Redding, California - July 26, 2024
Carbon Steel Market to be Worth $1,331.2 Billion by 2031
Carbon Steel Market Size, Share, Forecast, & Trends Analysis by Type (Low-Carbon Steel, High-Carbon Steel), Process (BOP, EAF Process), Product (Flat Carbon Steel, Long Carbon Steel), Application (Building & Construction, Manufacturing), and Geography – Global Forecast to 2031
Meticulous Research®—leading global market research company, published a research report titled, ‘Carbon Steel Market by Type (Low-Carbon Steel, High-Carbon Steel), Process (BOP, EAF Process), Product (Flat Carbon Steel, Long Carbon Steel), Application (Building & Construction, Manufacturing), and Geography - Global Forecast to 2031’.
According to this latest publication from Meticulous Research®, the global carbon steel market is expected to reach $1,331.2 billion by 2031, at a CAGR of 3.9% from 2024–2031.The growing use of carbon steel is driving the carbon steel market due to its higher stability and better wear resistance, as well as the increasing use of carbon steel materials in building & construction. However, the raw material price fluctuation restraints market expansion. In addition, the surging demand for carbon steel in the oil & gas industry for pipelines and storage tanks is expected to generate growth opportunities for the players operating in this market. On the other hand, the availability of alternative materials such as aluminum, composites, and stainless steel presents a significant challenge impacting market growth. Moreover, the most recent market development is the increasing use of robotics & automation in carbon steel processing.
The global carbon steel market is segmented by type (low-carbon steel (>0.30%), medium-carbon steel (0.30%- 0.60%), and high-carbon steel (<0.60%)), process (basic oxygen process (BOP) and electric arc furnace process (EAF)), product (flat carbon steel, long carbon steel, and tubular carbon steel), application (building & construction, automotive, oil & gas, shipbuilding, locomotive & transportation, manufacturing, consumer electronics, aerospace & defense, agriculture, and other applications), and geography. The study also evaluates industry competitors and analyses the market at the country and regional levels.
Based on type, the global carbon steel market is segmented into low-carbon steel (>0.30%), medium-carbon steel (0.30%- 0.60%), and high-carbon steel (<0.60%). In 2024, the low-carbon steel (>0.30%) segment is expected to account for the largest share of 81% of the global carbon steel market. This segment's large market share is attributed to the increasing adoption of low-carbon steel for applications that require shaping, bending, and welding. Low-carbon steel has good ductility, which allows it to be formed into various shapes without compromising its strength. Additionally, the increased use of low-carbon steel lowers the chances of cracking or breaking.
However, the high-carbon steel (<0.60%) segment is expected to register the highest CAGR during the forecast period. This segment’s growth is attributed to the increasing preference for high-carbon steel in mining, construction, and manufacturing due to its strength, hardness, and wear resistance, as well as the rising use of high-carbon steels for heat treatment, which allows manufacturers to tailor their mechanical properties according to specific application requirements.
Based on process, the global carbon steel market is segmented into the basic oxygen process (BOP) and electric arc furnace process (EAF). In 2024, the basic oxygen process (BOP) segment is expected to account for the largest share of 62% of the global carbon steel market. The expanding usage of BOP to generate huge quantities of carbon steel in less time than other processes contributes to this segment’s significant market share. BOP is utilized to produce a variety of carbon steels, from low to high carbon content. Additionally, the BOP facilities are highly automated, lowering the chances of accidents and improving overall worker safety.
However, the electric arc furnace process (EAF) segment is expected to register the highest CAGR during the forecast period. This segment’s growth is attributed to the growing need for lower emissions of greenhouse gases and other pollutants during the carbon steel process, as well as the increasing adoption of the EAF process, which requires less initial capital investment than establishing a traditional integrated steel plant. Furthermore, the EAF process consumes less energy per ton of carbon steel produced.
Based on product, the global carbon steel market is segmented into flat carbon steel, long carbon steel, and tubular carbon steel. In 2024, the flat carbon steel segment is expected to account for the largest share of 48% of the global carbon steel market. This segment's large market share is attributed to the growing adoption of flat carbon steel due to its high strength and durability, the increasing use of flat carbon steel to fabricate, weld, and mold into various shapes and sizes, and the growing demand for flat carbon steel in construction and manufacturing for structural applications such as support beams, braces, and framing.
However, the tubular carbon steel segment is expected to register the highest CAGR during the forecast period. This segment's growth is attributed to the increasing use of tubular carbon for conveying fluids, gases, and solids in various industries such as oil & gas, construction, automotive, and manufacturing and the rising use of tubular carbon steel due to its high resistance to rust, corrosion, and extreme temperatures.
Based on application, the global carbon steel market is segmented into building & construction, automotive, oil & gas, shipbuilding, locomotive & transportation, manufacturing, consumer electronics, aerospace & defense, agriculture, and other applications. In 2024, the building & construction segment is expected to account for the largest share of 43% of the global carbon steel market. This segment's large market share is attributed to the increasing use of carbon steel for structural components and load-bearing elements in buildings and the growing use of carbon steel components due to its low weight and ease of handling & installation compared to concrete or other materials. Carbon steel is also sturdy and fatigue-resistant, making it suitable for long-term use in construction projects.
However, the manufacturing segment is expected to register the highest CAGR during the forecast period. The growth of this segment is attributed to the increasing use of carbon steel in manufacturing due to its robustness and resistance to mechanical loads and its expanding adoption for ease of cutting, machining, welding, and forming in manufacturing.
Based on geography, the global carbon steel market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, Asia-Pacific is expected to account for the largest share of over 64% of the global carbon steel market. Asia-Pacific’s significant market share can be attributed to the increasing growth of automotive and shipbuilding industries and the growing adoption of carbon steel products due to rising environmental concerns and regulations for sustainable alternatives and the rapid urbanization in countries like China, India, and Southeast Asia for carbon steel for buildings, bridges, and urban infrastructure.
Moreover, the automotive and shipbuilding market is expected to register the highest CAGR of 5% during the forecast period.
Key Players
The key players operating in the carbon steel market are Tata Steel Limited (India), JFE Steel Corporation (A Subsidiary of JFE Holdings, Inc.) (Japan), JSW STEEL LIMITED (India), POSCO HOLDINGS INC. (South Korea), United States Steel Corporation (U.S.), Jiangsu Shagang Group Company Limited (China), Ansteel Group Corporation Limited (China), Nippon Steel Corporation (Japan), HBIS Group Co., Ltd. (China), Kobe Steel, Ltd. (Japan), NACHI-FUJIKOSHI CORP (Japan), Hudson Tool Steel Corporation (U.S.), AK Steel International B.V. (A Subsidiary of Cleveland-Cliffs Inc.) (Netherlands), Sandvik AB (Sweden), and Daido Steel Co., Ltd. (Japan).
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Key Questions Answered in the Report:
- Which are the high-growth market segments in terms of type, process, product, and application?
- What is the historical market size for global carbon steel?
- What are the market forecasts and estimates for 2024–2031?
- What are the major drivers, restraints, opportunities, challenges, and trends in the global carbon steel market?
- Who are the major players in the global carbon steel market, and what are their market shares?
- What is the competitive landscape like?
- What are the recent developments in the global carbon steel market?
- What are the different strategies adopted by major market players?
- What are the trends and high-growth countries?
- Who are the local emerging players in the global carbon steel market, and how do they compete with other players?
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