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 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Carbon steel refers to steel alloys that contain up to 2.1% carbon, making it a cost-effective yet versatile construction material for buildings, machinery, tools etc. compared to other alloys. Carbon steel finds wide applications in construction, automotive, machinery manufacturing and other industries due to its weldability, strength and hardness.

Market Dynamics:
Rising infrastructure development activities across both developed and emerging economies is expected to drive the demand for carbon steel over the forecast period. According to World Bank, the global infrastructure investment is forecasted to grow 85% to hit USD 94 trillion by 2040. Growing population and urbanization are augmenting the demand for residential and commercial construction along with public infrastructure such as roads, bridges etc. which will augment the carbon steel consumption. Additionally, strong growth in automotive production is also projected to fuel the carbon steel market growth. However, availability of substitutes such as stainless steel and aluminum at competitive prices may hamper the market growth during the forecast period.

SWOT Analysis
Strength: Carbon steel has high strength, low manufacturing cost and good malleability which makes it ideal for infrastructure and construction applications. It is 100% recyclable and has infinite recycling potential. The abundance of raw materials used to manufacture carbon steel keeps its production cost low.

Weakness: Carbon steel lacks the need of alloying elements and thus has low corrosion and wear resistance. It also has low ductility at sub-zero temperatures limiting its applications. Carbon steel requires protective coatings to prevent corrosion outdoors.

Opportunity: Rapid urbanization and infrastructure development across developing nations will drive demand for cost effective construction material like carbon steel. Focus on renewable energy projects will create opportunities in steel intensive sectors like wind, hydropower and solar energy.

Threats: Stagnant economic growth during recessionary periods pose a threat to infrastructure and construction activities hurting steel demand. Volatility in raw material prices, energy costs and foreign exchange rates impact the profit margins of steel producers.

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 demand from infrastructure and construction industries. Rapid urbanization and government investment in infrastructure development across developing nations will drive volume growth in coming years.

Regional analysis: Asia Pacific dominates the global carbon steel market, accounting for over 50% of the total demand. China alone constitutes over 30% of global carbon steel consumption led by robust infrastructure growth and real estate development. Europe and North America are major markets exhibiting CAGR of around 2% owing to mature infrastructure and evolving construction practices emphasizing sustainability.

Key players: 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 consolidated in nature with top five players accounting for over 50% share. Players are focused on expanding production capacities, mergers & acquisitions and new product development to gain higher market share.

Read More: https://www.trendingwebwire.com/carbon-steel-market-trends-growth-and-regional-outlook-2023-2030/