Carbon Steel Market Size and Analysis, Trends, Recent Developments, and Forecast till 2027
The Carbon Steel market is forecast to reach USD 1161.98 Billion by 2027, according to a new report by Reports and Data. The global carbon steel market currently observes vigorous growth due to increased consumer demand for polymer foams. Advancements in the aerospace industry over the past few years and rising space explorations are expected to drive the carbon steel market in addition to the full range of carbon steel functions in a broad range of items such as flat-rolled sheets, structural steels, pipes and pressure vessels during the forecasted period.
The growth of the electrical & electronics sector over the forecast period is expected to drive the market. The growing use of lightweight advanced composites for new generation aircraft and increasing environmental issues provide the aviation manufacturing industry with substantial growth opportunities for carbon steel composites. Rising construction solutions for buildings and infrastructure offered by steelmakers are expected to drive the demand at a significant rate. In addition, large-scale use of steel for reinforcing bars & structural parts, roofing & insulation panels in construction and infrastructure is anticipated to strengthen and drive the growth of carbon steels in the construction sector. Also, changing lifestyles coupled with increased consumption of packaged food in developed countries is expected to increase demand for thin gauge flat carbon steels. A growing number of R&D activities aimed at furthering carbon steel applications in developing regions are expected to affect positively the growth of the demand for advanced materials.
However, a decline in the utilization ratio of steel resources, higher prices of lightweight materials in automobiles, and costly MRO (maintenance, repair, and overhaul) services for carbon steel products are intended to hinder the growth of the carbon steel industry. Besides, superior alternatives such as stainless chromium-nickel steels on the market will lower the rate of growth of carbon steels over the following years.
The COVID-19 impact:
The current COVID-19 (Coronavirus) pandemic is likely to lead to a possible slowdown in demand for the Carbon Steel Rebars. The disease has not only made a stop on export and import but also stopped production in many countries. Though it appears that China has not stopped its production but Chinese steel export prices would be further decreased from the current level to keep pace with the fresh production flow with reduced take-off from the domestic end-user segments such as real estate, infrastructure projects, automotive, engineering goods, consumer durables, and capital goods. There’s a drop in demand as well, and there are two factors considered to be causing the demand problem: the first is the quarantine shock, and the second is a decline in demand as a result of the medium-term economic crash.
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Key participants include JFE Steel Group, Baosteel Group, AK Steel Corporation, NLMK, Nippon Steel Corporation, HBIS Group, POSCO, United States Steel, Evraz plc, Arcelor Mittal.
Further key findings from the report suggest
- Carbon steel has multiple infrastructure uses, where it is used in frame products, pipes, walls, gates, and various structural parts, which increase the scope of growth for the market in developing nations to a great extent.
- The total construction sector value of 2019, accounted for 42.7% and is likely to play a vital role in increasing demand for the products. Non-residential sector growth is expected to be powered by government spending to replace the old infrastructure, including bridges, building structures, and other transport infrastructure.
- The growing emphasis on infrastructure development, particularly in Asia Pacific countries, is projected to drive the product consumption in the coming years.
- The Government of India’s vision of ‘Make in India’ to give priority to domestically manufactured iron & steel products and promote domestic production is expected to have a positive effect on India’s regional market.
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For the purpose of this report, Reports and Data have segmented into the global Carbon Steel market on the basis of type, application, shape, and region:
Type Outlook (Revenue, USD Billion; 2017-2027)
- Low Carbon
- Medium Carbon
- High Carbon
Application Outlook (Revenue, USD Billion; 2017-2027)
- Ship Building
Shape Outlook (Revenue, USD Billion; 2017-2027)
- Long Steel
- Tubular Steel
- Flat Steel
Market Segmentation by Regions:
North America (U.S., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Point Summary of the Report:
The global Carbon Steel market research report is an investigative study offering key insights into the latest growth trends, developments, technological and product advancements, and the research and development scenario. The report also covers the market aspects that directly influence the growth of the market. These features include strategies undertaken by the prominent players, their expansion tactics, and the product portfolios of the companies, and micro and macro-economic factors.
The study also analyses the crucial market aspects, including R&D, product launches and brand promotions, mergers and acquisitions, collaborations, joint ventures, and the growth pattern on both regional and global levels. The report offers an in-depth evaluation of factors such as cost, capacity, rates of production and consumption, gross revenue, profit margin, demand and supply ratio, import/export, market share, market size, and market trends.
The Global Carbon Steel Market includes relevant and verified information relating to the overall market, key players, and their market position and financial standing. The report utilizes advanced analytical tools such as SWOT analysis, Porter’s Five Forces Analysis, investment return analysis, and feasibility analysis to offer a comprehensive view of the market position of the major players of the industry.
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To summarize everything stated above, the report offers key insights into the Carbon Steel market to allow the reader to gain a complete understanding of the Global Carbon Steel Market through accurate estimations, a panoramic view of the market scenario, competitive landscape, factors influencing the growth of the market, driving factors, restraints, regulatory framework, growth prospects and opportunities, and factors propelling the market forward. The research study offers an in-depth view of the industry to offer a competitive edge to the reader and help them in formulating beneficial investment plans. The report provides a comprehensive overview of the market with facts relating to the past, present, and future of the Global Carbon Steel Market.
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