Tokyo, Dec. 17, 2021 (GLOBE NEWSWIRE) -- The carbon steel is used in a variety of industries, which has aided in the growth of the overall carbon steel market. The low carbon steel is frequently used in the construction of fences, whereas mild and medium carbon steels is employed in the construction of bridges and building structures. Due to aforementioned applications, the carbon steel demand is expected to expand in response to increased investment in infrastructure construction. This is especially in the case of the Asia-Pacific countries.
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Regional Snapshot
Asia-Pacific is the largest segment for carbon steel market in terms of region. Due to the rising use of carbon steel in the construction of bridges, fences, and buildings throughout the region, Asia-Pacific is likely to drive demand and positively impact market growth throughout the forecast period. Due to increasing usage of carbon steel in end-use industries such as construction, aviation, and automotive. Asia-Pacific is emerging as a regional market for carbon steel and its derivatives.
Scope of the Carbon Steel Market
| Report Coverage | Details |
| Market Size in 2030 | US$ 1,251.67 Billion |
| Growth Rate | CAGR of 3.2% |
| Largest Market | Asia Pacific |
| Base Year | 2021 |
| Forecast Period | 2021 to 2030 |
| Companies Mentioned | JFE Steel Corporation, Evraz PLC, HBIS Group, AK Steel Corporation, Baosteel Group, ArcelorMittal, Curtis Steel Co. Ltd, Nippon Steel Corporation, United States Steel, Omega Steel Company |
North America region is the fastest growing region in the carbon steel market. The food and beverage packaging industry uses thin gauge flat carbon steel, and North America is expected to see significant carbon steel market expansion due to rising packaged food consumption in the region. Due to growing presence of many vehicle manufacturers in the region, North America is expected to be followed by Europe in terms of consumption.
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Market Dynamics
Drivers
Demand for stronger steel
The rise in industrialization and urbanization has increased the demand for construction and shipbuilding industries. The rise in disposable income has pave way for the people to construct their own house. The government plans and subsidies help people to buy their own homes. This has increased the workload construction of construction companies on a large scale. The construction of building requires strong steel that can be molded and bended easily as required. The construction of ships also requires strong steel such as carbon steel. As a result, the demand for stronger steel is driving the growth of the carbon steel market.
Restraints
Carbon steel easily gets corroded
The carbon steel is more prone to corrosion and rust than other forms of steel. The manufacturers add chromium to steel to make it stainless, usually between 10% to 12%. The chromium acts as a protective coating over the steel, shielding it from moisture that would otherwise cause rusting. However, as carbon steel lacks chromium, it can rust if exposed to moisture over an extended length of time. The carbon steel which has been rusted or corroded cannot be utilized in manufacturing any kind of products. Thus, the carbon steel easily gets corroded, limiting the growth of carbon steel market during the forecast period.
Opportunities
Increasing focus on infrastructure development
The government of developing nations are enacting and implementing plans and actions for the infrastructure development. The government is continuously investing for the research and development activities for the development of infrastructure. The infrastructure development had increased the demand for carbon steel in developed regions such as North America, Europe, and Asia-Pacific. The infrastructure development projects are been funded by government for the economic development. These projects increase the demand for carbon steel in the market. As a result, the increasing focus on infrastructure development is creating lucrative opportunities for the growth of carbon steel market during the forecast period.
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Challenges
Easy availability of product substitute
The alternatives to carbon steel are easily available in the market. The substitutes of carbon steel are steel and stainless steel. Sometimes, aluminum is also used in the place of carbon steel. The carbon steel gets corroded. That’s the reason, the construction, automotive, and shipbuilding companies try to avoid usage of carbon steel for their projects. As a result, the easy availability of carbon steel substitutes is a biggest challenge for the growth of the carbon steel market during the forecast period.
Report Highlights
- Based on the type, the low carbon steel segment dominated the global carbon steel market in 2020 with highest market share. The low carbon steel is multifunctional metal with carbon concentration of about 0.3%, making it neither too ductile nor too brittle. The low carbon steel has become one of the most popular metals, owing to its low cost and versatility. It is used in every sector.
- Based on the application, the shipbuildingsegment is estimated to be the most opportunistic segment during the forecast period. The carbon steel is used in manufacturing ships and its components on the large scale.
Segments Covered in the Report
By Type
- Low Carbon Steel
- Medium Carbon Steel
- High Carbon Steel
By Application
- Shipbuilding
- Automotive
- Construction
- Infrastructure and Transport
- Others
By Geography
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of the World
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