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| Global Carbon Steel Market Size |
Carbon steel is an alloy of iron and carbon with small amounts of other
elements. The presence of carbon in these steels makes them hardenable by heat
treatment, enabling them to have a variety of strength levels and compromise
between strength, formability and weldability. Carbon steel products are used
across various industries such as construction, infrastructure, manufacturing,
oil & gas and energy. The rise in construction and infrastructure
development activities across both developed and developing economies is
creating substantial demand for carbon steel products such as rolled steel
products, pipe & tubes, and bars & rods. Furthermore, the growth of the
manufacturing sector along with increasing investments in process industry
equipment and oil & gas pipelines is also fueling the consumption of carbon
steel globally.
The global
Carbon Steel Market is estimated to be valued at US$ 1155.24 Bn in 2024 and is expected to exhibit a CAGR of 9.2% over the forecast period
2024-2031, as highlighted in a new report published by Coherent Market
Insights.
Market Opportunity:
The expansion of the construction and manufacturing sectors is a major market
opportunity for carbon steel producers. Rapid urbanization and growing
investments in public infrastructure in developing countries are expected to
drive the demand for carbon steel bars, angles, beams and other long products
used in construction applications over the forecast period. Additionally, the
revival of manufacturing activity and industrial capex particularly in
developed regions along with ongoing capacity additions in China and India will
augment carbon steel consumption in machinery, equipment and heavy fabricated
metal components over the coming years. Carbon steel manufacturers should focus
on leveraging these opportunities by catering to rising demand from
infrastructure, equipment OEMs and industrial end-use segments globally.
Porter's Analysis
Threat of new entrants: The threat of new entrants in the carbon steel market
is moderate. Although there are no major capital requirements for entering the
market, established players possess significant brand recognition and economies
of scale that deter new players.
Bargaining power of buyers: The bargaining power of buyers in the carbon steel
market is high. Buyers have a wide range of alternatives and carbon steel is a
commodity product. This enables buyers to negotiate on price margins.
Bargaining power of suppliers: The bargaining power of suppliers is moderate.
While raw material costs contribute significantly to overall production costs,
the availability of substitute materials provides some flexibility to buyers.
Threat of new substitutes: The threat of substitutes is high for the carbon
steel market. Alternatives such as aluminum and stainless steel are encroaching
market share from carbon steel in various applications.
Competitive rivalry: The competitive rivalry in the carbon steel market is high
owing to many global and regional players competing for market share. Pricing
pressure and risk of forward integration by competitors further intensifies
competition.
SWOT Analysis
Strengths: Carbon steel has excellent mechanical properties, durability,
corrosion resistance and strength to weight ratio. It also has wide
availability and cost-effectiveness compared to other alternatives.
Weaknesses: Carbon steel has low resistance to corrosion when exposed to
moisture and coastal conditions. It also has limited formability and
weldability compared to advanced alloy steels.
Opportunities: Growing construction and infrastructure development activities
across emerging economies offer significant growth opportunities. Rising demand
for steel pipes and tubes from oil & gas industry also presents
opportunities.
Threats: Availability of substitutes like aluminum and stainless steel poses a
threat. Implementation of stringent environmental regulations also affects
market growth owing to carbon steel's impacts during production.
Key Takeaways
Global
Carbon Steel Market Size is expected to witness high growth over the
forecast period of 2024 to 2031. Growth will be driven by increasing
investments in infrastructure development and recovery of the automotive
industry. The global Carbon Steel Market is estimated to be valued at US$ 1155.24 Bn in 2024 and is expected
to exhibit a CAGR of 9.2% over the
forecast period 2024-2031.
Regional analysis: Asia Pacific dominates the global carbon steel market and is
expected to maintain its lead through 2031. China contributes significantly to
regional market growth owing to large production and consumption. Presence of
key manufacturers and an expanding construction industry supports market
expansion in India as well.
Key players operating in the carbon steel market are ArcelorMittal, POSCO,
Nippon Steel, United States Steel Corporation, Baosteel Group, Hyundai Steel
Co., Tata Steel Group, China Steel Corporation, JFE Steel Corporation, Nucor
Corporation. ArcelorMittal holds the largest market share globally.
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