According to a new report by Reports and Data, the Carbon Steel market is projected to reach a value of USD 1161.98 Billion by 2027. The market is currently experiencing robust growth, driven by increasing consumer demand for polymer foams. Advancements in the aerospace industry and growing space exploration activities are also expected to contribute to the growth of the carbon steel market. Carbon steel finds extensive applications in various products such as flat-rolled sheets, structural steels, pipes, and pressure vessels.

The market is anticipated to be driven by the growth of the electrical and electronics sector, as lightweight advanced composites are increasingly used in new generation aircraft. Environmental concerns and the need for sustainable solutions present significant growth opportunities for carbon steel composites in the aviation manufacturing industry. Furthermore, the construction sector is expected to fuel demand, as steelmakers offer construction and infrastructure solutions, including reinforcing bars, structural parts, roofing, and insulation panels. Changing lifestyles and increased consumption of packaged food in developed countries are likely to drive the demand for thin gauge flat carbon steels. Additionally, research and development activities focused on advancing carbon steel applications in developing regions are expected to positively impact the demand for advanced materials.

However, factors such as a decline in the utilization ratio of steel resources, higher prices of lightweight materials in automobiles, and costly maintenance, repair, and overhaul services for carbon steel products are expected to hinder the growth of the carbon steel industry. Additionally, the presence of superior alternatives like stainless chromium-nickel steels is likely to slow down the growth rate of carbon steels in the coming years.

The COVID-19 pandemic has had a significant impact on the carbon steel market, leading to a potential slowdown in demand for carbon steel rebars. The disease has disrupted export-import activities and halted production in many countries. The drop in demand can be attributed to the quarantine shock and a decline in demand due to the medium-term economic downturn.

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Key findings from the report include:

• Carbon steel finds extensive infrastructure applications, such as frame products, pipes, walls, gates, and structural parts, which contribute to its growth potential in developing nations.
• The construction sector accounted for 42.7% of the total sector value in 2019 and is expected to drive demand for carbon steel, particularly in the non-residential sector due to government spending on infrastructure projects.
• Infrastructure development, especially in Asia Pacific countries, is projected to boost the consumption of carbon steel in the coming years.
• The Indian government's "Make in India" initiative, which promotes domestic production and prioritizes domestically manufactured iron and steel products, is expected to positively impact India's regional market.
• Key participants in the market include JFE Steel Group, Baosteel Group, AK Steel Corporation, NLMK, Nippon Steel Corporation, HBIS Group, POSCO, United States Steel, Evraz plc, and Arcelor Mittal.

The report segments the global Carbon Steel market based on type, application, shape, and region:

Type Outlook (Revenue, USD Billion; 2017-2027):

• Low Carbon
• Medium Carbon
• High Carbon

Application Outlook (Revenue, USD Billion; 2017-2027):

• Ship Building
• Construction
• Automotive
• Others

Shape Outlook (Revenue, USD Billion; 2017-2027):

• Long Steel
• Tubular Steel
• Flat Steel

Carbon Steel Market: Drive factors

Factors Driving the Carbon Steel Market:

1.      Increasing Consumer Demand for Polymer Foams: The carbon steel market is witnessing robust growth due to the rising demand for polymer foams, which rely on carbon steel as a key component. The increased use of polymer foams in various industries, such as construction and automotive, is driving the demand for carbon steel.

2.      Growth of the Electrical & Electronics Sector: The electrical and electronics sector is witnessing significant growth, driven by technological advancements and increasing consumer demand for electronic devices. Carbon steel composites, known for their lightweight and high-strength properties, are increasingly used in the manufacturing of electronic components, contributing to the market's expansion.

3.      Construction Industry Expansion: The construction sector is a major consumer of carbon steel. The demand for carbon steel in construction is driven by its use in reinforcing bars, structural parts, roofing, and insulation panels. The growth of the construction industry, particularly in emerging economies, is expected to boost the demand for carbon steel.

4.      Changing Lifestyles and Increased Consumption of Packaged Food: Changing lifestyles and the growing preference for convenience have led to increased consumption of packaged food. Thin gauge flat carbon steels are widely used in food packaging applications due to their excellent formability and barrier properties. The rising demand for packaged food is expected to drive the market for thin gauge flat carbon steels.

Despite these driving factors, it is important to note that challenges such as the decline in the utilization ratio of steel resources, higher prices of lightweight materials in automobiles, and the availability of alternative materials like stainless chromium-nickel steels may impact the growth rate of the carbon steel market in the coming years.

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