Carbon Steel Market Expected to Reach US$ 1334.57 Billion by 2030, Growing at a 3.76% CAGR

Carbon Steel Market Overview (2023–2030)

• Market Size:
  • 2023: USD 1,030.69 Billion
  • 2030 (Forecast): USD 1,334.57 Billion
  • CAGR: 3.76% from 2024 to 2030
• Definition:
  Carbon steel is an iron-carbon alloy with carbon content ranging from 0.05% to 3.8%. It has lower melting points (1425–1510°C) and is widely used in engineering, construction, marine, power plants, and transportation industries due to its high tensile strength and durability, despite being more corrosion-prone compared to stainless steel.

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Market Dynamics

1. Drivers:
   • Construction & Infrastructure Growth:
     Demand for carbon steel is strongly influenced by the global construction industry, which was valued at USD 12,633 billion in 2020.
   • Technological Innovations:
     Adoption of new steelmaking technologies (e.g., Hybrit Process, ORC technology) to improve efficiency and reduce emissions.
   • Recyclability and Energy Savings:
     Carbon steel’s 100% recyclability helps conserve energy throughout its life cycle.
2. Challenges:
   • Declining Profit Margins:
     Steel suppliers face shrinking profit margins due to price reductions and declining global demand.
   • Surplus Supply:
     Since 2014, global supply has outpaced demand, partly driven by China’s slowing economic growth.
   • Impact of COVID-19:
     Steel production dropped significantly in North America (-17.6%), South America (-19.9%), and Europe (-17.9%) during the first half of 2020.

Segmentation Analysis

• By Type:
  Low-carbon steel accounted for 91% of market share in 2020, primarily due to its low cost, ductility, and wide applications (vehicle parts, pipes, construction, and food cans).

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Regional Insights

1. Americas:
   • U.S. steel production fell 18.3% in H1 2020.
   • South America experienced a 19.9% decline, with Argentina (-36.6%) and Brazil (-17.8%) hit hardest.
2. Asia Pacific:
   • Asia’s production dipped by 2.2% in 2020, though China recorded growth of 2.2%, driven by infrastructure recovery.
3. Europe & CIS:
   • EU production fell 17.9% in 2020, with France and Spain suffering the most.
   • Steel production in Russia fell by 2.9%, while Ukraine saw a 7.6% decline.
4. Middle East & Africa:
   • Africa’s production declined by 20.8%, with South Africa witnessing a dramatic 49.4% decrease.

Recent Developments

1. Cleveland-Cliffs Inc. acquired AK Steel Holding Corporation for USD 1.10 billion in March 2020.
2. ArcelorMittal completed the acquisition of Essar Steel India Limited in December 2019 to expand its market in India.
3. C-Chem Co., Ltd. sold its KJCC unit to Fangda Carbon in February 2020.

Conclusion & Outlook

The carbon steel market is expected to recover from the COVID-19 impact, supported by demand from construction, manufacturing, and transportation sectors. Despite challenges such as declining margins and input costs, technological advancements and the recyclability of steel present growth opportunities.

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Key Offerings:

• Past Market Size and Competitive Landscape (2018 to 2022)
• Past Pricing and price curve by region (2018 to 2022)
• Market Size, Share, Size & Forecast by Different Segment | 2024-2030
• Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
• Market Segmentation – A detailed analysis by segment with their sub-segments and Region
• Competitive Landscape – Profiles of selected key players by region from a strategic perspective
  • Competitive landscape – Market Leaders, Market Followers, Regional player
  • Competitive benchmarking of key players by region
• PESTLE Analysis
• PORTER’s analysis
• Value chain and supply chain analysis
• Legal Aspects of Business by Region
• Lucrative business opportunities with SWOT analysis
• Recommendations

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