The Carbon Steel market is forecast to reach USD 1161.98 Billion by 2027, according to a new report by Reports and Data. The global carbon steel market currently observes vigorous growth due to increased consumer demand for polymer foams. Advancements in the aerospace industry over the past few years and rising space explorations are expected to drive the carbon steel market in addition to the full range of carbon steel functions in a broad range of items such as flat-rolled sheets, structural steels, pipes and pressure vessels during the forecasted period.
The growth of the electrical & electronics sector over the forecast period is expected to drive the market. The growing use of lightweight advanced composites for new generation aircraft and increasing environmental issues provide the aviation manufacturing industry with substantial growth opportunities for carbon steel composites. Rising construction solutions for buildings and infrastructure offered by steelmakers are expected to drive the demand at a significant rate. In addition, large-scale use of steel for reinforcing bars & structural parts, roofing & insulation panels in construction and infrastructure is anticipated to strengthen and drive the growth of carbon steels in the construction sector. Also, changing lifestyles coupled with increased consumption of packaged food in developed countries is expected to increase demand for thin gauge flat carbon steels. A growing number of R&D activities aimed at furthering carbon steel applications in developing regions are expected to affect positively the growth of the demand for advanced materials.
However, a decline in the utilization ratio of steel resources, higher prices of lightweight materials in automobiles, and costly MRO (maintenance, repair, and overhaul) services for carbon steel products are intended to hinder the growth of the carbon steel industry. Besides, superior alternatives such as stainless chromium-nickel steels on the market will lower the rate of growth of carbon steels over the following years.
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Key participants include JFE Steel Group, Baosteel Group, AK Steel Corporation, NLMK, Nippon Steel Corporation, HBIS Group, POSCO, United States Steel, Evraz plc, Arcelor Mittal.
Further key findings from the report suggest
- Carbon steel has multiple infrastructure uses, where it is used in frame products, pipes, walls, gates, and various structural parts, which increase the scope of growth for the market in developing nations to a great extent.
- The total construction sector value of 2019, accounted for 42.7% and is likely to play a vital role in increasing demand for the products. Non-residential sector growth is expected to be powered by government spending to replace the old infrastructure, including bridges, building structures, and other transport infrastructure.
- The growing emphasis on infrastructure development, particularly in Asia Pacific countries, is projected to drive the product consumption in the coming years.
- The Government of India’s vision of ‘Make in India’ to give priority to domestically manufactured iron & steel products and promote domestic production is expected to have a positive effect on India’s regional market.
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For the purpose of this report, Reports and Data have segmented into the global Carbon Steel market on the basis of type, application, shape, and region:
Type Outlook (Revenue, USD Billion; 2017-2027)
- Low Carbon
- Medium Carbon
- High Carbon
Application Outlook (Revenue, USD Billion; 2017-2027)
- Ship Building
- Construction
- Automotive
- Others
Shape Outlook (Revenue, USD Billion; 2017-2027)
- Long Steel
- Tubular Steel
- Flat Steel
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Regional Bifurcation of the Carbon Steel Market Includes:
- North America (U.S., Canada, Mexico)
- Europe (U.K., Italy, Germany, France, Rest of Europe)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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