Tokyo, 17 Dec. 2021 (GLOBE NEWSWIRE) — Carbon steel is used in a variety of industries, which has contributed to the growth of the global carbon steel market. Low carbon steel is frequently used in the construction of fences, while mild and medium carbon steels are used in the construction of bridges and building structures. Due to the above-mentioned applications, the demand for carbon steel is expected to increase in response to increased investment in infrastructure construction. This is particularly the case for countries in the Asia-Pacific.
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Regional overview
Asia-Pacific is the largest carbon steel market segment in terms of region. Due to the increasing use of carbon steel in the construction of bridges, fences and buildings across the region, Asia Pacific is expected to drive demand and positively impact market growth throughout throughout the forecast period. Due to the increasing use of carbon steel in end-use industries such as construction, aviation and automotive. Asia-Pacific is becoming a regional market for carbon steel and its derivatives.
Scope of the carbon steel market
| Report cover | Details |
| Market size in 2030 | US$1,251.67 billion |
| Rate of growth | 3.2% CAGR |
| The biggest market | Asia Pacific |
| Year of reference | 2021 |
| Forecast period | 2021 to 2030 |
| Companies cited | JFE Steel Corporation, Evraz PLC, HBIS Group, AK Steel Corporation, Baosteel Group, ArcelorMittal, Curtis Steel Co. Ltd, Nippon Steel Corporation, United States Steel, Omega Steel Company |
The North America region is the fastest growing region in the carbon steel market. The food and beverage packaging industry uses light gauge flat carbon steel, and North America is expected to witness a significant expansion of the carbon steel market owing to the increase in consumption of packaged food in the region. Due to the growing presence of many automakers in the region, North America is expected to be followed by Europe in terms of consumption.
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Market dynamics
Drivers
Request for stronger steel
The rise of industrialization and urbanization has increased the demand for the construction and shipbuilding industries. The increase in disposable income paved the way for people to build their own homes. Government plans and grants help people buy their own homes. This has increased the construction workload of large-scale construction companies. Constructing a building requires strong steel that can be molded and easily bent as needed. Building ships also requires strong steel like carbon steel. As a result, the demand for higher strength steel is driving the growth of the carbon steel market.
Constraints
Carbon steel easily gets corroded
Carbon steel is more prone to corrosion and rust than other forms of steel. Manufacturers add chromium to steel to make it stainless, usually between 10% and 12%. The chrome acts as a protective coating on the steel, shielding it from moisture that would otherwise cause rust. However, since carbon steel lacks chromium, it can rust if exposed to moisture for an extended period. Carbon steel that has been rusted or corroded cannot be used in the manufacture of any type of product. Thus, carbon steel corrodes easily, limiting the growth of the carbon steel market over the forecast period.
Opportunities
Increased focus on infrastructure development
The government of developing countries adopts and implements plans and actions for infrastructure development. The government continuously invests in research and development activities for infrastructure development. Infrastructure development had increased the demand for carbon steel in developed regions such as North America, Europe and Asia-Pacific. Infrastructure development projects are funded by the government for economic development. These projects increase the demand for carbon steel in the market. Accordingly, the growing emphasis on infrastructure development creates lucrative opportunities for the growth of the carbon steel market over the forecast period.
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Challenges
Easy availability of product substitute
Alternatives to carbon steel are readily available in the market. Substitutes for carbon steel are steel and stainless steel. Sometimes aluminum is also used instead of carbon steel. Carbon steel corrodes. This is the reason why construction, automotive and shipbuilding companies try to avoid the use of carbon steel for their projects. Accordingly, the easy availability of carbon steel substitutes is a major challenge for the growth of the carbon steel market over the forecast period.
Report Highlights
- Based on type, the low carbon steel segment dominated the global carbon steel market in 2020 with the highest market share. Low carbon steel is a multifunctional metal with a carbon concentration of around 0.3%, which makes it neither too ductile nor too brittle. Low carbon steel has become one of the most popular metals, due to its low cost and versatility. It is used in all sectors.
- Based on the application, the shipbuilding segment is estimated to be the most opportunistic segment during the forecast period. Carbon steel is used in the manufacture of ships and their components on a large scale.
Segments covered in the report
By type
- Low carbon steel
- Medium carbon steel
- High carbon steel
By request
- Shipbuilding
- Automotive
- Construction
- Infrastructure and transport
- Others
By geography
- North America
- Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of the world
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