Carbon Steel Market Size, Share, Demand, Report, Forecast 2024-2032 {{ currentPage ? currentPage.title : "" }}

The global carbon steel market size was valued at USD 894.62 billion in 2022. The market is projected to grow from USD 916.79 billion in 2023 to USD 1,245.62 billion by 2030, exhibiting a CAGR of 4.5% during the forecast period.

Carbon steel's durability, affordability, and versatility make it a preferred choice for infrastructure projects such as railways and bridges, driving demand amid global expansion. Its role in replacing facilities, coupled with industrial growth, urbanization, and government investments, solidifies its importance across industries, driving market growth. Fortune Business Insights presents this information in their report titled "Carbon Steel Market Size Report, 2024–2032."


Versatility and Economic Benefits of Low Carbon Steel Drive Market Dominance

By type, the market is segmented into low carbon-steel, medium carbon-steel, high carbon-steel, and ultra-high carbon-steel. The segment of low carbon steel possesses a significant portion of the market. It is poised to maintain its leading position owing to its notable attributes of remarkable malleability, ease of welding, and economical nature, finding its application where modest strength and elevated ductility are essential prerequisites.

Building & Construction Boom Fuels Carbon Steel Demand with Policy Support and Prefabricated Solutions

By application, the market is classified into building and construction, automotive & transportation, industrial equipment, and others. The forefront of the market is held by the building & construction sector, fueled by the endorsement of housing infrastructure in emerging economies through policy initiatives. Simultaneously, the surge in favor of prefabricated construction amplifies demand due to carbon-steel's robustness, longevity, and convenience in deployment within such contexts.

From the regional ground, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.


Report Coverage

The report offers:

  • Major growth drivers, restraining factors, opportunities, and potential challenges for the market.

  • Comprehensive insights into the regional developments.

  • List of major industry players.

  • Key strategies adopted by the market players.

  • Latest industry developments include product launches, partnerships, mergers, and acquisitions.

Drivers and Restraints

Carbon Steel Innovations for Lightweighting and Sustainability to Fuel Market Growth

Lightweight and high-strength carbon-steel, manufactured to address lightweight trends in industries such as automotive and aerospace, enables vehicle and structure weight reduction, leading to improved fuel efficiency and emissions reduction. Additionally, evolving industry needs, such as renewable energy and infrastructure development, provide opportunities for carbon-steel applications, with a focus on sustainability and low-carbon solutions gaining traction due to environmental concerns and circular economy principles.

However, environmental regulations influencing global trade dynamics may constrain carbon steel market growth through potential export restrictions or import barriers.

Regional Insights

Asia Pacific Leads Due to Booming Manufacturing and Automotive Sectors

Asia Pacific leads with the largest carbon steel market share, driven by expanding manufacturing, automotive industry growth, and increasing population, urbanization, and disposable incomes.

Meanwhile, Europe's market leadership results from stringent environmental regulations and sustainability initiatives, promoting cleaner manufacturing and premium low-carbon-steel development.

Competitive Landscape

Prominent Participants Focus on Innovation and Sustainability through Strategic Partnerships

Prominent participants within the carbon steel market, characterized by consolidation, emphasize competitive pricing and innovative applications, investing in new production technologies and sustainable solutions. Through strategic partnerships, these entities enhance operational efficiency, drive product evolution, and contribute to the market's innovative growth trajectory.

Key Industry Development

  • July 2021: ArcelorMittal entered an agreement to acquire an 80% stake in voestalpine's HBI plant, which has an annual capacity of two million tonnes of high-quality HBI feedstock utilized in steel manufacturing.

List of Major Players Profiled in the Report:

  • ArcelorMittal (Luxembourg)


  • POSCO (South Korea)

  • Baosteel Group Corporation (China)

  • JFE Steel Corporation (Japan)

  • Tata Steel Limited (India)

  • United States Steel Corporation (U.S.)

  • ThyssenKrupp AG (Germany)

  • HBIS Group (China)

  • JSW Steel Corporation (India)

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