The global carbon steel market is expected to grow at a CAGR of 4% over the forecast period (2020-2030). Rising construction costs and a thriving auto industry will drive the use of carbon steel in manufacturing processes.
“Plain and perforated sheets are used in cheese molds, grain dryers and giant presses. From the automotive industry to the architectural industry, carbon steel has seen a surge in demand worldwide, ”said analysts at Future Market Insights (FMI).
Carbon Steel Market - Highlights
- Europe is likely to raise hot rolled steel consumption due to rising industrialization costs.
- Growing demand from the automotive industry in East Asia will enable the region to take 48% of the total market share.
- Due to the intensification of construction, hot rolled carbon steel has an important place in the market.
- The carbon steel and perforated plate segment will remain the market leader throughout the evaluation period.
Carbon Steel Market - Driving Factors
- Low carbon steels are most commonly used in agriculture and heavy engineering.
- High carbon steels are required in fasteners and automotive components.
- Low carbon steels are used in the construction of fences, and high carbon steels are widely used in bridges and buildings.
Carbon Steel Market - Major Constraints
- Disrupted supply chains and government precautions will hinder sales.
- The difficulty of welding high carbon steel is also holding back market growth.
Impact of the coronavirus outbreak on the market
The outbreak of the pandemic has definitely negatively impacted construction and industrial activities. Due to fluctuations in raw material prices and supply chain disruptions, the economy has seen significant losses and a sharp drop in construction and manufacturing capacity due to an increase in COVID cases. Industrial revenues are expected to decline 14.6% in the US, while Eastern Europe is expected to fall 2%.
Future Market Insights (FMI) is a leading provider of marketing and consulting services serving clients in more than 150 countries. FMI is headquartered in Dubai, the world's financial capital, with shipping centers in the United States and India. FMI's latest market research reports and industry analysis help businesses solve problems and make critical decisions with confidence and clarity in an increasingly competitive environment.