The Global Carbon Steel Market Growth Accelerated By Rising Investments In Construction Industry
Carbon steel is a low cost alloy steel composed of iron and carbon with up to 2.1% carbon content. It provides high strength and durability making it ideal for construction industry applications. Carbon steel products such as C-Channel, Angles, Beams, Sheet Piles, Rebar and Wire Rods are used extensively in industrial and commercial construction for structural frameworks. The rising investments in infrastructure development across both developed and developing countries is fueling the demand for cost effective construction materials like carbon steel.
The global Carbon Steel Market is estimated to be valued at US$1155.24 billion in 2024 and is expected to exhibit a CAGR of 9.2% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The rising investments in the construction industry is one of the key trends driving the growth of the carbon steel market. The government initiatives focused on developing road & transportation networks, revamping aging infrastructure and building new commercial complexes are expected to generate huge demand for steel used in construction frameworks. In the coming years, the implementation of large infrastructure projects worldwide is likely to boost construction activities significantly thereby accelerating the consumption of carbon steel. The contractors and fabricators are expected to procure carbon steel in large volumes to complete these megaprojects within scheduled timelines. This rising off-take from the booming construction industry will propel the global carbon steel market forward during the forecast period.
Segment Analysis
The global carbon steel market is dominated by the construction and infrastructure segment. This segment accounts for nearly 30% of the total market share as carbon steel finds extensive applications in construction of buildings, bridges, roads and other infrastructure development activities. It is cost effective as compared to other metals such as aluminum and offers high strength properties required for construction sector.
Key Takeaways
Global Carbon Steel Market Size is expected to witness high growth. The global Carbon Steel Market is estimated to be valued at US$1155.24 billion in 2024 and is expected to exhibit a CAGR of 9.2% over the forecast period 2024-2031.
Regional analysis related content comprises the Asia Pacific region dominates the global carbon steel market and is expected to maintain its leading position during the forecast period. China, India, Japan and other southeast Asian countries are witnessing rapid infrastructure development which is driving the demand for carbon steel in this region.
Key players related content comprises Key players operating in the carbon steel market are ArcelorMittal S.A., POSCO, China BaoWu Steel Group Corporation Limited, Nippon Steel & Sumitomo Metal Corporation, JFE Engineering Corporation, Tata Steel Ltd., HBIS Group, Hyundai Steel, ThyssenKrupp AG, JSW Steel Ltd.
The global carbon steel market is fragmented in nature with presence of large number of regional and global players. The key players are focusing on capacity expansion and mergers & acquisition activities to strengthen their market position. For instance, in 2021 ArcelorMittal S.A. completed the acquisition of ASTI power company. Similarly POSCO is planning to invest over US$ 5.1 Bn for capacity expansion in South Korea and Indonesia.
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