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increasing industrialization, R&D activities, demand and sale of motor vehicles and growth of electrical and electronics sector are stimulating market need
NEW YORK, NY, USA, November 29, 2021 /EINPresswire.com/ – The carbon steel market is expected to reach $ 1,161.98 billion by 2027, according to a new report from Reports and Data. The global carbon steel market is currently experiencing vigorous growth due to increased consumer demand for polymer foams. Advances in the aerospace industry in recent years and increasing space explorations are expected to boost the carbon steel market in addition to the full range of carbon steel functions in a wide range of items such as flat rolled sheets, structural steels, pipes and pressure vessels during the forecast period.
The growth of the electrical and electronic sector during the forecast period is expected to drive the market. The increasing use of advanced lightweight composites for next-generation aircraft and growing environmental concerns provide the aviation industry with substantial growth opportunities for carbon steel composites. Growing construction solutions for buildings and infrastructure offered by steelmakers are expected to drive demand at a significant rate. In addition, the large-scale use of steel for rebar and structural parts, roofing and insulation panels in construction and infrastructure is expected to strengthen and stimulate the growth of carbon steels in the construction sector. In addition, changing lifestyles associated with increased consumption of packaged foods in developed countries is expected to increase the demand for thin gauge flat carbon steels. An increasing number of R&D activities aimed at developing the applications of carbon steel in developing regions is expected to positively affect the growth in demand for advanced materials.
However, a decline in the utilization rate of steel resources, higher prices for lightweight materials in automobiles, and expensive MRO (maintenance, repair and overhaul) services for carbon steel products are destined to hamper the growth of the carbon steel industry. In addition, superior alternatives such as chrome-nickel stainless steels in the market will reduce the growth rate of carbon steels in subsequent years.
The impact of COVID-19:
The current COVID-19 (Coronavirus) pandemic is likely to cause a possible slowdown in demand for carbon steel rebar. The disease not only halted exports and imports, but also halted production in many countries. Although it appears that China has not stopped production, but Chinese steel export prices would be further lowered from the current level to keep pace with the new production flow with reduced takeoff domestic end-user segments such as real estate, infrastructure projects, automotive, engineering goods, consumer durables and capital goods. There is also a drop in demand, and two factors are believed to be causing the demand problem: the first is the midlife shock, and the second is a drop in demand due to the economic crash. medium term.
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The main participants are JFE Steel Group, Baosteel Group, AK Steel Corporation, NLMK, Nippon Steel Corporation, HBIS Group, POSCO, United States Steel, Evraz plc, Arcelor Mittal.
Other key findings from the report suggest
• Carbon steel has multiple uses in infrastructure, where it is used in structural products, pipes, walls, gates and various structural parts, greatly increasing the growth potential of the developing countries market. development.
• The total value of the construction sector in 2019 was 42.7% and is likely to play a key role in increasing demand for the products. Growth in the non-residential sector is expected to be fueled by government spending to replace old infrastructure, including bridges, building structures, and other transportation infrastructure.
• The growing emphasis on infrastructure development, especially in Asia-Pacific countries, is expected to boost product consumption in the coming years.
• The Indian government’s vision of “Make in India†to prioritize domestically produced steel products and promote domestic production is expected to have a positive effect on the regional market of India.
Browse the full “Carbon Steel Market†report @ https://www.reportsanddata.com/report-detail/carbon-steel-market
Market Snapshot:
Rapid developments in the manufacturing and equipment sector, robust growth in the building and construction sector, a strong adoption of environmentally friendly materials in constructions and a growing demand for smart buildings and smart homes are driving the demand for smart buildings and smart homes. market growth. Steadily increasing disposable income across the world, improving living standards, increasing number of redevelopment plans and high demand for aesthetic appearance and chic homes are further fueling the market growth. In addition, increasing investment in R&D and government programs to support the manufacturing and construction industry are fueling the growth of the global carbon steel market.
For the purpose of this report, reports and data have been segmented on the global carbon steel market on the basis of type, application, shape, and region:
Type Outlook (Revenue, Billions USD; 2017-2027)
• Low carbon content
• Medium carbon
• High carbon content
Application Outlook (Revenue, USD Billion; 2017-2027)
• Shipbuilding
• Construction
• Automotive
• Others
Shape Outlook (Revenue, Billions USD; 2017-2027)
• Long steel
• Tubular steel
• Flat steel
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The detailed regional analysis covers:
• North America (United States, Canada, Mexico)
• Europe (United Kingdom, Italy, Germany, France, rest of Europe)
• Asia-Pacific (India, Japan, China, South Korea, Australia, rest of APAC)
• Latin America (Chile, Brazil, Argentina, rest of Latin America)
• Middle East and Africa (Saudi Arabia, United Arab Emirates, South Africa, rest of the MEA)
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