The low-carbon steel segment is anticipated to hold a significant volume share of 58.5% in 2023. Over the forecast period, demand for low-carbon steel is predicted to rise at a CAGR of 3.7%.
The global carbon steel market value is forecast to increase from US$ 1,050.8 billion in 2023 to US$ 1,560.4 billion by 2033. Over the assessment period, global demand for carbon steel is projected to surge at a CAGR of 4.0%.
Low low-carbon steel segment is expected to dominate the global carbon steel industry during the assessment period. It will likely hold a volume share of 60.3% by 2023. On the other hand, the high-carbon steel segment is set to thrive at a higher CAGR of 3.4% through 2033, according to the report by Future Market Insights.
Regular carbon steel has the least environmental impact out of any frame material. Aluminum has slightly more impact than carbon steel, but slightly less with mass recycling. Titanium and stainless steel have three times the impact of aluminum or carbon steel.
Growing infrastructure development is the primary factor driving the growth of the carbon steel industry. This is because infrastructure projects, including roads, bridges, railways, and buildings, require substantial amounts of carbon steel due to its strength, durability, and versatility.
Carbon steel is used in diverse applications within the construction industry. For instance, it is used for making structural beams, reinforcing bars, and steel plates. Growing demand for these products will likely bolster sales of carbon steel through 2033.
Carbon steel is also witnessing a high demand for automotive, shipbuilding, aerospace, oil & gas, and other industries. This is due to its excellent strength, ductility, weldability properties, and affordability.
The global carbon steel market will also benefit from increasing environmental concerns and the need for sustainable materials. Low-carbon steel offers improved strength and durability while reducing carbon emissions.
Report highlights:
- The global market for carbon steel is projected to thrive at 4.0% CAGR through 2033.
- By carbon content, the low-carbon steel segment is expected to total US$ 886.6 billion by 2033.
- By end use, the building & construction segment is set to hold a market share of 19.0% in 2023.
- East Asia is expected to account for a significant share of about 56.4% in 2033.
- The United States industry value is anticipated to reach US$ 91.5 billion by 2033.
- China is projected to attain a valuation of US$ 721.8 billion by 2033.
- Demand in India is predicted to rise at 3.8% CAGR through 2033.
“The carbon steel industry is set to grow steadily amid heightened environmental regulations and burgeoning industrial sectors. With industries worldwide increasingly looking for innovative solutions to minimize their impact on the environment, the carbon steel market is well positioned to take advantage of new growth opportunities”, says Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
