The global carbon steel market size is expected to reach USD 1,156.5 billion by 2027, expanding at a CAGR of 3.4%. Carbon steel is used in a wide range of infrastructure applications, including frame materials, pipelines, fencing, fences, and a number of structural parts. The growing emphasis on infrastructure growth, especially in the Asia Pacific countries, is expected to drive the demand for carbon steel products in the coming years. Countries such as India, China, and Southeast Asia are allocating a larger portion of their budgets for infrastructure development in order to improve the overall economic growth.
The availability of alternatives in shipbuilding, such as aluminum alloys and other lightweight alloys, is expected to hinder demand growth in the coming years. Aluminum alloys are the most common carbon substitutes in shipbuilding and are expected to gain popularity due to properties such as lightweight. The ship’s weight is decreased as a result of its lightweight, which increases fuel efficiency, corrosion resistance, non-magnetic properties, and low maintenance costs. As opposed to carbon steel, one disadvantage of aluminum alloys is their high cost, which can be adjusted by higher earnings.
Carbon Steel Market Report Highlights
• On the basis of type, the low carbon steel segment accounted for a market share of 90.7% in terms of volume in 2019. The segment has a good growth rate owing to its versatile properties coupled with low cost compared to its counterparts.
• On the basis of application, the construction industry held the largest volume share of 41.6% of the carbon steel market, and this trend is anticipated to continue over the forecast period.
• In February 2020, C-Chem Co., Ltd., which is a subsidiary of NIPPON STEEL Chemical & Material Co., Ltd., alongside China-based Fangda Carbon New Material Co., Ltd. announced the acquisition of Koppers (Jiangsu) Carbon Chemical Company Limited (KJCC).
• The Asia Pacific segment held the highest market share of 66.1% in 2019 and is expected to observe a lucrative growth rate during the forecast period.
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Carbon Steel Market Segmentation
Grand View Research has segmented the global carbon steel market on the basis of type, application, and region:
Carbon Steel Type Outlook (Volume, Kilotons; Revenue, USD Million, 2016 – 2027)
• Low Carbon Steel
• Medium Carbon Steel
• High Carbon Steel
Carbon Steel Application Outlook (Volume, Kilotons; Revenue, USD Million, 2016 – 2027)
Carbon Steel Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2016 – 2027)
• North America
• The U.S.
• The U.K.
• Asia Pacific
• Central and South America
• Middle East & Africa
List of Key Players of Carbon Steel Market
• HBIS Group
• Nippon Steel Corporation
• United States Steel
• Evraz plc
• Baosteel Group
• JFE Steel Corporation
• AK Steel Corporation
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