Product Code: GVR-4-68038-415-4
Carbon Steel Market Growth & Trends:
The global carbon steel market size is expected to reach USD 1,301.53 billion by 2030, expanding at a CAGR of 4.0%, according to a new report by Grand View Research, Inc. Increasing investment in the construction sector on account of factors such as rising housing needs, boosting tourism, and increasing commercial space is likely to augment the demand for carbon steel over the forecast period.
For instance, in August 2022, Nakheel PJSC announced a master plan vision for the Dubai islands. The plan involves the construction of five islands of 17 square kilometers by 2040. These islands are expected to have 80 resorts & hotels, cultural hubs, boutiques, dedicated public parks, and residential spaces. Such kinds of investments are expected to fuel the product demand over the coming years.
Carbon steel is one of the key materials used in the construction sector on account of its strength and hardness. It is used in rectangular tubing, highway construction plates, structural framework beams, and bridges. It is also a popularly used material in the manufacturing of hollow structural sections and rebars. Plain carbon steel exhibits various properties such as plasticity, ductility, flexibility, and bending ability. During natural calamities, such as earthquakes, it is a very useful material owing to its crack resistance. Thus, growth in the construction industry, especially after the pandemic aided the product demand.
Further, the automotive industry is another vital end-use for the market. For instance, high carbon steel finds use in various automotive applications such as door panels, vehicle chassis, and bushings, among others. A rise in vehicle production is thus anticipated to boost product consumption over the forecast period. According to OICA, world automotive production rose by 6% from 2021 to 2022.
Further, the growing emphasis toward sustainable production is aiding the market growth. For instance, in 2022, BMW, to further support its goal of reducing carbon dioxide emissions signed an agreement with Salzgitter AG to deliver low carbon steel. The product will be used in car production at the company's European plants, from 2026 onwards. The company aims at fulfilling 40% of its demand by making use of low carbon steel at its plants in Europe, by 2030, thereby reducing carbon dioxide emissions by 400 kilotons per annum.
Availability of substitutes such as aluminum alloys and other lightweight alloys is anticipated to hinder market growth over the coming years. Aluminum alloys are the major substitutes for carbon steel in applications like shipbuilding. They are expected to gain a higher preference owing to properties like lightweight, which helps reduce the weight of the ship, enhance fuel efficiency, provide higher corrosion resistance, non-magnetic properties, and offer low cost maintenance.
Despite the various advantages of aluminum alloys, there is one drawback associated with them. Their high cost when compared to carbon steel restricts their consumption. However, this drawback can be compensated for with higher earnings.
Carbon Steel Market Report Highlights:
- Based on type, the low carbon steel segment accounted for the highest revenue share of nearly 90.0% in 2022. Availability of the product at an economical cost is likely to remain a key factor driving the segment growth.
- Based on application, shipbuilding accounted for a revenue share of nearly 12.0% in 2022. The spike in shipping transportation in 2021 after the pandemic, aided market growth.
- The construction segment is projected to witness a CAGR of 4.4%, in terms of revenue, over the forecast period. A positive outlook for the construction sector especially in emerging economies is projected to drive the segment growth.
- Based on region, Asia Pacific dominated the global market with a revenue share of over 66.0% in 2022. This trend is anticipated to continue over the forecast period. Availability of labor at an economical cost and increasing industrial outputs are the primary driving factors for the product demand to propel in the region.
- Middle East & Africa is anticipated to register a CAGR of 2.7%, in terms of revenue, over the forecast period. The increasing focus of the Gulf countries on non-oil & gas sectors is the primary factor driving segment growth.
Table of Contents
Chapter 1. Methodology and Scope
- 1.1. Market Segmentation & Scope
- 1.2. Market Definition
- 1.3. Information Procurement
- 1.3.1. Information Analysis
- 1.3.2. Data Analysis Models
- 1.3.3. Market Formulation & Data Visualization
- 1.3.4. Data Validation & Publishing
- 1.4. Research Scope and Assumptions
- 1.4.1. List of Data Sources
Chapter 2. Executive Summary
- 2.1. Market Outlook
- 2.2. Segmental Outlook
- 2.3. Competitive Outlook
Chapter 3. Market Variables, Trends, and Scope
- 3.1. Market Lineage Outlook
- 3.1.1. Global Steel Market
- 3.2. Industry Value Chain Analysis
- 3.2.1. Raw Material Trends
- 3.3. Manufacturing Trends & Technology Overview
- 3.4. Regulatory Framework
- 3.5. Market Dynamics
- 3.5.1. Market Driver Analysis
- 3.5.2. Market Restraint Analysis
- 3.5.3. Market Opportunity Analysis
- 3.5.4. Market Challenges
- 3.6. Porter's Five Forces Analysis
- 3.6.1. Bargaining Power of Suppliers
- 3.6.2. Bargaining Power of Buyers
- 3.6.3. Threat of Substitution
- 3.6.4. Threat of New Entrants
- 3.6.5. Competitive Rivalry
- 3.7. PESTLE Analysis
- 3.7.1. Political
- 3.7.2. Economic
- 3.7.3. Social Landscape
- 3.7.4. Technology
- 3.7.5. Environmental
- 3.7.6. Legal
Chapter 4. Carbon Steel Market: Type Estimates & Trend Analysis
- 4.1. Carbon Steel Market: Type Movement Analysis, 2022 & 2030
- 4.2. Low Carbon Steel
- 4.2.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
- 4.3. Medium Carbon Steel
- 4.3.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
- 4.4. High Carbon Steel
- 4.4.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
Chapter 5. Carbon Steel Market: Application Estimates & Trend Analysis
- 5.1. Carbon Steel Market: Application Movement Analysis, 2022 & 2030
- 5.2. Shipbuilding
- 5.2.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
- 5.3. Construction
- 5.3.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
- 5.4. Automotive
- 5.4.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
- 5.5. Others
- 5.5.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
Chapter 6. Carbon Steel Market: Regional Estimates & Trend Analysis
- 6.1. Regional Analysis, 2022 & 2030
- 6.2. North America
- 6.2.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
- 6.2.2. Market estimates and forecasts, by type, 2018 - 2030 (Kilotons) (USD Million)
- 6.2.3. Market estimates and forecasts, by application, 2018 - 2030 (Kilotons) (USD Million)
- 6.2.4. U.S.
- 6.2.4.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
- 6.2.4.2. Market estimates and forecasts, by type, 2018 - 2030 (Kilotons) (USD Million)
- 6.2.4.3. Market estimates and forecasts, by application, 2018 - 2030 (Kilotons) (USD Million)
- 6.2.5. Canada
- 6.2.5.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
- 6.2.5.2. Market estimates and forecasts, by type, 2018 - 2030 (Kilotons) (USD Million)
- 6.2.5.3. Market estimates and forecasts, by application, 2018 - 2030 (Kilotons) (USD Million)
- 6.2.6. Mexico
- 6.2.6.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
- 6.2.6.2. Market estimates and forecasts, by type, 2018 - 2030 (Kilotons) (USD Million)
- 6.2.6.3. Market estimates and forecasts, by application, 2018 - 2030 (Kilotons) (USD Million)
- 6.3. Europe
- 6.3.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
- 6.3.2. Market estimates and forecasts, by type, 2018 - 2030 (Kilotons) (USD Million)
- 6.3.3. Market estimates and forecasts, by application, 2018 - 2030 (Kilotons) (USD Million)
- 6.3.4. Germany
- 6.3.4.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
- 6.3.4.2. Market estimates and forecasts, by type, 2018 - 2030 (Kilotons) (USD Million)
- 6.3.4.3. Market estimates and forecasts, by application, 2018 - 2030 (Kilotons) (USD Million)
- 6.3.5. U.K.
- 6.3.5.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
- 6.3.5.2. Market estimates and forecasts, by type, 2018 - 2030 (Kilotons) (USD Million)
- 6.3.5.3. Market estimates and forecasts, by application, 2018 - 2030 (Kilotons) (USD Million)
- 6.3.6. Russia
- 6.3.6.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
- 6.3.6.2. Market estimates and forecasts, by type, 2018 - 2030 (Kilotons) (USD Million)
- 6.3.6.3. Market estimates and forecasts, by application, 2018 - 2030 (Kilotons) (USD Million)
- 6.4. Asia Pacific
- 6.4.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
- 6.4.2. Market estimates and forecasts, by type, 2018 - 2030 (Kilotons) (USD Million)
- 6.4.3. Market estimates and forecasts, by application, 2018 - 2030 (Kilotons) (USD Million)
- 6.4.4. China
- 6.4.4.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
- 6.4.4.2. Market estimates and forecasts, by type, 2018 - 2030 (Kilotons) (USD Million)
- 6.4.4.3. Market estimates and forecasts, by application, 2018 - 2030 (Kilotons) (USD Million)
- 6.4.5. India
- 6.4.5.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
- 6.4.5.2. Market estimates and forecasts, by type, 2018 - 2030 (Kilotons) (USD Million)
- 6.4.5.3. Market estimates and forecasts, by application, 2018 - 2030 (Kilotons) (USD Million)
- 6.4.6. Japan
- 6.4.6.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
- 6.4.6.2. Market estimates and forecasts, by type, 2018 - 2030 (Kilotons) (USD Million)
- 6.4.6.3. Market estimates and forecasts, by application, 2018 - 2030 (Kilotons) (USD Million)
- 6.5. Central & South America
- 6.5.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
- 6.5.2. Market estimates and forecasts, by type, 2018 - 2030 (Kilotons) (USD Million)
- 6.5.3. Market estimates and forecasts, by application, 2018 - 2030 (Kilotons) (USD Million)
- 6.5.4. Brazil
- 6.5.4.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
- 6.5.4.2. Market estimates and forecasts, by type, 2018 - 2030 (Kilotons) (USD Million)
- 6.5.4.3. Market estimates and forecasts, by application, 2018 - 2030 (Kilotons) (USD Million)
- 6.6. Middle East & Africa
- 6.6.1. Market estimates and forecasts, 2018 - 2030 (Kilotons) (USD Million)
- 6.6.2. Market estimates and forecasts, by type, 2018 - 2030 (Kilotons) (USD Million)
- 6.6.3. Market estimates and forecasts, by application, 2018 - 2030 (Kilotons) (USD Million)
Chapter 7. Competitive Landscape
- 7.1. Recent Developments & Impact Analysis, By Key Market Participants
- 7.2. Company Categorization
- 7.3. Company Ranking
- 7.4. Heat Map Analysis
- 7.5. Vendor Landscape
- 7.5.1. List of raw material supplier, key manufacturers, and distributors
- 7.5.2. List of prospective end-users
- 7.6. Strategy Mapping
- 7.7. Company Profiles/Listing
- 7.7.1. ArcelorMittal
- 7.7.1.1. Company overview
- 7.7.1.2. Financial performance
- 7.7.1.3. Product benchmarking
- 7.7.2. HBIS Group
- 7.7.2.1. Company overview
- 7.7.2.2. Financial performance
- 7.7.2.3. Product benchmarking
- 7.7.3. Nippon Steel Corporation
- 7.7.3.1. Company overview
- 7.7.3.2. Financial performance
- 7.7.3.3. Product benchmarking
- 7.7.4. POSCO
- 7.7.4.1. Company overview
- 7.7.4.2. Financial performance
- 7.7.4.3. Product benchmarking
- 7.7.5. United States Steel
- 7.7.5.1. Company overview
- 7.7.5.2. Financial performance
- 7.7.5.3. Product benchmarking
- 7.7.6. AK Steel Corporation
- 7.7.6.1. Company overview
- 7.7.6.2. Financial performance
- 7.7.6.3. Product benchmarking
- 7.7.7. EVRAZ plc
- 7.7.7.1. Company overview
- 7.7.7.2. Financial performance
- 7.7.7.3. Product benchmarking
- 7.7.8. Baosteel Group
- 7.7.8.1. Company overview
- 7.7.8.2. Financial performance
- 7.7.8.3. Product benchmarking
- 7.7.9. JFE Steel Corporation
- 7.7.9.1. Company overview
- 7.7.9.2. Financial performance
- 7.7.9.3. Product benchmarking
- 7.7.10. NLMK
- 7.7.10.1. Company overview
- 7.7.10.2. Financial performance
- 7.7.10.3. Product benchmarking