Carbon Steel Market Expected to Establish Steady Growth of USD 1,159.92 Billion by 2027

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The report offers a comprehensive analysis of the developments, growth prospects, driving factors, and major players in the global Carbon Steel Market.

NEWARK, USA, May 4, 2022 /EINPresswire.com/ — The global carbon steel market is expected to grow from USD 880.70 billion in 2019 to USD 1,159.92 billion by 2027, at a CAGR of 3.4% during the forecast period 2020-2027. Asia-Pacific holds the largest market share regionally and is also expected to dominate this segment in the future as construction activities increase in developing countries and increasing urbanization. Governments in developing economies spend a large part of their budget on infrastructure to expand and develop their country. Additionally, China and India are hubs for automobile manufacturing, which helps in the growth of this market. Europe is another dominant region, and the market is driven by demand from countries like the UK, France, and Germany due to industrialization and automobile manufacturing. South America is also proving to be a lucrative market due to the region’s economic development.

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Some of the major players in the carbon steel market are ArcelorMittal, United States Steel Corporation, Tata Steel Limited, POSCO Steel, ThyssenKrupp AG, JFE Holdings, Voestalpine Group, China Baowu Group Ltd. Corporation and Nippon Steel, Sumitomo Metal Corporation and JSW.

By type, the carbon steel market is split based on the carbon content present in the steel alloy. Thus, the type segment is divided into low carbon steel, medium carbon steel and high carbon steel. Low carbon steel holds the largest market in this segment due to its applications in various industries. Low carbon steel has versatile properties such as malleability, ductility and cold forming capabilities, and it is available at lower cost. It is also called mild carbon steel and is used in the creation of various shapes including flat steel plates and structural beams. Medium carbon steel is mainly used in the manufacture of automobiles and machinery. On the basis of shape, carbon steel is segmented into long carbon steel, tubular carbon steel, flat carbon steel.

Based on end-user industry, this market is segmented into construction, automotive, shipbuilding, and others, including machinery, appliances, and energy. The construction industry accounts for the largest market share in this segment, and it is also expected to grow due to the increase in construction activities in developing and developed economies. Due to its welding and forming capabilities, low carbon steel is most widely used in this segment. Additionally, the strength of carbon steel gives it an edge in disaster situations like earthquakes and prevents the building from falling, making it a preferable choice for construction activities. The shipbuilding industry has seen a decline in growth and the increasing use of substitutes such as aluminum alloys has led to a drop in demand for carbon steel in the industry. Also, the growth of medium carbon steel used in automobiles is progressing at a low growth rate as the automotive industry has become stagnant.

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In December 2019, ArcelorMittal (India), one of the largest players in the steel industry, acquired Essar Steel India Limited (ESIL). ArcelorMittal will expand its market share with this acquisition.

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