The carbon steel industry in North America is poised for substantial growth, with the latest analysis predicting a significant increase in revenue from US$ 78.1 billion in 2023 to US$ 125.6 billion by 2033. This robust expansion is anticipated to be driven by a steady demand for carbon steel, with a projected Compound Annual Growth Rate (CAGR) of 4.9% over the assessment period. The region’s thriving industrial landscape and evolving market dynamics are likely to contribute to the escalating demand for carbon steel, positioning North America as a key player in the global steel market.
The low carbon content steel segment is set to account for a dominant value share of 60.7% in 2023 and exhibit a CAGR of 4.9% throughout the assessment period. This is attributable to the rising usage of low carbon steel in diverse businesses due to its low cost, machinability, and corrosion resistance.
Several factors are expected to drive growth in North America during the forecast period. These include the rapid expansion of sectors such as automotive, construction, and railways, the rising need for strong and durable metals, and multiple advantages of carbon steel products.
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The growth of the energy sector in North America, particularly in the adoption of cleaner energy sources such as wind and solar power, is significantly driving the demand for carbon steel. This is because carbon steel is often used for making critical components, including wind turbines, solar panels, and energy storage facilities.
Carbon steel is widely used in these applications for its exceptional durability and strength. These properties of carbon steel are crucial for withstanding the elements and supporting the large structures required in the energy sector.
North America holds a significant position in the global automotive business, producing millions of vehicles annually. Carbon steel plays a pivotal role in this sector, particularly in the manufacturing of essential auto components such as frames and body panels.
The choice of carbon steel is underpinned by its exceptional strength, cost-effectiveness, and recyclability, making it an ideal material for ensuring the structural integrity and safety of vehicles. Hence, the rapid growth of the automotive sector across North America will likely play a key role in bolstering sales of carbon steel and related products.
“North America’s carbon steel business is primed for robust growth on the back of factors such as heightened environmental regulations and expanding industrial sector. With businesses across North America increasingly looking for innovative solutions to minimize their impact on the environment, carbon steel companies are well positioned to take advantage of new growth opportunities,” says an Analyst at Future Market Insights, Inc.
Key Takeaways from the Report:
- Sales of carbon steel in North America are projected to rise at 9% CAGR through 2033.
- By carbon content, the low carbon steel segment is expected to total US$ 74.2 billion by 2033.
- Based on product type, the long product types segment is poised to exhibit a CAGR of 1%.
- By end-use, the building & construction segment is set to hold a value share of 4% in 2023.
- Revenue in the United States is anticipated to reach US$ 91.5 billion by 2033.
- Canada is projected to attain a valuation of US$ 17.3 billion by 2033.
- Demand in Mexico is predicted to rise at a 5% CAGR through 2033.
Competitive Landscape
United States Steel Corporation, Steel Dynamics Inc., EVRAZ Plc, Novolipetsk Steel, Cleveland-Cliffs Inc, Nucor Corporation, ArcelorMittal Corporation, North Star BlueScope Steel, Commercial Metals Company, and TimkenSteel Corporation & Gerdau S.A. are a handful of the leading carbon steel manufacturers profiled in the report.
Renowned players are focusing on increasing their production capacity to meet end-user demand. They also implement strategies such as mergers, collaborations, acquisitions, and facility expansions to strengthen their footprint.
Recent Development-
In 2023, United States Steel Corporation introduced InduX Electrical Steel at Ceres Global. It is a very wide and lightweight steel, having all the magnetic properties necessary for electric vehicles (EV), as well as generators and transformers.
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North America Carbon Steel Industry Segmentation
By Carbon Content:
- Low Carbon Steel/Mild Steel (up to 0.3% Carbon)
- Medium Carbon Steel (0.3 to 0.6% Carbon)
- High Carbon Steel (More than 0.6% Carbon)
By Product Type:
- Flat Product Types
- GP/GC Sheets
- HR Coils
- CR Sheets/Coils
- Pipes
- Electrical Sheets
- Tin Plates
- HR Sheets
- Plates
- Long Product Types
- Bars & Rods
- Steel Structural
- Railway Material
By End-use:
- Building & Construction
- Automotive
- Railways
- Shipbuilding & Marine
- Aerospace
- Oil & Gas and Energy
- Heavy Machinery & Equipment
- Consumer Appliances
- Cutting Tools & Agriculture Equipment
By Region:
- United States
- Canada
- Mexico
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 over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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