Carbon Steel Market to Reach $1.3 Billion, Globally, by 2032 at 3.6% CAGR: Allied Market Research

Infrastructure development projects such as transportation networks, energy facilities, and urbanization initiatives drive the global carbon steel market. PORTLAND, Ore., June 30, 2023 /PRNewswire/ --

Infrastructure development projects such as transportation networks, energy facilities, and urbanization initiatives drive the global carbon steel market.

PORTLAND, Ore., June 30, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Carbon steel market by Type (Low carbon steel, Medium carbon steel, High carbon steel, Others), Product (Carbon steel, Alloy steel, Stainless steel), by End-User (Building and construction, Automotive, Shipbuilding, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global carbon steel market was valued at $0.9 trillion in 2022 and is projected to reach $1.3 trillion by 2032, growing at a CAGR of 3.6% from 2023 to 2032.

Request PDF Brochure: https://www.alliedmarketresearch.com/request-sample/8568

Prime determinants of growth

Economic growth and increased industrialization drive the demand for carbon steel, thus fueling the global carbon steel market. Infrastructure projects, such as construction of buildings, bridges, roads, and railways, require significant amounts of carbon steel. Industrial sectors such as manufacturing, energy, and transportation also rely heavily on carbon steel for various applications, contributing to market growth. However, the cost of raw materials, particularly iron ore, and coal, can fluctuate significantly. Price volatility in these key inputs can affect the profitability of carbon steel manufacturers and create uncertainty in the market. However, the automotive industry's focus on lightweight and the increasing demand for electric vehicles (EVs) create opportunities in the industry. Advanced high-strength steels (AHSS) offer a balance of strength and formability, making them suitable for lightweight automotive components.

Report Coverage & Details:

Report Coverage

Details

Forecast Period

2023–2032

Base Year

2022

Market Size in 2022

$0.9 trillion

Market Size in 2032

$1.3 trillion

CAGR

3.6 %

No. of Pages in Report

354

Segments covered

Product, Type, End-User, Region.

Drivers

Lucrative use of carbon steel in the automotive industry

Infrastructural development

Surge in renewable energy sources.

Opportunities

Increased usage of carbon steel in the oil and gas sectors.

Restraints

Complex manufacturing process

Susceptibility to corrosion.

The low carbon steel segment to maintain its leadership status throughout the forecast period

Based on type, the low carbon steel segment held the highest market share in 2022, accounting for more than three-fifths of the global carbon steel market revenue and is estimated to maintain its leadership status throughout the forecast period. The use of low-carbon steel, or mild steel, is driven by several compelling factors that contribute to its widespread adoption and popularity in various industries. However, the medium carbon steel segment is projected to grow at the highest CAGR of 3.94% from 2023 to 2032. There are a number of compelling reasons for the widespread usage and high demand for medium-carbon steel in a variety of industries. One of the primary driving factors is the optimal balance between strength and ductility that medium carbon steel offers.

Procure Complete Report (354 Pages PDF with Insights, Charts, Tables, and Figures) @ https://bit.ly/442ajIR

The stainless steel segment to maintain its leadership status throughout the forecast period

Based on product, the stainless steel segment held the highest share in 2022, accounting for around two-fifths of the global carbon steel market revenue and is estimated to maintain its leadership status throughout the forecast period. The use of stainless steel in the carbon steel market is driven by several compelling factors that contribute to its growth in prominence and demand. However, the carbon steel segment is projected to grow at the highest CAGR of 3.87% from 2023 to 2032. Several driving factors contribute to the widespread use and popularity of carbon steel across various industries. Firstly, carbon steel is renowned for its exceptional strength and durability. Its composition, primarily consisting of iron and carbon, provides the material with high tensile strength and resistance to wear and tear.

The building and construction segment to maintain its leadership status throughout the forecast period

Based on end-user, the building and construction segment held the highest share in 2022, accounting for more than one-third of the global carbon steel market revenue and is estimated to maintain its leadership status throughout the forecast period. One prominent trend is the focus on sustainable construction practices and materials. Carbon steel, being highly recyclable, aligns with the principles of sustainability. However, the automotive segment is projected to grow at the highest CAGR of 3.94% from 2023 to 2032. This is because the automotive industry is actively pursuing lightweight solutions to improve fuel efficiency and reduce emissions.

Asia-Pacific to maintain its dominance by 2032

Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for nearly half of the global carbon steel market and is projected to maintain its dominant share in terms of revenue in 2032. This region is also projected to grow at the highest CAGR of 3.82% from 2023 to 2032. The increase in focus on renewable energy sources such as wind and solar power drives the demand for carbon steel in the manufacturing of renewable energy infrastructure across Asia-Pacific.

Leading Market Players: -

ARCELORMITTAL

DAIDO STEEL CO., LTD.

NIPPON STEEL CORPORATION

HBIS GROUP CO., LTD.

AK STEEL INTERNATIONAL B.V.

NLMK

DONGBEI SPECIAL STEEL GROUP INTERNATIONAL TRADE CO., LTD.

MARCEGAGLIA

UNITED STATES STEEL CORPORATION

KOBE STEEL, LTD.

The report provides a detailed analysis of these key players in the global carbon steel market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

Want to Access the Statistical Data and Graphs, Key Players' Strategies:https://www.alliedmarketresearch.com/carbon-steel-market/purchase-options

Similar Reports:

Carbon Nano Materials Market: Global Opportunity Analysis and Industry Forecast, 2021-2031

Green Carbon Market: Global Opportunity Analysis and Industry Forecast, 2025-2031

Advanced High-strength Steel Market: Global Opportunity Analysis and Industry Forecast, 2017-2023

Special Steel Market: Global Opportunity Analysis and Industry Forecast, 2021-2031

Steel Grating Market: Global Opportunity Analysis and Industry Forecast, 2020-2027

Electrical Steel Market: Global Opportunity Analysis and Industry Forecast, 2020-2027

Curved Steel Market: Global Opportunity Analysis and Industry Forecast, 2023-2032

About Us

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

Contact:

David Correa5933 NE Win Sivers Drive#205, Portland, OR 97220United StatesUSA/Canada (Toll Free):+1-800-792-5285, +1-503-894-6022UK: +44-845-528-1300Hong Kong: +852-301-84916India (Pune): +91-20-66346060Fax: +1(855)[email protected]: www.alliedmarketresearch.comAllied Market Research Blog: https://blog.alliedmarketresearch.com Follow Us on | Facebook | LinkedIn | YouTube

Logo: https://mma.prnewswire.com/media/636519/Allied_Market_Research_Logo.jpg

View original content:https://www.prnewswire.com/news-releases/carbon-steel-market-to-reach-1-3-billion-globally-by-2032-at-3-6-cagr-allied-market-research-301868067.html

SOURCE Allied Market Research

Investigation of Dracocephalum extract based on bulk and nanometer size as green corrosion inhibitor for mild steel in different corrosive media

Here Are The Cars You Would Drive Through The Climate Apocalypse