Carbon Steel Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Carbon Steel Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Carbon Steel Market

The Carbon Steel Market Size was valued at USD 916.79billion in 2023, and the Market is now projected to grow from USD 951.21 billion in 2024 to USD 1360.25 billion by 2032, exhibiting a CAGR of 4.5% during the forecast period of 2024-2032.

These disruptions of supply interrupted the smooth succession of supply because the manufacturing facilities had to close down or partially lockdown, restrain, or similar measures across the country. This was due to the disruption of raw material supply and also hampering the overall execution of production cycles. Moreover, potential supply constraints arising from logistical problems faced in moving steel products also fueled the problems, impeding the fall of Carbon Steel Market Growth.

The demand for Carbon Steel has risen due to growing building and construction industry, resulting in the expansion of Carbon Steel Market share globally. Carbon steel primarily relies on demand from large-scale infrastructure projects, especially those projects that are state-funded. For example, initiatives to invest in infrastructure identified in the case of the United States’ U. S. Infrastructure Investment and Jobs Act and its counterparts in other countries drive the market since the infrastructure involves steel products such as bridges, roads, and public buildings. EPA also revealed that since rapid urbanization mainly experienced in the emerging economy involves the construction and development of urban structures, residential and commercial buildings, carbon steel usage would be high as well.

Additionally, The Automotive Industry is one of the sectors that have benefited from the development of AHSS due to the various goals set by manufacturers to achieve decreased vehicle weight to enhance fuel economy and to meet stringent emission standards. Strength − AHSS offers the necessary strength that the vehicle for a given application requires while enabling weight savings in components. This has led to the extensive usage of metals in the manufacture of car body panels and other structural members.

Comprehensive Analysis of Carbon Steel Market

The Carbon Steel Market is rising at an exponential rate due to its market segmentation. This market expansion effectively provides a detailed regional assessment considering the dominant supply and demand forces that impact the Chemicals & Advanced Materials Industry. These Segmentations are methodically segregated by Type and by Application. The Type includes Low Carbon steel, Medium Carbon Steel, High Carbon Steel, and Ultra-high Carbon steel. However, the Application includes Building and construction, Automotive & Transportation, Industrial Equipment, and others.

The Asia Pacific region leads the Carbon Steel Market by benefitting a market size of USD 544.44 billion in 2023 due to Rapid industrialization and infrastructure development in China and India which leads to high demand in Asia Pacific. The Construction Industry, in particular, is a major driver, with asignificant demand for steel in building structures, bridges, and transportation infrastructure. .

The top players in the market play a crucial role in the Chemicals & Advanced Materials assuring industrial prospectus growth and setting market standards. These players include Arcelor Mittal (Luxembourg), NIPPON STEEL CORPORATION (Japan), POSCO (South Korea), Baosteel Group Corporation (China), JFE Steel Corporation (Japan), Tata Steel Limited (India), United States Steel Corporation (US), ThyssenKrupp AG (Germany), HBIS Group (China), JSW Steel Corporation (India). These market players provide a level playing competitive landscape.

In February 2024, JSW Steel Limited and JFE Steel Corporation formed a joint venture names SW JFE Electrical steel private limited. The Joint venture formed aligns with the growing market for grain-oriented electrical steel in India.

Segmentation Table

ATTRIBUTE DETAILS

Study Period 2019-2032

Base Year 2023

Estimated Year 2024

Forecast Period 2024-2032

Historical Period 2019-2022

Growth Rate CAGR of 4.5% (2024-2032)

Unit Value (USD Billion), Volume (Kiloton)

Segmentation By Type

Low Carbon Steel

Medium Carbon Steel

High Carbon Steel

Ultra-High Carbon Steel

By Application

Building and Construction

Automotive & Transportation

Industrial Equipment

Others

By Region

North America (By Type, Application, Country)

- U.S. (By Application)

- Canada (By Application)

Europe (By Type, Application, Country)

- Germany (By Application)

- France (By Application)

- Italy (By Application)

- Spain (By Application)

- Rest of Europe (By Application)

Asia Pacific (By Type, Application, Country)

- China (By Application)

- Japan (By Application)

- India (By Application)

- ASEAN (By Application)

- Rest of Asia Pacific (By Application)

Latin America (By Type, Application, Country)

- Brazil (By Application)

- Mexico (By Application)

- Rest of Latin America (By Application)

Middle East & Africa (By Type, Application, Country)

- GCC (By Application)

- South Africa (By Application)

- Rest of the Middle East & Africa (By Application)


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