Carbon Steel Market to Cross US$ 1243.09 Billion by 2022-2030, Says Future Market Insights
The carbon steel market size in 2022 has reached close to US$ 833 Bn. According to a recent study by Future Market Insights (FMI), the carbon steel market is forecast to rise at a CAGR of 5.1% between 2022 and 2030. The report is intended to offer an executive-level blueprint of the market to its stakeholders.
It studies the growth trajectory and gauges investment feasibility across key segments. According to the report, the carbon steel market is operating in an environment where lot of waste is generated and a huge amount of energy is consumed.
The steel industry is efficiently reducing the waste through waste recovery technologies and through recycling, which has been aiding environmental causes. The industry has adopted efficient fabrication and manufacturing process, which is reducing the energy consumption.
Carbon Steel manufacturers are no longer overheating or overcooling the rolling mills allowing them to manufacture products more efficiently by consuming less energy. Steps taken towards cautious manufacturing had bode well for the market.
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However, despite their efforts, the ongoing COVID-19 crisis has caused deceleration in the industrial production and disruptions in supply chain for 3 quarters of 2022. Growth recovery in the upcoming years will be backed by the increasing demand from downstream industries such as automotive, construction, and heavy engineering & equipment will drive the carbon steel market.
Key Takeaways of Global Carbon Steel Market Study
- Globally, the demand for energy efficient and low carbon neutral buildings is increasing. Carbon steel is an affordable and safer solution, which provides high strength, versatility, durability and full recyclability throughout the entire life cycle of buildings
- Carbon Steel manufacturers are improving its blast furnace technologies by taking full advantage of the converter slag of steelmaking by-products and improving the permeability of the blast furnace. All these factors have led to decrease in the steel manufacturing cost
- Construction industry is forecast to remain dominant end user through the forecast period. The global construction growth is expected to be 3.9% pa by 2030, as per a study by Oxford Economics, which will aid the overall expansion of the market
- 25% increase on steel tariffs derivative steel has increased the USA’s domestic steel production. Manufacturers are therefore on the process of implementing and enhancing production capability so as to meet the end-user’s increasing demand
- The global carbon steel market is expected to witness a plunge in FY2022, and is expected to recover sharply in the subsequent year as the industries across regional hubs have started resumption and augmentation of production and supply operations
“Carbon steel is used by a wide gamut of industries, which has been aiding expansion of the market despite oversupply recorded in the steel industry. Despite nose-dive growth during ongoing pandemic, the market is forecast to recover especially as leading companies move towards consolidation keeping expansion in their mind,” says FMI analyst.
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Carbon Steel Market By Category
By Grade :
- Low-Carbon steel
- Medium-Carbon Steel
- High-Carbon Steel
- Ultra High-Carbon Steel
By Form :
- Hot Rolled Steel
- Cold Rolled Steel
By Application :
- Basic and Perforated Sheets
- Normal Plates and Floor Plate
By End Use :
- Shipbuilding & Marine
- Heavy Engineering and Equipment
- Consumer Appliances
- Cutting Tools
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Who is Winning?
The carbon steel market is fairly consolidated, with manufacturing capacities majorly concentrated among tier-I manufacturers. While local tier-2 and tier-3 manufacturers present a stiff competition, tier-1 players leverage their distribution network and brand image in dominating the market space.
Some of the key players in the market are Nucor Corporation, ArcelorMittal, United States Steel Corporation, Baosteel Group, AK Steel Holding Corporation, EVRAZ, Hesteel Group, POSCO, Thyssenkrupp AG, JFE Holdings Corporation, etc amongst many others amongst many others.
Market players have been focusing on strategic expansion and acquisition of manufacturing facilities. This strategy would help companies to expand into new markets to withstand in competitive environment.
Explore FMI’s Extensive ongoing Coverage on Chemicals & Materials Domain
High Carbon Bearing Steel Market: The global high carbon bearing steel market size reached a valuation of around US$ 139.6 Bn in 2022. The total sales of high carbon bearing steel are slated to grow at a robust CAGR of around 6.9% during the forecast period from 2022 to 2032, totaling nearly US$ 269 Bn by 2032.
Medium Carbon Steel Market: Medium carbon steel which contains 0.3% to 0.65% of carbon is finding essential applications in a number of end use industries including railway, construction, oil, and automotive industries owing to its properties of enhanced ductility, density, and heat treatment capabilities.
Electrical Steel Market: According to a Future Market Insights (FMI) report, electrical steel sales will grow at a 6.5% CAGR between 2022 and 2032. According to the report, the global electrical steel industry would be worth US$ 70.5 Billion by 2032.