Carbon Steel Market: Global Industry Analysis and Forecast (2024-2030) by Product Type, Material Type, End-User, and Region

  • Carbon Steel market size was valued at US$ 1030.69 Billion in 2023 and the Carbon Steel Market revenue is expected to grow at 3.76% through 2024 to 2030, reaching nearly US$ 1334.57 Billion.

  • Format : PDF | Report ID : SMR_161

Carbon Steel Market Overview:

Carbon steel is a type of steel made up of iron and carbon alloy. In comparison to stainless steel, it has a higher carbon content of 0.05% to 3.8% by weight, a lower melting point of 1425 to 1510-degree Celsius, and is durable. Carbon steel is the most common engineering and construction material for large-scale industrial uses, like marine structures, power plants, transportation, chemical processing, and petroleum extraction and refining. Carbon steel has high tensile strength and hardness, but it is more prone to corrosion than stainless steel. This Global Carbon Steel Market report is analysed on the basis of segments such as type, application and region.

 

Carbon Steel Market

 

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COVID-19 Impact:

The COVID-19 pandemic has impacted negatively on the Carbon Steel Market. In the first half of 2020, global crude steel production fell by 5.4% compared to the same time the previous year. As per the WorldSteel Association, in comparison to the first half of 2019, crude steel production in the Middle East (-0.5%), Asia (-2.3%), Pacific (-3.3%), the CIS (-4.1%), and Other Europe (-6.3%) appeared to be more resilient in the first half of 2020. On the other hand, steel output decreased dramatically in the European Union (-17.9%), North America (-17.6%), South America (-19.9%), and Africa (-20.9%).

 

The report gives more details about the influence of each region, allowing users to plan their actions and take substantial steps toward recovery after pandemic.

 

Share of Global Steel Production in 2020:

 

Carbon Steel Market Dynamics:

Demand in the downstream industries:

 

The Carbon Steel Market is expected to be driven by rising demand from downstream industries like construction and building, engineering, and manufacturing. For example, Mitsubishi Materials in Japan used tamahagane steel, high carbon steel, to make swords with engineering expertise. High carbon steel has recently been used to forge cutting tools with sharp edges thanks to its excellent hardness and better resilience to wear and tear.

 

 

The steel sector is likely to be driven mostly by the construction and building industry. The global construction and building industry market size was valued at US $9,962 billion in 2016 and grew at a CAGR of 6.12% to US $12,633 billion in 2020. Thus, the industry is growing consistently, which is also expected to drive the carbon steel market over the forecast period.

 

With a greater emphasis on lowering the total cost of ownership of the steel-making process, the following results have emerged:

 

  • New technologies like The ORC Technology, Hybrit Process, Jet Process, and many others are being adopted.
  • Increasing consumption of energy like coal, electricity, natural gas, and oil: The steel industry actively manages its energy consumption. Steelmaking energy conservation is vital for the industry's competitiveness and to reduce environmental impacts such as greenhouse gas emissions. Steel's 100% recyclability, durability, and lightweight potential save energy over its many life cycles.
  • Procedures for fabrication and manufacture that are efficient.

 

Technological inventions are expected to drive the Carbon Steel Market:

 

The need to achieve a low cycle time in the manufacturing process of steel drives the development of new technologies. Emerging-market suppliers like China, Russia, India, and others are rapidly adopting technology to improve production efficiency and expand production capacity.

 

Declining profit margins:

 

Steel suppliers profit margins have decreased for the past 12–18 months because of dropping prices and demand for steel in the global market respectively. Flat steel and rebar costs were 16% lower in July 2020 than they were in July 2019. Over the first half of 2020, the monthly average of steel prices was 13% lower y-o-y for flat items and 14% lower y-o-y for long products.

 

Despite a minor uptick in flat pricing in July 2020, steel prices appear to be continuing on the downward trajectory they have been on since 2018. For example, in India domestic steel consumption growth was expected to drop to 5-6% in FY-2020, down from 7.9% in FY-2019.

 

Surplus Steel Commodity:

 

Since 2014, the steel industry has been experiencing a supply surplus, owing to a drop in demand from the world's largest customer, China. The global steel industry, and hence carbon steel prices, have been impacted by China's slow economic growth. The recent global restrictions related to the COVID-19 pandemic and decreased production rates are expected to help the situation sooner rather than later.

 

The feedstock supply chain restrictions have caused an increase in input costs, which is expected to challenge the market growth over the forecast period.

 

Carbon Steel Market Segmentation:

Based on Type:

 

In 2020, the Low-carbon steel segment was dominant and held approximately 91% of the overall Carbon Steel Market share in terms of volume. This segment is anticipated to grow at a CAGR of xx% during the forecast period. This steel has a density of 7.85 g/cm3 and Young's modulus of 200 GPa (Grade Point Average).

 

Mild steel, which is an iron with a little proportion of carbon, robust but difficult to temper, also known as plain-carbon steel and low-carbon steel, is the most prevalent type of steel because of its low cost and ability to meet the needs of a wide range of applications. This steel is malleable and ductile because it contains about 0.05 - 0.30% carbon. This steel has a low tensile strength, but it is inexpensive and simple to shape and carburizing that can improve surface hardness. Low carbon steel is commonly used in vehicle parts, pipes, construction, and food cans.

 

Carbon Steel Market

 

 

Carbon Steel Market Regional Insights:

Americas

 

In North America, the total crude steel production fell 17.6% year-on-year in the first half of 2020, owing mostly to a drop in steel production in the United States, which fell by 18.3%. Steel production in the Mexican and Canadian steel industries has plummeted 15.8% and 15.5%, respectively.

 

In South America, in y-o-y terms, steel production decreased by 19.9% in the first half of 2020. Argentina's production fell by 36.6%, Colombia's by 29.4%, and Brazil's by 17.8%, while Chile's production increased by 15.8%.

 

Asia Pacific

 

In the first half of 2020, Asia's crude steel production fell by 2.2% y-o-y, with a considerable disparity between China and the rest of Asia. Infrastructure and manufacturing drove favorable changes in steel output in China (+2.2%), with most steel-using industries having already returned to pre-COVID production levels by the end of April 2020. This may have helped to mitigate the impact of weakening export demand and its consequences for China's industrial industry. Also, steel output fell by 24.2% in India and 17.4% in Japan in the first half of 2020, and fell by 9.5% in Korea, with a milder fall in Chinese Taipei -4.1%.

 

In the Pacific, Australian crude steel production fell by only 0.6%, while global crude steel production fell by 3.3% even after a significant decrease of 2.9% in 2019. New Zealand, a far smaller steel producer, had a steep 25% reduction in steel production.

 

The Middle East and Africa

 

During the first half of 2020, African steel production fell by 20.8% y-o-y. South Africa's steel production was cut in half by -49.4%, as the country's economy, which was already in recession, was severely harmed by the lock-downs. During this time, Egypt's steel production remained stable, with a minor increase of 0.5%.

 

In the Middle East, steel production remained relatively stable in the first half of 2020 i.e., -0.3%y-o-y, but the region's overall increase masks significant discrepancies among countries. Steel output in Iran climbed considerably from 10.2% to 17%, while production in Saudi Arabia decreased by -12.4%. Other countries in the region have also experienced significant decreases.

 

Europe and CIS economies

 

During the first half of 2020, steel production in the European Union fell by 17.9% year on year. France (-26.6%), Spain (-26.4%), and Italy (-19.7%) had the most severe contractions among the biggest steel manufacturers, followed by Poland (-16.1%), Germany (-15.7%), and the United Kingdom (-8.7 percent).

 

In the other European region, over the first half of 2020, steel output fell by 6.3% y-o-y, which was smaller than the 8.5% drop in 2019. The output of Turkish steel fell by 4.1%. Steel output decreased by 4.1% in the CIS region, with 7.6% in Ukraine and 2.9% in Russia. Kazakhstan's steel production, which was at 4.1 million tonnes in 2019, fell by 15.5% year on year in the first half of 2020.

 

Recent Advancements:

  • In March 2020, Cleveland-Cliffs, Inc., based in Cleveland, Ohio, announced the completion of its acquisition of AK Steel Holding Corporation, based in West Chester Township, Butler County, Ohio. The purchase was completed for US $1.10 billion, and the new business will launch operations in North America from a unique position of strength.
  • In February 2020, C-Chem Co., Ltd., a subsidiary of NIPPON STEEL Chemical & Material Co., Ltd., has announced the acquisition of Koppers (Jiangsu) Carbon Chemical Company Limited (KJCC) by Fangda Carbon New Material Co., Ltd. (Fangda Carbon).
  • In December 2019, ArcelorMittal, a global conglomerate, has finalized the acquisition of India's Essar Steel India Limited (ESIL). ArcelorMittal hopes to extend its product penetration in India with this acquisition.

 

The objective of the report is to present a comprehensive analysis of the Carbon Steel Market to the stakeholders in the industry. The report provides trends that are most dominant in the Carbon Steel Market and how these trends will influence new business investments and market development throughout the forecast period. The report also aids in the comprehension of the Carbon Steel Market dynamics and competitive structure of the market by analysing market leaders, market followers, and regional players.

 

The qualitative and quantitative data provided in the Carbon Steel Market report is to help understand which market segments, regions are expected to grow at higher rates, factors affecting the market, and key opportunity areas, which will drive the industry and market growth through the forecast period. The report also includes the competitive landscape of key players in the industry along with their recent developments in the Carbon Steel Market. The report studies factors such as company size, market share, market growth, revenue, production volume, and profits of the key players in the Carbon Steel Market.

 

The report provides Porter's Five Force Model, which helps in designing the business strategies in the market. The report helps in identifying how many rivals are existing, who they are, and how their product quality is in the Market. The report also analyses if the Carbon Steel Market is easy for a new player to gain a foothold in the market, do they enter or exit the market regularly if the market is dominated by a few players, etc.

 

The report also includes a PESTEL Analysis, which aids in the development of company strategies. Political variables help in figuring out how much a government can influence the Market. Economic variables aid in the analysis of economic performance drivers that have an impact on the Market. Understanding the impact of the surrounding environment and the influence of environmental concerns on the Carbon Steel Market is aided by legal factors.

 

Carbon Steel Market Scope:

Carbon Steel Market 

Market Size in 2023

USD 1030.69 Bn.

Market Size in 2030

USD 1334.57 Bn.

CAGR (2024-2030)

3.76 %

Historic Data

2018-2022

Base Year

2023

Forecast Period

2024-2030

Segment Scope

By Type

  • Low Carbon Steel
  • Medium Carbon Steel
  • High Carbon Steel
  • Ultra-High Carbon Steel

By Application

  • Engineering Sector
  • Construction & Building Industry
  • Manufacturing Sector

Regional Scope

North America- United States, Canada, and Mexico

Europe – UK, France, Germany, Italy, Spain, Sweden, Austria, and Rest of Europe

Asia Pacific – China, India, Japan, South Korea, Australia, ASEAN, Rest of APAC

Middle East and Africa - South Africa, GCC, Egypt, Nigeria, Rest of the Middle East and Africa

South America – Brazil, Argentina, Rest of South America

 

Carbon Steel Market Key Players

  • JFE Steel Corporation
  • Nippon Steel Corporation
  • Baosteel Group
  • Curtis Steel Co., Inc
  • Bushwick Metals LLC
  • ArcelorMittal SA,
  • Omega Steel Company
  • Afarak Group
  • HBIS Group
  • POSCO
  • AK Steel Corporation
  • NLMK Evraz plc
  • United States Steel
  • Tata Steel Ltd.
  • JSW Steel Ltd.
  • Steel Authority of India Ltd.
  • Essar Steel India Ltd.
  • Others


Frequently Asked Questions

The considered forecast period for the carbon steel market is 2024-2030

Chapter 1 Scope of the Report
Chapter 2 Research Methodology

      2.1. Research Process
      2.2. Global Carbon Steel Market: Target Audience
      2.3. Global Carbon Steel Market: Primary Research (As per Client Requirement)
      2.4. Global Carbon Steel Market: Secondary Research
Chapter 3 Executive Summary
Chapter 4 Competitive Landscape

      4.1. Market Share Analysis, By Value, 2023-2030
            4.1.1.   Market Share Analysis, By Region, By Value, 2023-2030 (In %)
                  4.1.1.1. North America Market Share Analysis, By Value, 2023-2030 (In %)
                  4.1.1.2. Europe Market Share Analysis, By Value, 2023-2030 (In %)
                  4.1.1.3. Asia Pacific Market Share Analysis, By Value, 2023-2030 (In %)
                  4.1.1.4. South America Market Share Analysis, By Value, 2023-2030 (In %)
                  4.1.1.5. Middle East and Africa Market Share Analysis, By Value, 2023-2030 (In %)
            4.1.2.   Market Share Analysis, By Type, By Value, 2023-2030 (In %) 
                  4.1.2.1. North America Market Share Analysis, By Type, By Value, 2023-2030 (In %)
                              4.1.2.1.1. USA Market Share Analysis, By Type, By Value, 2023-2030 (In %)
                              4.1.2.1.2. Canada Market Share Analysis, By Type, By Value, 2023-2030 (In %)
                              4.1.2.1.3. Mexico Market Share Analysis, By Type, By Value, 2023-2030 (In %)
                  4.1.2.2. Europe Market Share Analysis, By Type, By Value, 2023-2030 (In %)
                              4.1.2.2.1. UK Market Share Analysis, By Type, By Value, 2023-2030 (In %)
                              4.1.2.2.2. France Market Share Analysis, By Type, By Value, 2023-2030 (In %)
                              4.1.2.2.3. Germany Market Share Analysis, By Type, By Value, 2023-2030 (In %)
                              4.1.2.2.4. Italy Market Share Analysis, By Type, By Value, 2023-2030 (In %)
                              4.1.2.2.5. Spain Market Share Analysis, By Type, By Value, 2023-2030 (In %)
                              4.1.2.2.6. Sweden Market Share Analysis, By Type, By Value, 2023-2030 (In %)
                              4.1.2.2.7. Austria Market Share Analysis, By Type, By Value, 2023-2030 (In %)
                              4.1.2.2.8. Rest of Europe Market Share Analysis, By Type, By Value, 2023-2030 (In %)
                  4.1.2.3. Asia Pacific Market Share Analysis, By Type, By Value, 2023-2030 (In %)
                              4.1.2.3.1. China Market Share Analysis, By Type, By Value, 2023-2030 (In %)
                              4.1.2.3.2. India Market Share Analysis, By Type, By Value, 2023-2030 (In %)
                              4.1.2.3.3. Japan Market Share Analysis, By Type, By Value, 2023-2030 (In %)
                              4.1.2.3.4. South Korea Market Share Analysis, By Type, By Value, 2023-2030 (In %)
                              4.1.2.3.5. Australia Market Share Analysis, By Type, By Value, 2023-2030 (In %)
                              4.1.2.3.6. ASEAN Market Share Analysis, By Type, By Value, 2023-2030 (In %)
                              4.1.2.3.7. Rest of APAC Market Share Analysis, By Type, By Value, 2023-2030 (In %)
                  4.1.2.4. South America Market Share Analysis, By Type, By Value, 2023-2030 (In %)
                              4.1.2.4.1. Brazil Market Share Analysis, By Type, By Value, 2023-2030 (In %)
                              4.1.2.4.2. Argentina Market Share Analysis, By Type, By Value, 2023-2030 (In %)
                              4.1.2.4.3. Rest of South America Market Share Analysis, By Type, By Value, 2023-2030 (In %)
                  4.1.2.5. Middle East and Africa Market Share Analysis, By Type, By Value, 2023-2030 (In %)
                              4.1.2.5.1. South Africa Market Share Analysis, By Type, By Value, 2023-2030 (In %)
                              4.1.2.5.2. GCC Market Share Analysis, By Type, By Value, 2023-2030 (In %)
                              4.1.2.5.3. Egypt Market Share Analysis, By Type, By Value, 2023-2030 (In %)
                              4.1.2.5.4. Nigeria Market Share Analysis, By Type, By Value, 2023-2030 (In %)
                              4.1.2.5.5. Rest of Middle East and Africa Market Share Analysis, By Type, By Value, 2023-2030 (In %)
            4.1.3.    Market Share Analysis, By Application, By Value, 2023-2030 (In %)
            4.1.4.    North America Market Share Analysis, By Application, By Value, 2023-2030 (In %)
                              4.1.4.1.1. USA Market Share Analysis, By Application, By Value, 2023-2030 (In %)
                              4.1.4.1.2. Canada Market Share Analysis, By Application, By Value, 2023-2030 (In %)
                              4.1.4.1.3. Mexico Market Share Analysis, By Application, By Value, 2023-2030 (In %)
                  4.1.4.2. Europe Market Share Analysis, By Application, By Value, 2023-2030 (In %)
                              4.1.4.2.1. UK Market Share Analysis, By Application, By Value, 2023-2030 (In %)
                              4.1.4.2.2. France Market Share Analysis, By Application, By Value, 2023-2030 (In %)
                              4.1.4.2.3. Germany Market Share Analysis, By Application, By Value, 2023-2030 (In %)
                              4.1.4.2.4. Italy Market Share Analysis, By Application, By Value, 2023-2030 (In %)
                              4.1.4.2.5. Spain Market Share Analysis, By Application, By Value, 2023-2030 (In %)
                              4.1.4.2.6. Sweden Market Share Analysis, By Application, By Value, 2023-2030 (In %)
                              4.1.4.2.7. Austria Market Share Analysis, By Application, By Value, 2023-2030 (In %)
                              4.1.4.2.8. Rest of Europe Market Share Analysis, By Application, By Value, 2023-2030 (In %)
                  4.1.4.3. Asia Pacific Market Share Analysis, By Application, By Value, 2023-2030 (In %)
                              4.1.4.3.1. China Market Share Analysis, By Application, By Value, 2023-2030 (In %)
                              4.1.4.3.2. India Market Share Analysis, By Application, By Value, 2023-2030 (In %)
                              4.1.4.3.3. Japan Market Share Analysis, By Application, By Value, 2023-2030 (In %)
                              4.1.4.3.4. South Korea Market Share Analysis, By Application, By Value, 2023-2030 (In %)
                              4.1.4.3.5. Australia Market Share Analysis, By Application, By Value, 2023-2030 (In %)
                              4.1.4.3.6. ASEAN Market Share Analysis, By Application, By Value, 2023-2030 (In %)
                              4.1.4.3.7. Rest of APAC Market Share Analysis, By Application, By Value, 2023-2030 (In %)
                  4.1.4.4. South America Market Share Analysis, By Application, By Value, 2023-2030 (In %)
                              4.1.4.4.1. Brazil Market Share Analysis, By Application, By Value, 2023-2030 (In %)
                              4.1.4.4.2. Argentina Market Share Analysis, By Application, By Value, 2023-2030 (In %)
                              4.1.4.4.3. Rest of South America Market Share Analysis, By Application, By Value, 2023-2030 (In %)
                  4.1.4.5. Middle East and Africa Market Share Analysis, By Application, By Value, 2023-2030 (In %)
                              4.1.4.5.1. South Africa Market Share Analysis, By Application, By Value, 2023-2030 (In %)
                              4.1.4.5.2. GCC Market Share Analysis, By Application, By Value, 2023-2030 (In %)
                              4.1.4.5.3. Egypt Market Share Analysis, By Application, By Value, 2023-2030 (In %)
                              4.1.4.5.4. Nigeria Market Share Analysis, By Application, By Value, 2023-2030 (In %)
                              4.1.4.5.5. Rest of Middle East and Africa Market Share Analysis, By Application, By Value, 2023-2030 (In %)
      4.2. Stellar Competition matrix
      4.2.1. Global Stellar Competition Matrix
            4.2.2. North America Stellar Competition Matrix
            4.2.3. Europe Stellar Competition Matrix
            4.2.4. Asia Pacific Stellar Competition Matrix
            4.2.5. South America Stellar Competition Matrix
            4.2.6. Middle East and Africa Stellar Competition Matrix
      4.3. Key Players Benchmarking 
            4.3.1. Key Players Benchmarking by Type, Pricing, Market Share, Investments, Expansion Plans, Physical Presence and Presence in the Market.
      4.4. Mergers and Acquisitions in Industry
            4.4.1. M&A by Region, Value and Strategic Intent
      4.5. Market Dynamics
            4.5.1. Market Drivers
            4.5.2. Market Restraints
            4.5.3. Market Opportunities
            4.5.4. Market Challenges
            4.5.5. PESTLE Analysis
            4.5.6. PORTERS Five Force Analysis
            4.5.7. Value Chain Analysis
Chapter 5 Global Carbon Steel Market Segmentation: By Type 
      5.1. Global Carbon Steel Market, By Type, Overview/Analysis, 2023-2030
      5.2. Global Carbon Steel Market, By Type, By Value, Market Share (%), 2023-2030 (USD Billion)
      5.3. Global Carbon Steel Market, By Type, By Value, - 
            5.3.1. Low Carbon Steel
            5.3.2. Medium Carbon Steel
            5.3.3. High Carbon Steel
            5.3.4. Ultra-High Carbon Steel
Chapter 6 Global Carbon Steel Market Segmentation: By Application
      6.1. Global Carbon Steel Market, By Application, Overview/Analysis, 2023-2030
      6.2. Global Carbon Steel Market Size, By Application, By Value, Market Share (%), 2023-2030 (USD Billion)
      6.3. Global Carbon Steel Market, By Application, By Value, - 
            6.3.1. Engineering Sector
            6.3.2. Construction & Building Industry
            6.3.3. Manufacturing Sector
Chapter 7 Global Carbon Steel Market Segmentation: By Region
      7.1. Global Carbon Steel Market, By Region – North America
            7.1.1. North America Carbon Steel Market Size, By Type, By Value, 2023-2030 (USD Billion)
            7.1.2. North America Carbon Steel Market Size, By Application, By Value, 2023-2030 (USD Billion)
            7.1.3. By Country – U.S.
                  7.1.3.1. U.S. Carbon Steel Market Size, By Type, By Value, 2023-2030 (USD Billion)
                  7.1.3.2. U.S. Carbon Steel Market Size, By Application, By Value, 2023-2030 (USD Billion)
                  7.1.3.3. Canada Carbon Steel Market Size, By Value, 2023-2030 (USD Billion)
                  7.1.3.4. Mexico Carbon Steel Market Size, By Value, 2023-2030 (USD Billion)
      7.2. Europe Carbon Steel Market Size, By Value, 2023-2030 (USD Billion)
            7.2.1. UK
            7.2.2. France
            7.2.3. Germany
            7.2.4. Italy
            7.2.5. Spain 
            7.2.6. Sweden
            7.2.7. Austria
            7.2.8. Rest of Europe
      7.3. Asia Pacific Carbon Steel Market Size, By Value, 2023-2030 (USD Billion)
            7.3.1. China
            7.3.2. India
            7.3.3. Japan
            7.3.4. South Korea
            7.3.5. Australia
            7.3.6. ASEAN
            7.3.7. Rest of APAC
      7.4. Middle East and Africa Carbon Steel Market Size, By Value, 2023-2030 (USD Billion)
            7.4.1. South Africa
            7.4.2. GCC 
            7.4.3. Egypt
            7.4.4. Nigeria
            7.4.5. Rest of Middle East and Africa
      7.5. South America Carbon Steel Market Size, By Value, 2023-2030 (USD Billion)
            7.5.1. Brazil
            7.5.2. Argentina
            7.5.3. Rest of South America
Chapter 8 Company Profiles
      8.1. Key Players
            8.1.1. JFE Steel Corporation (Japan)
                  8.1.1.1. Company Overview
                  8.1.1.2. Type Portfolio
                  8.1.1.3. Financial Overview
                  8.1.1.4. Business Strategy
                  8.1.1.5. Key Developments
            8.1.2. Nippon Steel Corporation (Japan)
            8.1.3. Baosteel Group (China)
            8.1.4. Curtis Steel Co., Inc (United States)
            8.1.5. Bushwick Metals LLC (United States)
            8.1.6. ArcelorMittal SA, (Luxembourg)
            8.1.7. Omega Steel Company (United States)
            8.1.8. Afarak Group (Europe)
            8.1.9. HBIS Group (China)
            8.1.10. POSCO (South Korea)
            8.1.11. AK Steel Corporation (United States)
            8.1.12. NLMK Evraz plc (Russia)
            8.1.13. United States Steel (United States)
            8.1.14. Tata Steel Ltd. (India)
            8.1.15. JSW Steel Ltd. (India)
            8.1.16. Steel Authority of India Ltd. (India)
            8.1.17. Essar Steel India Ltd. (India)
            8.1.18. Others
      8.2. Key Findings
      8.3. Recommendations

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