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
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
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:
steel is the most common type of steel used in construction, accounting for
over 50% of all steel used in this sector.
is used in a wide variety of applications, including bridges, buildings, and
main reasons for its popularity are its strength, durability, and
Machinery And Tools:
steel is the most common type of steel used in machinery and tools, accounting
for over 60% of all steel used in this sector.
is used in a wide variety of applications, including gears, shafts, and cutting
main reasons for its popularity are its strength, hardness, and machinability.
Market Size in 2023
Market Forecast in 2033
CAGR % 2024-2033
Consumption, company share, company heatmap, company production capacity,
growth factors and more
Type and Application
Europe, APAC, South America and Middle East and Africa
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
Baosteel Group; ArcelorMittal; Nippon Steel Corporation; POSCO; AK Steel
Corporation; NLMK; Evraz plc; United States Steel; and JFE Steel Corporation among
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.
infrastructure project spanning Asia, Europe, and Africa is driving demand for
carbon steel for railways, ports, and power plants.
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,
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.
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.
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
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.
like the U.S. Infrastructure Investment and Jobs Act, which allocates $1.2
trillion for infrastructure projects, are directly boosting carbon steel
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.
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.
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
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
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.
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.
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
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.
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.
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.
carbon steel market is characterized by intense competition among numerous
players, ranging from large multinational corporations to regional producers.
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.
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.
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.
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
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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.
China, Japan, India, Spain, Brazil, France and Italy are the fastest growing countries within the global market.
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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