Cost, Schedule & Quality. We believe them as a critical benchmark in achieving a project’s success.

To mitigate risks that can impact project success, we deploy the follow project delivery best practices:
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  • Assign a senior SR executive as QA Executive
  • Conduct internal editorial & quality reviews of project deliverables
  • Certify project staff in SR methodologies & standards
  • Monitor client satisfaction
  • Monitor realized value post-project

Case Study- Automotive Sector

One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached We Market Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).

Solution

The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research

The second stage involved primary research in which several market players and automotive parts suppliers were contacted to study their viewpoint concerning the development of their market and production capacity, clientele, and product line. This stage concluded in a brief understanding of the competitive ecosystem and also glanced through the strategies and pricing of the companies profiled.

Market Estimates and Forecast

In the final stage of the study, market forecasts for the electric utility were derived using multiple market engineering approaches. This data helped the client to get an overview of the market and accelerate the process of investment.

Case Study- ICT Sector

Business process outsourcing, being one of the lucrative markets from both supply- and demand- side, has appealed to various companies. One of the prominent corporations based out of Japan approached us with their requirements regarding the scope of the procurement outsourcing market for around 50 countries. Additionally, the client also sought key players operating in the market and their revenue breakdown in terms of region and application.


Business Solution

An exhaustive market study was conducted based on primary and secondary research that involved factors such as labor costs in various countries, skilled and technical labors, manufacturing scenario, and their respective contributions in the global GDP. A comparative study of the market was conducted from both supply- and demand side, with the supply-side comprising of notable companies, such as GEP, Accenture, and others, that provide these services. On the other hand, large manufacturing companies from them demand-side were considered that opt for these services.


Conclusion

The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2033.

Frequently Asked Questions

What is the Global Carbon Steel market value?

Global Carbon Steel market was valued at USD 953.6 Billion in 2023 and is estimated to reach value of 1,542.8 Billion by 2033.

Which are the upcoming countries within the Carbon Steel market?

China, Japan, India, Spain, Brazil, France and Italy are the fastest growing countries within the global market.

Who are the key competitors of market Players?

HBIS Group; Baosteel Group; ArcelorMittal; Nippon Steel Corporation; POSCO; AK Steel Corporation; NLMK; Evraz plc; United States Steel; and JFE Steel Corporation are the top companies in the market.

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