Carbon Steel Market to Surpass US$ 1,284.51 billion by 2030, with 3.6%

Market Overview:

Global carbon steel market size was valued at US$ 1,002.81 billion in 2023 and is expected to reach US$ 1,284.51 billion by 2030, exhibiting a compounded annual growth rate (CAGR) of 3.6% during the forecast period (2023-2030).

Market Dynamics:

Carbon steel finds major applications in the construction industry for building structures and reinforced bars. Rising construction activities, especially in Asia Pacific region driven by rapid urbanization and industrialization is expected to drive the demand for carbon steel over the forecast period. Furthermore, growing investments in infrastructure projects including roads, bridges, and buildings is also anticipated to boost the carbon steel market growth. While, growing automotive production worldwide supported by rising vehicle parc is projected to further augment the product adoption through 2031.

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Carbon Steel Market Drivers

Increased Use of Carbon Steel in Construction Industry

The construction industry has seen significant growth in the past few years globally. Carbon steel finds wide application in the construction of buildings, bridges, infrastructure projects etc. due to its high strength, durability and cost effectiveness. Properties like corrosion resistance, formability and weldability have made carbon steel a material of choice for rebars, structural beams and other load bearing elements in construction. The growing construction sector is expected to drive higher demand for carbon steel in the coming years.

Carbon Steel Market Opportunity

Recycling of Steel

Nearly 50% of the raw materials used globally in steel making comes from recycled steel. Recycling provides an excellent opportunity to reduce carbon emissions and costs associated with primary steel production. It lowers the energy needs drastically by about 66% as compared to production from iron ore. Rising steel demand and limited availability of resources is driving the need for efficient recycling. Investments in collection, segregation and processing infrastructure can help steel producers tap this opportunity significantly while contributing to a circular steel economy.

Carbon Steel Market Trends

Adoption of Electric Arc Furnace Technology

Growing environmental regulations are driving shifts towards low carbon production technologies in the steel industry. Electric arc furnace (EAF) technology which uses steel as the primary raw material has emerged as a viable alternative to the conventional blast furnace-basic oxygen furnace route. EAF based mini mills are capable of producing special and high strength steels with much lower greenhouse gas emissions. Their modular design also allows for easier capacity additions based on market demand fluctuations. Many companies are investing in EAF expansion to reduce their carbon footprint and gain competitive advantage, setting the tone for future carbon steel production trends.

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Top Companies Featured 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

Market Segmentation:

By Product Type:

★ 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 Form: Flat Products, Long Products, Tubular Products
★ By Process: Basic Oxygen Furnace (BOF), Electric Arc Furnace (EAF)
★ By Treatment: Cold Rolled, Hot Rolled, Galvanized, Annealed

By Applications:

★ By Application: Tools, Pipes & Tubes, Construction Hardware, Structural

Key Regions/Countries Classified as Follows:

» North America (U.S., Canada, Mexico)
» Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
» Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
» South America (Brazil, Argentina, Rest of SA)
» Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)

The report offers insights on the following aspects:

Chapter 1: Study Coverage

Chapter 2: Executive Summary

Chapter 3: Analysis of Carbon Steel Market Competition Landscape by Players

Chapter 4: Assessment of Carbon Steel Market Size by Type and Application

Chapter 5: Global and Regional Analysis

Chapter 6: Company Profiles, recent developments, and investments

Chapter 7: Analysis of Market Opportunities, Challenges, Risks, and Influencing Factors

Chapter 8: Evaluation of Value Chain and Sales Channels, including breakthrough product developments

Chapter 9: Research Findings and Conclusion

Chapter 10: Methodology/Research Approach

The report also delves into the competitive landscape, key players, trade patterns, industry value chain, recent news, policies, and regulations. Should you have any inquiries or require customization options, please don't hesitate to contact us.

In summary, whether you're engaged in manufacturing, distribution, or investment within the Carbon Steel sector, this report furnishes invaluable insights into market segments, drivers, challenges, investment prospects, regional dynamics, major players, growth strategies, prevailing trends, and hurdles influencing the industry's expansion.

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Author Bio:

Priya Pandey is a dynamic and passionate editor with over three years of expertise in content editing and proofreading. Holding a bachelor's degree in biotechnology, Priya has a knack for making the content engaging. Her diverse portfolio includes editing documents across different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. Priya's meticulous attention to detail and commitment to excellence make her an invaluable asset in the world of content creation and refinement.

(LinkedIn- https://www.linkedin.com/in/priya-pandey-8417a8173/)

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