Tokyo, December 17, 2021 (GLOBE NEWSWIRE) – Carbon steel is used in various industries, which has contributed to the growth of the overall carbon steel market. Low carbon steel is frequently used in the construction of fences, while low and medium carbon steels are used in the construction of bridges and building structures. Due to the aforementioned applications, the demand for carbon steel is expected to increase in response to increased investment in infrastructure construction. This is particularly the case for the countries of Asia-Pacific.
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Asia-Pacific is the largest segment of the carbon steel market 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 the region. 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 emerging as a regional market for carbon steel and its derivatives.
Scope of the Carbon steel market
|Cover of the report||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 mentioned||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 thin gauge flat carbon steel, and North America is expected to experience significant expansion of the carbon steel market due to the increase in consumption of packaged foods in the region. Due to the growing presence of many car manufacturers in the region, North America is expected to be followed by Europe in terms of consumption.
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Demand for stronger steel
The rise of industrialization and urbanization has increased the demand for the construction and shipbuilding industries. The increase in disposable income has made it possible 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. The construction of a building requires strong steel that can be easily molded and bent as needed. Building ships also requires strong steel such as carbon steel. As a result, the demand for stronger steel is driving the growth of the carbon steel market.
Carbon steel gets easily corroded
Carbon steel is more prone to corrosion and rust than other forms of steel. Manufacturers add chromium to steel to make it stainless, typically between 10% and 12%. Chromium acts as a protective coating on steel, protecting it from moisture that would otherwise cause rust. However, because carbon steel lacks chromium, it can rust if exposed to moisture for an extended period of time. Carbon steel that has been rusted or corroded cannot be used in the manufacture of any type of product. Thus, carbon steel easily corrodes, limiting the growth of the carbon steel market during the forecast period.
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. The development of infrastructure 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. As a result, the increasing emphasis on infrastructure development creates lucrative opportunities for the growth of the carbon steel market during the forecast period.
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Easy availability of product substitute
Alternatives to carbon steel are readily available in the market. The substitutes for carbon steel are steel and stainless steel. Sometimes aluminum is also used in place 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. As a result, the ready availability of carbon steel substitutes is a major challenge for the growth of the carbon steel market during the forecast period.
Highlights of the report
- On the basis of 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 its components on a large scale.
Segments covered in the report
- Low carbon steel
- Medium carbon steel
- High carbon steel
- Infrastructure and transport
- North America
- Asia Pacific
- South Korea
- Rest of the world
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