Positive construction industry outlook is a key driver of global carbon steel market revenue growth
— Emerging research
VANCOUVER, BC, CANADA, September 8, 2022 /EINPresswire.com/ — The Global carbon steel market The size is expected to reach USD 1,273.26 billion in 2030 and register a steady revenue CAGR of 3.4% over the forecast period, according to the latest analysis from Emergen Research. The steady growth in carbon steel market revenue can be attributed to the positive outlook for the construction industry. Different forms of carbon steel have virtually endless construction applications and are highly preferred for building frames in commercial, government and residential low carbon steel structures. Low carbon steel is used to make automotive components, steel pipes, bridges, nails, wires and chains, among others. Cutting tools, springs, coils, wrenches, hammers and tools needed for construction and mechanical applications are made from high carbon steel due to greater hardness and durability.
The use of high strength, low alloy (HSLA) steels contain other elements such as copper, nickel, vanadium and molybdenum, and are often categorized as low carbon steels. Low alloy high strength steels have greater strength due to heat treatment. These materials are ductile and therefore easy to shape and machine. HSLAs are more corrosion resistant than standard low carbon steels.
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Major players profiled in the report are ArcelorMittal, HBIS Group, Nippon Steel Corporation, POSCO, United States Steel Corporation, EVRAZ plc, Baosteel Group, JFE Steel Corporation, NLMK and AK Steel International BV.
Some highlights of the report
On December 14, 2021, Mill Steel Co., which is one of the largest distributors of flat-rolled carbon steel in North America, announced its full line of flat-rolled carbon steel products available for purchase on its e-commerce website. The website offers over 65,000 tons of steel available for purchase with full physical and chemical certification provided for each coil.
The medium carbon steel segment is expected to witness a rapid revenue growth rate over the forecast period. This is attributed to its increasing use in various applications due to various benefits. Heat treatment can strengthen these metals, which have carbon contents of 0.25 to 0.6% and manganese levels of 0.6 to 1.6%, although this can only be done on very heavy sections. thin without the use of additional alloying elements. These steels are stronger, but less ductile than low carbon steels. The use of medium carbon steel is beneficial for items such as railroad tracks, train wheels, crankshafts, gears, and parts of equipment that require superior strength and durability.
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The construction segment is expected to account for a relatively large revenue share in the global market over the forecast period owing to the increasing adoption of carbon steel for various applications. Using carbon steel in construction applications has a number of advantages including its high durability, strength and impact resistance. Commercial, government and residential construction and carbon steel buildings are better suited to withstand natural disasters such as earthquakes and tornadoes. In addition to being recyclable, reusable and durable, carbon steel. Since carbon steel can be worked considerably more efficiently than other metals, various products can be produced at lower cost. It can be produced using less metal and still serve the same purpose, which makes it much cheaper than materials made from other metals, such as copper.
The Asia-Pacific market is expected to account for the largest share of revenue over the forecast period, which is mainly attributed to the strong growth of the shipbuilding industry in the region. For example, the Chinese shipbuilding industry accounted for 48.4% market share of the global shipbuilding market based on deadweight metric tons completed in 2021. Additionally, in 2021, orders placed handmade and newly received orders together accounted for 48.1% of all orders. placed globally. The Philippines, which is currently ranked fourth in the world in industry, has also improved significantly since 2010 to become one of the world’s leading shipbuilding hubs. As a result, the demand for carbon steel is increasing as the shipbuilding industry grows, driving the market revenue growth.
Emergen Research has segmented the global carbon steel market based on type, application, and region:
Type Outlook (Revenue, billion USD; 2019-2030) (Kilo Tons)
Low carbon steel
Medium carbon steel
High carbon steel
Application Outlook (Revenue, USD Billion; 2019-2030) (Kilo Tons)
Shipbuilding
Construction
Automotive
Others
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Regional Outlook (Revenue, USD Billion; 2019-2030) (Kilo Tons)
North America
WE
Canada
Mexico
Europe
Germany
UK
France
Italy
Spain
Sweden
BENELUX
The rest of Europe
Asia Pacific
China
India
Japan
South Korea
Rest of APAC
Latin America
Brazil
Rest of LATAM
Middle East and Africa
Saudi Arabia
United Arab Emirates
South Africa
Israel
Rest of MEA
Report key offerings:
Detailed overview of market dynamics including drivers, restraints, opportunities, challenges and growth prospects
Analysis of major strategic initiatives and competitive landscape, including mergers and acquisitions, joint ventures, collaborations, product launches, brand promotions and partnerships, among others
Comprehensive industry outlook analysis and industry chain analysis
Market forecast based on global, regional and national market analysis
Benchmark of the competitive landscape
In-depth analysis of major market players with their product portfolios, financial positions, unique selling points, market share and size, and a comprehensive overview of their business
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