Top Companies in Carbon Steel Market by Size, Share, Historical and Future Data & CAGR | Report by Vantage Market Research
Carbon Steel Market is projected to reach USD 1092.3 billion by 2028 at a CAGR of 3.2% over the forecast period.
The Global Carbon Steel Market is valued at USD 904.2 billion in 2021 and is projected to reach USD 1092.3 billion by 2028 at a CAGR of 3.2% over the forecast period. The market for Carbon Steel will expand throughout the anticipated time frame due to factors including rapid urbanization, rising disposable income levels, expanding usage of innovative lightweight composites for new-generation aircraft, and an increase in environmental concerns.
Increasing infrastructure construction, increased product use in pipelines, frame materials, gates, fencing, and other applications, increased demand for polymer foams, and increased use in the aerospace and other end-use industries are some key and significant drivers.
Additionally, during the anticipated period, several growth opportunities for the high-temperature insulation materials market are anticipated to be created by the quick development of low bio-permanent materials, the rise in concerns about energy conservation and greenhouse gas emissions in various countries, and the emergence of applications in the aerospace and automotive industries.
However, the market restrictions on the expansion of Carbon Steel are predicted to come from the volatility of the costs of lightweight materials and a declining steel capacity utilization ratio. The biggest and most immediate obstacle to expanding the market will be the accessibility of product alternatives.
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What Trends Should We Look Forward to amidst Exponential Growth in Carbon Steel Adoption?
- Demand for Carbon Steel is increasing due to the global automotive industry's consistent growth, which is also a major driver of market revenue expansion. The automotive industry uses high-carbon Carbon Steel quenched during heat treatment to boost its durability.
- There are various benefits to using Carbon Steel in construction applications. The fundamental benefit of Carbon Steel is its durability. It is a great material for building projects because it is strong and shock-resistant. Commercial, governmental, and residential constructed of Carbon Steel are better suited to endure natural disasters like earthquakes and tornadoes.
- In the upcoming years, it is projected that rising mining investments by significant players in emerging nations and rising demand for low-Carbon Steel will support Carbon Steel demand.
- The Carbon Steel business is driven by rising shipbuilding material demand. Construction of seagoing vessels marked the beginning and has continued ever since. Due to continual advancements, ships now have more strength, endurance, and speed.
The Carbon Steel market is dominated by globally established players such as JFE Steel Corporation (Japan), HBIS Group (China), AK Steel Corporation (US), Evraz PLC (UK), Bao Steel Group (China), Arcelor Mittal (Luxembourg), Nippon Steel Corporation (Japan), United States Steel (US), Curtis Steel Co. Ltd. (US), Omega Steel Company (US). These companies have developed new products, adopted expansion strategies, and undertaken collaborations, partnerships, and mergers & acquisitions to gain traction in this high-growth Carbon Steel market.
Let's Look at the Top 5 Companies That are Taking the Carbon Steel Market by Storm
The Carbon Steel Market is expected to grow from USD 904.2 billion in 2021 to USD 1092.3 billion in 2028 because more attention is paid to infrastructure development, especially in Asia Pacific countries. Government spending to replace aging infrastructure, including bridges, buildings, and other transportation infrastructure, is anticipated to fuel growth in the non-residential sector.
- JFE Steel Corporation (Japan)
The second-largest producer of Carbon Steel in Japan is JFE Steel. The steel manufacturing operations of Kawasaki Steel and NKK were combined to form the company in 2002.
- HBIS Group (China)
Chinese iron and Carbon Steel manufacturing company Hesteel Group Limited, usually known as Hesteel Group or by its pinyin abbreviation Hegang. Before 2016, the business was known as Hebei Iron and Steel Group Co., Ltd. or HBIS.
- Bao Steel Group (China)
State-owned iron and Carbon Steel producer China Baowu Steel Group Corp., Ltd., also known as Baowu, has its headquarters in Pudong, Shanghai, China's Baosteel Tower. In 2016, Baosteel Group acquired Wuhan Iron and Steel Corporation, a smaller state-owned rival, to become the corporation.
- Arcelor Mittal (Luxembourg)
With its headquarters in Luxembourg City, ArcelorMittal S.A. is a multinational corporation that manufactures Carbon Steel. Mittal Steel, an Indian-owned company, acquired Arcelor in 2006, and the two companies merged to become it.
- United States Steel (US)
United States Steel Corporation, also known as U.S. Steel, is an American integrated Carbon Steel producer with operations primarily in the United States and several nations in Central Europe. Its headquarters are in Pittsburgh, Pennsylvania.
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