The global carbon steel market is forecast to grow from USD 1,050.8 billion in 2023 to USD 1,560.4 billion by 2033, with global demand expected to surge at a CAGR of 4.0% over this period.
The low carbon steel segment is anticipated to dominate the global carbon steel industry, likely holding a volume share of 60.3% by 2023. Conversely, the high carbon steel segment is projected to grow at a higher CAGR of 3.4% through 2033.
The primary driver of the carbon steel industry’s growth is the increasing infrastructure development. Projects such as roads, bridges, railways, and buildings require substantial amounts of carbon steel due to its strength, durability, and versatility.
Carbon steel is used in various applications within the construction industry, including structural beams, reinforcing bars, and steel plates. Growing demand for these products will likely bolster sales of carbon steel through 2033.
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The automotive, shipbuilding, aerospace, oil & gas, and other industries also have high demand for carbon steel due to its excellent strength, ductility, weldability, and affordability.
The global carbon steel market will further benefit from increasing environmental concerns and the need for sustainable materials. Low carbon steel offers improved strength and durability while reducing carbon emissions.
Key Takeaways from the Report
- The global market for carbon steel is projected to thrive at a 4.0% CAGR through 2033.
- By carbon content, the low carbon steel segment is expected to total USD 886.6 billion by 2033.
- By end use, the building & construction segment is set to hold a significant market share in 2023.
- East Asia is expected to account for a substantial share of about 4% in 2033.
- The United States industry value is anticipated to reach USD 91.5 billion by 2033.
- China is projected to attain a valuation of USD 721.8 billion by 2033.
- Demand in India is predicted to rise at an 8% CAGR through 2033.
“The carbon steel industry is set to grow steadily amid heightened environmental regulations and burgeoning industrial sectors. With industries worldwide increasingly looking for innovative solutions to minimize their impact on the environment, the carbon steel market is well positioned to take advantage of new growth opportunities”- says an analyst at Future Market Insights (FMI).
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Who is Winning?
Top manufacturers of carbon steel listed in the report include ArcelorMittal, Baowu Steel Group Corporation Limited, Nippon Steel Corporation, Thyssenkrupp AG, Nucor Corporation, JFE Steel Corporation, Tata Steel Limited, Posco International, Cleveland-Cliffs Inc, EVRAZ Plc, Gerdau S.A., Hyundai Steel Co, Jiangsu Shagang Group Co., Ltd., United States Steel Corp., Novolipetsk Steel, Severstal, Steel Authority of India Limited, and JSW Steel Ltd.
Key players are focusing on expanding their domestic production of carbon steel. They are also investing in developing high-quality materials and adopting strategies like acquisitions, partnerships, and mergers to solidify their market positions.
Recent Developments:
- In October 2023, the ribbon cutting ceremony was hosted for the opening of a new NGO electrical steel line by the United States Steel Corporation at its Big River Steel facility in Arkansas.
Competitive Landscape
The global carbon steel market is consolidated, with leading players accounting for about 65% to 70% share. ArcelorMittal, Baowu Steel Group Corporation Limited, Nippon Steel Corporation, Thyssenkrupp AG, Nucor Corporation, JFE Steel Corporation, Tata Steel Limited, Posco International, Cleveland-Cliffs Inc, EVRAZ Plc, Gerdau S.A., Hyundai Steel Co, Jiangsu Shagang Group Co., Ltd., United States Steel Corp., Novolipetsk Steel, Severstal, Steel Authority of India Limited, and JSW Steel Ltd. are the leading manufacturers and suppliers of carbon steel listed in the report.
Key carbon steel companies are investing in research to produce improved materials and increase production capacities to meet end-user demand. They are also implementing strategies such as partnerships, acquisitions, facility expansions, and collaborations to strengthen their footprint.
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More Insights into the Carbon Steel Market Report
In its latest report, Future Market Insights (FMI) offers an unbiased analysis of the global carbon steel market, providing historical data from 2018 to 2022 and forecast statistics for the period 2023 to 2033. To understand the global market potential, growth, and scope, the market is segmented based on carbon content, product type, end use, and region.
Segmentation Analysis of the Bromine Market
By Derivative:
- Organobromine
- Clear Brine Fluids (CBF)
- Hydrogen Bromide
By Application:
- Biocide
- Flame Retardant
- Oil and Gas Drilling
- Plasma Etching
- PTA Synthesis
- Fumigant Synthesis
- Others
By End Use:
- Oil & Gas
- Chemicals
- Pharmaceuticals and Cosmetics
- Electronics and Consumer Goods
- Textile
- Medical
- Agricultural and Pesticides
- Automotive
- Building and Construction
- Water Treatment
- Other Industrial
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- Middle East and Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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