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
- 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.
- Construction & Infrastructure Growth:
- 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.
- Declining Profit Margins:
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
- 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.
- Asia Pacific:
- Asia’s production dipped by 2.2% in 2020, though China recorded growth of 2.2%, driven by infrastructure recovery.
- 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.
- Middle East & Africa:
- Africa’s production declined by 20.8%, with South Africa witnessing a dramatic 49.4% decrease.
Recent Developments
- Cleveland-Cliffs Inc. acquired AK Steel Holding Corporation for USD 1.10 billion in March 2020.
- ArcelorMittal completed the acquisition of Essar Steel India Limited in December 2019 to expand its market in India.
- 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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