The carbon steel market is estimated to be valued at US$ 1002.81 Bn in 2023 and is expected to exhibit a CAGR of 3.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Carbon steel is an iron and carbon alloy in which the carbon content ranges between 0.05% to 2.1% by weight. Carbon steel provides mechanical properties such as high tensile strength, ductility, and toughness that make it suitable for applications in construction, automotive, machinery, and machine components among others. It is relatively an inexpensive material due to its simplicity in production using basic oxygen or electric arc furnace route. These advantages have led to its widespread use in a variety of industries.
Market key trends:
One of the key trends spurring growth of the carbon steel market is the rising construction spending globally. According to The Global Construction 2030 report, the global construction industry is expected reach US$ 15.5 trillion by 2030 from US$ 10.5 trillion in 2019. With rapid urbanization increasing construction of residential and commercial buildings especially in emerging economies, demand for carbon steel for reinforcement and structural applications is growing. It serves as a cheaper and stronger alternative to low carbon steel and other stainless steels used in concrete structures. This burgeoning construction spending will continue driving uptake of carbon steel in the coming years.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the carbon steel market is moderate. High capital requirements and economies of scale of existing players make entry difficult for new players.
Bargaining power of buyers: The bargaining power of buyers is high due to presence of many established players and availability of substitutes. Buyers can negotiate on price and quality.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as raw materials like iron ore required for carbon steel production are abundant and procurement doesn't depend on few suppliers.
Threat of new substitutes: The threat of substitutes is moderate as alternatives like stainless steel are available but are more expensive compared to carbon steel.
Competitive rivalry: High as the market is dominated by few large players.
SWOT Analysis
Strength: Carbon steel is highly versatile, low cost and has high strength. It can withstand moderate tensile stresses and pressures.
Weakness: Carbon steel is susceptible to corrosion if not properly coated or treated. It rusts under moisture exposure. Processing carbon steel requires high energy.
Opportunity: Growth in construction and infrastructure development globally increases demand for carbon steel sheets, plates and structural sections used in buildings, bridges etc.
Threats: Volatility in raw material prices especially iron ore and fluctuations in foreign currency impact costs. Substitutes like stainless steel gaining popularity in certain applications.
Key Takeaways
The Global Carbon Steel Market Size is expected to witness high growth, exhibiting CAGR of 3.6% over the forecast period, due to increasing infrastructure development and construction activities globally. Asia Pacific dominates the carbon steel market in 2023 with a share of over 40%, with China being the largest producer and consumer of carbon steel globally.
Regional analysis - Asia Pacific region is expected to maintain its dominance in the global market during the forecast period, growing at a CAGR of around 4%, driven by strong growth in China, India and other developing Asian countries. China alone accounts for over 50% of global carbon steel production due to availability of iron ore reserves and strong manufacturing base of steel intensive products. North America and Europe are also sizable markets driven by machinery and automotive manufacturing.
Key players operating in the carbon steel market are ArcelorMittal, Nippon Steel & Sumitomo Metal Corporation , POSCO, Tata Steel, Baowu Group, JFE Steel Corporation, JSW Steel, United States Steel Corporation, Shagang Group, Ansteel Group. The market is highly consolidated with the top players accounting for majority share.
Read More: https://www.newswirestats.com/carbon-steel-market-demand-growth-and-regional-outlook-by-2030/
The Carbon Steel Pipes Market research report provides the latest industry data, growth, key segments and future trends on the basis of the detailed study.
This market report also allows you to identify the future opportunity and growth rate of the leading segment based on regions and countries.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
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The carbon steel pipes witnesses’ robust demand from various domestic industries such as real estate, power, energy, construction, telecom, entertainment zones, metros, airports and ports, etc.
Water and gas sectors accounted for the major share in the market and continue to remain dominant throughout the forecast period.
Upgradation of the transmission network, expansion of feeder pipeline from rivers and canals to ensure efficient water supply and its availability for irrigation and basic sanitation is providing momentum to the demand.
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The report encompasses data regarding market share and recent developments by key players.
Moreover, this market report also covers regional and country markets in detail.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
This section includes a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Carbon Steel Pipes Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/carbon-steel-pipes-market/download-sampleMarket DynamicsThe current visibility in carbon steel pipes is strong, owing to investments made to create a national gas grid, Capex related to city gas distribution and in-plant pipelines in industries.
Key policy-led initiatives such as the urban infrastructure programme under Public Private Partnership also proved to be a growth paving factor.
The carbon steel pipes witnesses’ robust demand from various domestic industries such as real estate, power, energy, construction, telecom, entertainment zones, metros, airports and ports, etc.
