Carbon Steel Procurement Market to Hit $1.28 Trillion Worth by 2030 at a CAGR of 3.6% | ELINT Market Research

Carbon steel is a crucial metal made up of iron and carbon materials, which is a great source of facilitating smooth industrial processes. Hence, various worldwide businesses and stakeholders depend on this metal to execute their operations, and they even make deals in steel manufacturing, supplying, and consumption activities.

In the last few years, significant industries like automobiles, construction, heavy machinery, energy, and consumer goods have employed carbon steel products because of their resilience, elasticity, anti-corrosiveness, and weightless qualities.

Consequently, due to such reasons, the global market is evaluated at $1,002.81 billion in 2023 as per ELINT Market Research's carbon steel procurement intelligence market research report. Also, it is anticipated to extend to a $1,284.51 billion valuation by 2030 at a CAGR of 3.6%.

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Rise of Automotive & Construction Projects, Urbanization, and the Energy Industry Drive Carbon Steel Market Growth
The global carbon steel market experienced massive growth due to rising construction and automobile projects since this metal works as a key component in the building of various buildings, bridges, transportation, cars, and automotive parts. Hence, this is the prominent reason for the development of the carbon steel market.

Another key driver for the steel sector is day-by-day increasing urbanization, which means people are migrating from rural to urban areas and that is why the manufacturing of residential places is also growing. Thus, construction industry participants are mainly investing in carbon steel products.

Moreover, as oil and gas industries are advancing, the requirement for carbon steel goods also developing, since they assist in building commercial sites, pipelines, and other conveniences. As a result, it is yet another crucial element fostering the growth of the international steel market.

Key Highlights for the Carbon Steel Procurement Market
• Varied types of carbon steels like low, medium, and high cater to diverse requirements of various worldwide industries and businesses like automobile, industrial machinery, power generation, oil & gas, construction, consumer & home products, and more.
• Carbon steel suppliers and manufacturers employ distinct distribution channels like direct sales, wholesaling, online trades, third-party representatives, exhibitions, and OEMs.
• The carbon steel market represents different consolidation levels in diverse regions. North America has a high consolidation degree, and its top six players hold a 61% stake in total steel manufacturing. Further, Europe also has an advanced level of consolidation, and the leading five participants own about 50% share. Conversely, Asia has a medium consolidation, and its 20 prominent market players carry a 41% stake in steel production.
• The impactful cost components of the international carbon steel market are energy, labor, raw materials, etc., which assist stakeholders in evaluating their general steel manufacturing cost structure. Also, they need to ensure a constant supply of these components to facilitate ongoing operations.
• A renowned price trend of the carbon steel industry is HRC, which is also called hot-rolled steel coils, which vary for various nations in Q1 2023 when compared to Q4 2022. In this context, North America showed a 21-23% rise in HRC expenses. Moreover, Europe revealed an 11-13% incline, and Asia disclosed a 1-2% gain in steel coil outlay.

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Global Carbon Steel Market Regional Dynamics
The general carbon steel procurement intelligence and insights in various countries influence the overall global performance of this sector. In this sense, Asia occurred as the dominant supplier in this industry, which means it has a large count of steel manufacturers, who are constantly delivering huge quantities of this metal to the world.

Conversely, North America and Asia regions manufacture a descending quantity of carbon steel and emerged as key importers of this metal. Hence, both countries depend on other nations to obtain their steel requirements.

Notable Developments in the Global Carbon Steel Market
• Businesses operating in a global carbon steel market adopt sustainable and environment-friendly steel manufacturing techniques to produce green steel goods and protect the environment from harmful greenhouse gases and carbon counts.
• The rise of intelligent carbon steel products is driving great opportunities for stakeholders, as these metals comprise handy features such as specialized coatings, corrosion resistance, flexibility, etc.
• Manufacturers are employing end-to-end digitalization and Industry 4.0 techniques like IoT, big data, and AI to facilitate steel production, maintenance, and supply operations.
• Asia Pacific has become the global leader in carbon steel production and distribution and is expected to remain in that position.
• POSCO introduced Greenate-certified steel products to lower greenhouse gases in the atmosphere. It used key technologies like electric arc boilers, hydrogen-dependent directly-reduced iron, and waste metals in the production of these low-carbon steel goods. Also, this company desires to be capable of constructing five million tons of Greenate-certified steel annually till 2030.
• Hyundai Steel manufactured its own range of low-carbon steel goods called HyECOsteel. Further, by 2030, this business hopes to have a 5 million tonne per year manufacturing capacity of HyECOsteel, and it employs various intelligent CO2 emission reduction methods like used metal, fiery iron from combustion furnaces, and hydrogen-focused decreased iron.

Key Players in the Global Carbon Steel Market
Some of the renowned global carbon steel procurement market intelligence companies include United States Steel Corp, Nucor Corp, ArcelorMittal USA LLC, Steel Dynamics Inc, AK Steel Corp, ArcelorMittal SA, ThyssenKrupp AG, Novolipetsk Steel (NLMK), Evraz Plc., Tata Steel Europe, Gerdau SA, ArcelorMittal Brasil, Usiminas - Usinas Siderurgicas de Minas Gerais SA, CSN - Companhia Siderúrgica Nacional SA, Hesteel Group, Nippon Steel and Sumitomo Metal Corporation, POSCO, Jiangsu Shagang Group Co. Ltd., Anshan Iron & Steel (Group) Corp., BlueScope Steel Ltd., Sumitomo Australia Pty Ltd., Bisalloy Steels Pty Ltd., Orrcon Manufacturing Pty Ltd., Steelforce Australia Ltd., Nippon Steel Corp, Jiangsu Shagang Group Co Ltd.

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Important Questions Related to the Carbon Steel Market Report
1. What are the major factors driving development in the global carbon steel market?
The international carbon steel industry's recognized drivers include the constantly rising construction and automobile sectors. Hence, the steel market is expected to encounter tremendous growth in the upcoming five years.

2. Which are the steel market's top-selling components?
One of the leading components of the steel industry is low or mild-carbon steel products, which massively assist in building, automobile, and industrial sectors due to their flexibility and affordability characteristics.

3. Which country is expected to dominate the global carbon steel market?
Elint's procurement market analysis says that Asia Pacific's key regions like India and China are expected to dominate the global carbon steel market, due to constantly rising infrastructural & industrial development projects and the existence of large steel manufacturers.

Related Reports:

Stainless Steel Procurement Market: https://elintmarketresearch.com/procurement-intelligence/stainless-steel-market/?utm_source=openpr&utm_medium=Raj

Electrical Steel Procurement Market: https://elintmarketresearch.com/procurement-intelligence/electrical-steel/?utm_source=openpr&utm_medium=Raj

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