The carbon steel market consists of steel products with low alloy content mostly composed of iron combined with carbon less than 2.1% by weight. Carbon steel finds widespread applications in construction, infrastructure, automotive, appliances and machinery owing to its high strength, toughness and low production cost as compared to stainless steel or aluminum.
The global Carbon Steel Market is estimated to be valued at US$ 1076.32 Billion in 2024 and is expected to exhibit a CAGR of 3.6% over the forecast period between 2024 to 2031. Key Takeaways Key players operating in the Carbon Steel Market are Nippon Steel and Sumitomo Metal Corporation (NSSMC), POSCO, Tata Steel, Baowu Group (China Baowu, Steel Group Corp.), JFE Steel Corporation, JSW Steel, United States Steel Corporation (U.S. Steel), Shagang Group, and Ansteel Group. These companies collectively account for a substantial share of the global production. The Carbon Steel Market Size is witnessing increasing demand from the construction sector due to rising investment in infrastructural development projects across both developed and developing regions. The cost effectiveness of carbon steel along with its high strength makes it the preferred choice for building components, structural sections, pipes and frames for roads, bridges, buildings etc. Globally, the Carbon Steel Market is expanding in tandem with industrial and economic growth. Developing countries in Asia and Latin America account for the largest share of the global consumption owing to rapid industrialization and urbanization in these regions. Moreover, trade policies of key economies have a significant bearing on regional dynamics and demand-supply patterns within the global carbon steel industry. Market key trends One of the major trends gaining traction in the Carbon Steel Market is enhanced focus on recyclability and sustainable production. Carbon steel has an advantage that its components can be recovered and reused multiple times without degradation in quality. The recycling rate of carbon steel is estimated to be over 90% globally. This circular business model aids in reduction of carbon footprint and promotes sustainability in the construction industry which is one of the largest end-use sectors for carbon steel globally.
Porter’s Analysis Threat of new entrants: Low as market requires huge investments and presence of large Carbon Steel Companies.
Bargaining power of buyers: High as buyers can find alternatives suppliers.
Bargaining power of suppliers: Low as raw materials are easily available.
Threat of new substitutes: High threat from substitute materials like stainless steel, aluminum etc.
Competitive rivalry: High as market is dominated by top players and market share is distributed among them. Geographical regions: The Carbon Steel Market in Asia Pacific region holds the largest share in terms of value, attributed to high demand from construction as well as automotive sectors of developing countries like China and India. Steel consumption is high in this region due to industrialization and urbanization activities. North America region is expected to exhibit fastest growth during the forecast period due to growth in end use industries like construction, automotive, machinery etc. Production of oil & gas and shale gas in US is boosting related infrastructure development which demands carbon steel. Recovery from recession is further augmenting the market growth in this region.
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Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice's dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights.
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