Carbon Steel Market 2024: In-depth Growth Outlook, Development Trends, Demand Opportunities and Regional Forecast by 2031 | Nippon Steel & Sumitomo Metal Corporation (NSSMC)

Market Overview:

Carbon steel contains a small controlled amount of carbon generally less than 0.25% and has higher strength and hardness than plain carbon steel. It is used in wide range of applications such as automotive, construction, pipes and tubes, shipbuilding and other applications.

Market Dynamics:

The global carbon steel market is expected to witness high growth over the forecast period. This is primarily attributed to growing construction industry worldwide. According to the World Economic Forum, the global construction market will be valued at $15.5 trillion by 2030 as against $10 trillion in 2020, growing at 3-4% annually between 2020-2030. The revival of construction activities post pandemic is expected to fuel demand for carbon steel bars and plates used in building structures and infrastructure development. Another key driver is growing shipbuilding industry in Asian countries such as China and South Korea. As global seaborne trade continues to rise, demand for ships and vessels is increasing which will subsequently boost demand for carbon steel used in shipbuilding over the forecast period.

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Top Companies Covered In This Report:

★ Nippon Steel & Sumitomo Metal Corporation (NSSMC)
★ POSCO
★ Tata Steel
★ Baowu Group (China Baowu
★ Steel Group Corp.)
★ JFE Steel Corporation
★ JSW Steel
★ United States Steel Corporation (U.S. Steel)
★ Shagang Group
★ Ansteel Group

Detailed 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 Application:
✦ Tools
✦ Pipes & Tubes
✦ Construction Hardware
✦ Structural

Key Region/Countries are Classified as Follows:

⋆ North America (United States, Canada, and Mexico)
⋆ Europe (Germany, France, UK, Russia, Italy)
⋆ Asia-Pacific (China, Japan, Korea, India, and Southeast Asia)
⋆ South America (Brazil, Argentina, Colombia)
⋆ Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, and South Africa)

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✦Carbon Steel Market Primarily Driven by Infrastructural Development and Industrial Growth

Infrastructural development has been one of the major market drivers for carbon steel globally. As countries across the world are investing heavily in developing their infrastructure like roads, bridges, buildings, power generation plants etc. This results in significant demand for carbon steel which is the most widely used construction material. Developing nations in Asia Pacific and Africa regions are witnessing rapid urbanization which is propelling the need for more residential and commercial construction activities. Various government initiatives like smart city projects, building new industrial corridors are boosting the consumption of carbon steel.

Another key factor augmenting the carbon steel market is the industrial growth. Carbon steel finds wide applications in manufacturing sector for production of machinery, equipment, tools etc. As manufacturing remains core to the economic progress of most countries, there is consistent requirement of carbon steel from various end-use industries. Developed economies are focusing on capacity expansion and automation of their manufacturing units. Meanwhile, emerging economies are striving to develop their manufacturing capabilities which is stimulating carbon steel demand from industries. Moreover, oil & gas sector heavily relies on carbon steel for extraction, transportation and refining of crude oil. With rising energy needs worldwide, investments are being made in oil & gas infrastructure which is positively impacting the carbon steel market.

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✦ Fluctuating Iron Ore Prices Pose Challenge for Carbon Steel Manufacturers

Volatility in iron ore prices poses a major challenge for carbon steel manufacturers globally. Iron ore is the primary raw material used in carbon steel production. Its pricing depends on demand-supply forces in the international market and is influenced by economic conditions. Any fluctuation in iron ore costs directly impacts the production cost and profit margins of steel producers. In recent years, iron ore prices witnessed steep decline due to moderation in Chinese steel demand and supply glut in the seaborne market. This made operations difficult for steel mills since carbon steel selling prices could not be increased in tandem with falling raw material prices. Significant variations in iron ore costs strain the financial flexibility of steel producers, especially small and medium enterprises. They struggle to absorb fluctuations in input costs which restricts their long term capacity expansion plans and acts as a market restraint.

✦ Electric Arc Furnace Emerges as Preferred Carbon Steel Melting Technology

Electric arc furnace (EAF) is emerging as the dominant carbon steel melting technology globally over the traditional integrated blast furnace-basic oxygen furnace (BF-BOF) route. EAF based Mini Mills have advantages such as flexibility in raw material mix, faster melting cycle and higher energy efficiency. Mini Mills account for around 40% of global steel output currently and their share is growing on yearly basis. Major steel manufacturers are investing in EAF capacity expansions to meet future volume needs as well as reduce carbon footprint. Some large mills are converting their BF units into EAF shops. Governments are also supporting Mini Mill expansions for sustainability goals.

Key Questions Answered in the Report:

1. What are the growth opportunities for the new entrants in the global Carbon Steel industry?
2. Who are the leading players functioning in the global Carbon Steel marketplace?
3. What are the key strategies participants are likely to adopt to increase their share in the global Carbon Steel industry?
4. What is the competitive situation in the global Carbon Steel market?
5. What are the emerging trends that may influence the Carbon Steel market growth?
6. Which product type segment will exhibit high CAGR in the future?
7. Which application segment will grab a handsome share in the global Carbon Steel industry?
8. Which region is lucrative for the manufacturers?

Table of Contents:

1. Research Objectives and Assumptions
• Research Objectives
• Assumptions
• Abbreviations

2. Market Purview
• Report Description
- Market Definition and Scope
• Executive Summary
- Market Snippet, By Product Type
- Market Snippet, By Application
- Market Snippet, By Regions
- Market Snippet, By End-User
• Stratagem Opportunity Map (SOM)

3. Market Dynamics, Regulations, and Trends Analysis
• Market Dynamics
- Drivers
- Restraints
- Market Opportunities
• Impact Analysis
• Industry Trends
• Regulatory Scenario
• Acquisitions, Partnerships & Agreements
• Brand Analysis
• Pricing Analysis
• Epidemiology
• Porter's Analysis
• Value Chain Analysis
• Supply Chain Analysis
• Distribution Landscape

4. Carbon Steel Market - Impact of Coronavirus (Covid-19) Pandemic
• COVID-19 Epidemiology
• Overall Impact on this Sector
• Impact of COVID-19 on Supply and Demand

5. Carbon Steel Market, By Product Type, 2024-2031 (US$ Million)
• Introduction
- Market Share Analysis, 2024 and 2031 (%)
- Y-o-Y Growth Analysis, 2024 - 2031
- Segment Trends

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