The carbon steel market size in 2022 reached nearly US$833 billion. According to a recent study by Future Market Insights (IMF), the carbon steel market is expected to grow at a CAGR of 5.1% between 2022 and 2030.
The report aims to offer a blueprint of the market to its stakeholders. It studies the growth trajectory and assesses the feasibility of investments in key segments.
According to the report, the carbon steel market operates in an environment where a lot of waste is generated and a huge amount of energy is consumed. The steel industry effectively reduces waste through waste recovery technologies and recycling, which helps environmental causes.
The industry has adopted an efficient manufacturing and manufacturing process, which reduces energy consumption. Carbon steel manufacturers no longer overheat or cool rolling mills, allowing them to produce products more efficiently using less energy. The steps taken for cautious manufacturing boded well for the market.
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However, despite their efforts, the current COVID-19 crisis has caused a deceleration in industrial production and supply chain disruptions during the 3 quarters of 2022. The resumption of growth in the coming years will be supported by growing demand from downstream industries such as automotive, construction, heavy engineering and equipment will drive the carbon steel market.
Key takeaways from the global carbon steel market study
Globally, the demand for energy-efficient and carbon-neutral buildings is growing. Carbon steel is an affordable and safer solution, which offers high strength, versatility, durability and full recyclability throughout the life cycle of buildings.
Carbon steel manufacturers are improving their blast furnace technologies by taking full advantage of converter slag from steelmaking by-products and improving blast furnace permeability. All these factors have led to a decrease in the cost of manufacturing steel
The construction industry is expected to remain the dominant end user throughout the forecast period. Global construction growth is expected to be 3.9% per year by 2030, according to a study by Oxford Economics, which will contribute to the overall expansion of the market.
25% increase on steel-derived steel tariffs increased US domestic steel production.
Manufacturers are therefore implementing and improving production capacity to meet the growing end-user demand.
The global carbon steel market is expected to see a slump in fiscal year 2022 and is expected to recover strongly in the following year as industries in regional centers have begun recovery and increased production and supply operations. ‘supply.
“Carbon steel is used by a wide range of industries, which has helped the market expand despite the oversupply experienced in the steel industry. Despite slumping growth during the ongoing pandemic, the The market is expected to recover, especially as major companies move towards consolidation with expansion in mind,” the IMF analyst said.
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Carbon Steel Market by Category
By level:
Low carbon steel
Medium carbon steel
High carbon steel
Ultra high carbon steel
By form:
Hot rolled steel
cold rolled steel
Per application:
Base and perforated sheets
Angle
Chains
Beams
Normal plates and ground plate
Pipes
tubing
Bars
Spacers
Gate
By end use:
Automotive
Construction
Railways
Shipbuilding and marine
Aerospace
Energy
Heavy engineering and equipment
Consumer devices
cutting tools
Who wins?
The carbon steel market is quite consolidated, with manufacturing capabilities mostly concentrated among Tier I manufacturers. While local Tier 2 and Tier 3 manufacturers present fierce competition, Tier 1 players are leveraging their distribution network and brand image to dominate the market space.
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Some of the major market players are Nucor Corporation, ArcelorMittal, United States Steel Corporation, Baosteel Group, AK Steel Holding Corporation, EVRAZ, Hesteel Group, POSCO, Thyssenkrupp AG, JFE Holdings Corporation, etc. among many others among many others.
Market players have focused on strategic expansion and acquisition of manufacturing facilities. This strategy would help companies to expand into new markets to resist in a competitive environment.
Learn about FMI’s extensive ongoing coverage in chemicals and materials
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About the IGF
Future Market Insights (ESOMAR certified market research organization and member of the Greater New York Chamber of Commerce) provides in-depth insights into the driving factors that increase demand in the market. It reveals opportunities that will drive market growth in various segments on the basis of source, application, sales channel, and end-use over the next 10 years.
This press release was published on openPR.
