October 16, 2023 04:33 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, Oct. 16, 2023 (GLOBE NEWSWIRE) -- The global carbon steel market size was valued at USD 894.62 billion in 2022. The market is projected to grow from USD 916.79 billion in 2023 to USD 1,245.62 billion by 2030, exhibiting a CAGR of 4.5% during the forecast period. Seamless Tube Pipe
Carbon steel, an alloy of iron and carbon with carbon content ranging from 0.05% to 2.0%, offers superior mechanical properties and cost-effectiveness, making it widely used in construction, oil and gas, manufacturing, and automotive industries. Its high strength, versatility, and good machinability contribute to the anticipated growth of the market in the forecast period. Fortune Business Insights presents this information in their report titled "Carbon Steel Market Size, Share and Report Forecast, 2023–2030."
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List of Major Players Profiled in the Carbon Steel Market Report:
Major Players Forge Partnerships and Innovate for Growth in the Consolidated Market
Major players in a consolidated carbon steel market focus on competitive pricing and innovative applications, investing in new production technologies and sustainable solutions. Strategic partnerships enhance resource sharing, network expansion, and operational efficiency, driving the development of advanced products and technologies.
Supply Chain Disruptions Hit Steel Industry Hard Amid Pandemic
Lockdowns and labor restrictions disrupted raw material supply for steel manufacturing, causing shortages of iron ore and logistical challenges in shipping due to movement limitations and border closures. Steel mills' reduced operations under health and safety regulations led to decreased production capacity and product availability.
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Low Carbon Steel Segment Leads with Formability and Cost-Effectiveness
By type, the market is segmented into low carbon-steel, medium carbon-steel, high-carbon steel, and ultra-high carbon-steel. The low carbon steel segment commands a substantial market share and is expected to continue its dominance, valued for its exceptional formability, weldability, and cost-effectiveness, serving various applications requiring low strength and high ductility.
Building & Construction Segment’ Growth Fueled by Growing Popularity of Prefabricated Construction
By application, the market is classified into building and construction, automotive & transportation, industrial equipment, and others. The building & construction sector leads the market. It is driven by policy support for housing infrastructure in emerging economies. In contrast, the rising popularity of prefabricated construction further boosts demand due to carbon-steel's strength, durability, and ease of use in such applications.
From the regional ground, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Report Coverage: The market research report presents a comprehensive market examination, emphasizing crucial elements, including the competitive environment, distribution channels, and prominent product categories. Furthermore, the report provides valuable observations on market trends and significant industry advancements. Apart from the aforementioned factors, the report encompasses numerous variables that have bolstered market expansion in recent times.
Carbon Steel's Durability and Affordability Drive Demand in Global Infrastructure Projects
Carbon-steel's durability, strength, and affordability make it a favored choice for infrastructure projects such as railways, airports, and bridges, driving its demand amidst global infrastructure expansion. Additionally, its use in replacing and maintaining existing facilities, coupled with industrial growth, urbanization, and government investments, further strengthens its position as a vital material across multiple industries.
However, the carbon steel market growth might be stifled by environmental regulations influencing international trade dynamics, potentially resulting in export restrictions or import barriers for the product.
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Asia Pacific Dominates Due to Industrialization and Infrastructure Growth
Asia Pacific's market reached USD 546.49 billion in 2022, driven by rapid industrialization and infrastructure growth, especially in China and India. The construction industry contributes significantly, particularly the demand for steel in building structures and transportation infrastructure.
In Europe, the focus on infrastructure development, transport networks, and energy projects enhances steel demand. The automotive sector, a major steel consumer, also drives a substantial carbon steel market share.
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