Carbon Steel Market Stimulated by Growing Recycling Initiatives is Estimated to Witness High Growth
Carbon steel is an alloy of iron and carbon with a maximum of 2.1% carbon, commonly used in construction industry for its high strength and affordability. Carbon steel is used in shipbuilding, pipelines, rails, construction, welding wire and various other applications. It is formed by melting iron and adding carbon to it to increase its strength and make it harder.
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 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Growing recycling initiatives is estimated to drive the growth of the global carbon steel market over the forecast period. Several government initiatives promote recycling of iron and steel products across various industries. Growing environmental awareness has prompted industries to increase recycling efforts which has boosted supply of scrap iron used in production of carbon steel. According to the U.S. Environmental Protection Agency (EPA) over 70% of steel products are produced using recycled steel scrap as raw material. Growing infrastructure development activities particularly in Asia Pacific and Middle East & Africa regions has augmented demand for carbon steel in construction industry. Additionally, reviving manufacturing sector globally post pandemic recovery has further augmented demand for carbon steel in shipbuilding, machinery and other applications thereby acting as another key growth driver over the forecast period.
SWOT Analysis
Strength: Steel's intrinsic strength and durability make carbon steel highly suitable for components that require high strength and load-bearing capabilities. Carbon steel can be easily formed into many shapes and is widely available at competitive prices. It can also be easily joined using welding techniques.
Weakness: Carbon steel is susceptible to rust and corrosion if not properly coated or treated. It has less ductility and toughness compared to alloy steels. Carbon steel also has limited temperature resistance and cannot be used in applications with temperature extremes.
Opportunity: The growth of infrastructure projects and construction activities in developing regions of Asia Pacific and Latin America present major opportunities for carbon steel. Rapid urbanization and industrialization will drive demand for steel structures, pipes, roads, and other applications. There is also opportunity to develop innovative coated and treated carbon steel products with better corrosion resistance.
Threats: Alloy and stainless steels pose a threat by replacing carbon steel in applications that demand higher temperature resistance, strength, or corrosion protection. Substitute materials like composites and aluminum also threaten carbon steel market share in light-weighting applications. Fluctuations in iron ore and scrap steel prices present ongoing risks.
Key Takeaways
Global Carbon Steel Market Size is expected to witness high growth over the forecast period due to increasing construction activities and infrastructure development projects 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 to 2031.
The Asia Pacific region currently dominates the carbon steel market with the largest production and consumption volumes. China, Japan, India, South Korea are the leading carbon steel producing nations in Asia Pacific due to large manufacturing and construction sectors. Rapidly developing economies like China and India provide immense opportunities for carbon steel growth driven by ongoing industrialization and urbanization.
Key players operating in the carbon steel market are ArcelorMittal S.A., Hebei Iron and Steel Group Co., Ltd., Baosteel Group Corporation, Wuhan Iron and Steel Group Corporation, JFE Steel Corporation. These companies have extensive production capacities and supply carbon steel products worldwide to major industries including automotive, machinery, construction, and equipment manufacturing. Innovation in surface treatment and coating technologies also allows carbon steel to replace alloy steels and composites in certain applications.
Explore More Related Article On This Topic: https://www.ukwebwire.com/global-carbon-steel-market-size/
Explore More Related Articles: https://whotimes.com/change-harmony-exploring-the-dynamic-world-of-ion-exchange-membranes-for-applications/
Arabic
Français
Español
Português
Deutsch
Türkçe
Dutch
Italiano
Russian
Romaian