The global carbon steel market size is expected to grow by 699.35 MT during 2020-2024, progressing at a CAGR of almost 8% during the forecast period.

The use of carbon steel in the construction sector is one of the major factors propelling market growth.

The construction industry, which involves commercial, residential, and industrial sectors, is one of the significant consumers of carbon steel products. Carbon steel is used as a primary raw material for manufacturing structural frameworks, high strength plates, rectangular tubing, and other construction components owing to its lightweight, strength, and ductility. These structural products have applications in various construction activities. Therefore, the growing construction and infrastructure projects across developed and developing countries such as the US, China, India, the UAE, the UK, Japan, and others are increasing sales of carbon steel. As a result, the carbon steel market growth is expected to be substantial over the forecast period.

Global Carbon Steel Market: End-user Landscape

The development of high-rise buildings, tech parks, roads, highways, bridges, and other residential and commercial infrastructure across the world has increased the use of carbon steel. The metal is extensively used in the construction industry, primarily owing to its high strength and ductility. Moreover, major industry players such as Nippon Steel are involved in developing carbon steel products with high ductility. These factors will contribute to the carbon steel market growth by the construction segment substantially over the forecast period. The growth rate of the construction market segment is expected to be slower compared with the shipbuilding and automotive market segments over the forecast period.

Global Carbon Steel Market: Geographic Landscape

APAC was the largest market for carbon steel in 2019, and the region will continue to offer maximum growth opportunities to vendors over the forecast period. The rapid growth in industrialization and infrastructural developments are some of the significant factors contributing to the carbon steel market share growth in APAC. Government-driven large-scale infrastructure projects are primarily contributing to the market growth in the region. Almost 76% of the overall market’s growth will originate from APAC during the forecast period. China, India, Indonesia, and South Korea are the key markets for carbon steel in the region. The market growth rate in this region will be faster than that of other geographies during the forecast period.

Buy 1 Technavio report and get the second for 50% off. Buy 2 Technavio reports and get the third for free.

Related Reports on Materials Include:

Global Galvanized Steel Market: The galvanized steel market size has the potential to grow by 35.18 million MT during 2020-2024, and the market’s growth momentum will accelerate during the forecast period. To get extensive research insights: 

Global Pre-engineered Buildings Market: The pre-engineered buildings (PEB) market size has the potential to grow by USD 5.79 billion during 2020-2024, and the market’s growth momentum will accelerate during the forecast period because of the steady increase in year-over-year growth. To get extensive research insights: 

Companies Covered

What our reports offer:

Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio’s in-depth research has direct and indirect COVID-19 impacted market research reports. Register for a free trial today and gain instant access to 17,000+ market research reports. 

Carbon Steel Market 2020-2024: Key Highlights

Table of Contents:

PART 01: EXECUTIVE SUMMARY

PART 02: SCOPE OF THE REPORT

PART 03: MARKET LANDSCAPE

PART 04: MARKET SIZING

PART 05: FIVE FORCES ANALYSIS

PART 06: MARKET SEGMENTATION BY END-USER

PART 07: CUSTOMER LANDSCAPE

PART 08: GEOGRAPHIC LANDSCAPE

PART 09: DECISION FRAMEWORK

PART 10: DRIVERS AND CHALLENGES

PART 11: MARKET TRENDS

PART 12: VENDOR LANDSCAPE

PART 13: VENDOR ANALYSIS

PART 14: APPENDIX