Carbon Steel Market Size was valued at USD 981.5 Billion in 2022. The carbon steel industry is projected to grow from USD 1022.7 Billion in 2023 to USD 1421.3 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.20% during the forecast period (2023 - 2032). Carbon steel is a key material for construction, from buildings and bridges to pipelines and power plants. The growing demand for infrastructure in developing countries is a major driver of the carbon steel market are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Market CAGR for the growing use of high-energy carbon metallic represents a vast boom driving force for the industry, driven by using its superior mechanical residences, durability, and flexibility in numerous applications. According to facts from the World Steel Association, advancements in metallurgy and production techniques have enabled the production of high-electricity carbon steel, meeting the needs of industries like automotive, production, and machinery manufacturing. The automotive region, as an instance, has witnessed a rising trend within the adoption of high-strength carbon steel in automobile additives to decorate safety and decrease weight, thereby enhancing fuel efficiency. This shift in the direction of high-power carbon steel is a testament to the cloth's adaptability to evolving industry necessities.
Additionally, Infrastructure improvement is a pivotal motive force for the carbon metal enterprise, as robust construction demands reliable and sturdy materials. According to a record by means of the International Finance Corporation (IFC), infrastructure spending is predicted to reach trillions of dollars inside the coming years. Carbon metal plays a crucial function on this situation, being the favored fabric for the construction of bridges, highways, and buildings due to its structural power and cost-effectiveness. As urbanization maintains and rising economies invest closely of their infrastructure, the demand for carbon metallic is projected to grow considerably, fostering sustained enterprise expansion.
Energy zone investments constitute another vital growth motive force for the carbon metallic industry. The International Energy Agency (IEA) highlights the increasing call for oil and gas infrastructure, emphasizing the role of carbon metal in pipelines, drilling equipment, and garage centers. As the sector continues to rely on fossil fuels and invests in renewable electricity tasks, the want for long lasting materials like carbon metal remains paramount. The versatility of carbon metal in harsh environments and its ability to withstand severe situations function it as a key player inside the ongoing international power transition, contributing to the enterprise's continued growth. Thus, driving the carbon steel market revenue.
The carbon steel market segmentation, based on Type includes Low carbon steel, Medium carbon steel, High carbon steel, and others. The Medium carbon steel segment dominated the market, accounting for double growth of market. Medium carbon steel offers a favorable strength-to-weight ratio, making it an ideal choice for applications where both strength and weight considerations are crucial.
The carbon steel market segmentation, based on End user, includes Building and construction, Automotive, Shipbuilding, and Other. The Automotive Based category generated the most income. The automotive industry relies heavily on carbon steel for manufacturing vehicle components, contributing to increased demand as the automotive sector expands globally.
The carbon steel market segmentation, based on Product, includes Carbon steel, Alloy steel, and Stainless steel. Stainless steel is dominating the market 2022. The growth of industrial infrastructure projects, such as construction of bridges, roads, and buildings, increases the demand for carbon steel as a primary construction material.
Figure 1: Carbon steel Market, by Product, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The growth in population drives demand for housing, infrastructure, and consumer goods, all of which contribute to increased consumption of carbon steel in construction and manufacturing. Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: CARBON STEEL MARKET SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe carbon steel market accounts for the second-largest market share due to the growing demand for infrastructure in developing countries is a major driver of the carbon steel market. Further, the German carbon steel market held the largest market share, and the UK carbon steel market was the fastest growing market in the European region
The Asia-Pacific carbon steel Market is expected to grow at the fastest CAGR from 2023 to 2032. Rapid urbanization and construction activities in emerging economies lead to a surge in demand for carbon steel for structural purposes, reinforcing the need for sturdy and reliable construction materials. Moreover, China’s carbon steel market held the largest market share, and the Indian carbon steel market was the fastest growing market in the Asia-Pacific region.
Leading market players are investing heavily in research and development in order to expand their End user lines, which will help the carbon steel market, grow even more. The carbon steel market is a fast-paced and competitive industry that includes everything from service with trade carbon steels, with important market developments and the landscape of rivalry greatly relies on the kind and scope of product, and also the region in which they occur. To expand and survive in a more competitive and rising market climate, carbon steel industry must offer business meetings, conventions, and various other kinds of incidents constitute a part of the carbon steel market.
Each of these markets has its own set of characteristics and competitors in the carbon steel industry to benefit clients and increase the market sector. In recent years, the carbon steel industry has offered some of the most significant Products. Major players in the carbon steel market, including Nippon Steel Corporation, United States Steel Corporation, Marcegaglia, Daido Steel Co., Ltd., HBIS Group Co., Ltd., NLMK, Dongbei Special Steel Group International Trade Co., Ltd., ArcelorMittal, Kobe Steel, Ltd., AK Steel International B.V., and others, are attempting to increase market demand by investing in research and development operations.
Nippon Steel Corporation, headquartered in Tokyo, Japan, is one of the world's leading steel producers, renowned for its innovative technologies and commitment to sustainable practices. With a rich history dating back to 1970, Nippon Steel has played a pivotal role in the steel industry. The company operates a diverse range of businesses, including the production and sale of steel products, engineering, and construction services. Nippon Steel Corporation has consistently demonstrated a commitment to research and development, aiming to stay at the forefront of technological advancements within the steel sector. Additionally, the company places a strong emphasis on environmental responsibility, actively working towards reducing its carbon footprint and promoting eco-friendly practices in line with sustainability goals.
United States Steel Corporation, based in Pittsburgh, Pennsylvania, is a prominent American steel producer deeply rooted in the country's industrial history. Established in 1901, the company has played a crucial role in shaping the nation's economic landscape. U.S. Steel is a leading integrated steel producer, involved in the manufacturing and sale of a wide range of steel products, including flat-rolled and tubular steel. The company's operations extend beyond the borders of the United States, with a presence in key markets. U.S. Steel has consistently adapted to changing industry dynamics, leveraging advanced technologies to enhance efficiency and maintain a competitive edge. As a key player in the steel industry, the company remains committed to delivering high-quality products and contributing to the growth and development of the communities it serves.
Nippon Steel Corporation
United States Steel Corporation
Marcegaglia, Daido Steel Co., Ltd.
NLMK
Dongbei Special Steel Group International Trade Co., Ltd.
ArcelorMittal
Kobe Steel, Ltd.
AK Steel International B.V.
In 2021: Nippon Steel & Sumitomo Metal Corporation announced a new business strategy called “NSSMC Beyond 2022” aimed at expanding its business globally and strengthening its competitiveness in the market. This expansion will boost the carbon steel market growth.
In 2020:Â ArcelorMittal S.A. announced its plans to invest around $500 Million in a new steel plant in Mexico. The investment was aimed at expanding ArcelorMittal S.A. presences in the North American market and strengthening its product portfolio.
In 2020:Â U.S. Steel Corporation announced a $1.2 Billion investment to construct a new sustainable endless casting and rolling facility in Pennsylvania. The investment was aimed at improving operational efficiency of the companies and reducing their environmental footprint.
In 2020:Â Tata Steel announced its plans to acquire the remaining 25.1% stake in Tata Steel BSL Limited, a subsidiary of Tata Steel, for $321 Million. The acquisition was aimed at strengthening Tata Steel position in the Indian market and expanding its product portfolio.
In 2020:Â China Baowu Steel Group Corp., Ltd. announced its plans to merge with Magang (Group) Holding Co., Ltd. The merger was valued at around $2.8 Billion and aimed to expand China Baowu product offerings and strengthen its competitiveness in the market.
Low carbon steel
Medium carbon steel
High carbon steel
Others
Building and construction
Automotive
Shipbuilding
Others
Carbon steel
Alloy steel
Stainless steel
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 981.5 Billion |
| Market Size 2023 | USD 1022.7 Billion |
| Market Size 2032 | USD 1421.3 Billion |
| Compound Annual Growth Rate (CAGR) | 4.20% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Convered | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, End user, Product, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The US, Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Nippon Steel Corporation, United States Steel Corporation, Marcegaglia, Daido Steel Co., Ltd., HBIS Group Co., Ltd., NLMK, Dongbei Special Steel Group International Trade Co., Ltd., ArcelorMittal, Kobe Steel, Ltd., AK Steel International B.V. |
| Key Market Opportunities | Growing demand in developing countries |
| Key Market Dynamics | The increasing demand for vehicles, particularly in emerging markets, is driving the growth of the carbon steel market. |
Carbon Steel Market Highlights:
Frequently Asked Questions (FAQ) :
The carbon steel market size was valued at USD 981.5 Billion in 2022.
The market is projected to grow at a CAGR of 4.20% during the forecast period, 2023-2032.
North America had the largest share in the market
The key players in the market are Nippon Steel Corporation, United States Steel Corporation, Marcegaglia, Daido Steel Co., Ltd., HBIS Group Co., Ltd., NLMK, Dongbei Special Steel Group International Trade Co., Ltd., ArcelorMittal, Kobe Steel, Ltd., AK Steel International B.V.
The Medium carbon steel category dominated the market in 2022.
The Automotive had the largest share in the market.
Analyst Explore the profile of garvit vyas, one of our esteemed authors at market research future, and access their expert research contributions in the field of market research and industry analysis
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
