Carbon Steel Market Size Worth USD 1161.98 Billion by 2027 – Reports and Data

growing industrialization, R&D activities, demand & sale of automotive vehicles and rising electrical & electronics sector are driving need for market

NEW YORK, NY, UNITED STATES, November 29, 2021 /EINPresswire.com/ -- The Carbon Steel market is forecast to reach USD 1161.98 Billion by 2027, according to a new report by Reports and Data. The global carbon steel market currently observes vigorous growth due to increased consumer demand for polymer foams. Advancements in the aerospace industry over the past few years and rising space explorations are expected to drive the carbon steel market in addition to the full range of carbon steel functions in a broad range of items such as flat-rolled sheets, structural steels, pipes and pressure vessels during the forecasted period.

The growth of the electrical & electronics sector over the forecast period is expected to drive the market. The growing use of lightweight advanced composites for new generation aircraft and increasing environmental issues provide the aviation manufacturing industry with substantial growth opportunities for carbon steel composites. Rising construction solutions for buildings and infrastructure offered by steelmakers are expected to drive the demand at a significant rate. In addition, large-scale use of steel for reinforcing bars & structural parts, roofing & insulation panels in construction and infrastructure is anticipated to strengthen and drive the growth of carbon steels in the construction sector. Also, changing lifestyles coupled with increased consumption of packaged food in developed countries is expected to increase demand for thin gauge flat carbon steels. A growing number of R&D activities aimed at furthering carbon steel applications in developing regions are expected to affect positively the growth of the demand for advanced materials.

However, a decline in the utilization ratio of steel resources, higher prices of lightweight materials in automobiles, and costly MRO (maintenance, repair, and overhaul) services for carbon steel products are intended to hinder the growth of the carbon steel industry. Besides, superior alternatives such as stainless chromium-nickel steels on the market will lower the rate of growth of carbon steels over the following years.

The COVID-19 impact:
The current COVID-19 (Coronavirus) pandemic is likely to lead to a possible slowdown in demand for the Carbon Steel Rebars. The disease has not only made a stop on export and import but also stopped production in many countries. Though it appears that China has not stopped its production but Chinese steel export prices would be further decreased from the current level to keep pace with the fresh production flow with reduced take-off from the domestic end-user segments such as real estate, infrastructure projects, automotive, engineering goods, consumer durables, and capital goods. There's a drop in demand as well, and there are two factors considered to be causing the demand problem: the first is the quarantine shock, and the second is a decline in demand as a result of the medium-term economic crash.

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Key participants include JFE Steel Group, Baosteel Group, AK Steel Corporation, NLMK, Nippon Steel Corporation, HBIS Group, POSCO, United States Steel, Evraz plc, Arcelor Mittal.

Further key findings from the report suggest

• Carbon steel has multiple infrastructure uses, where it is used in frame products, pipes, walls, gates, and various structural parts, which increase the scope of growth for the market in developing nations to a great extent.
• The total construction sector value of 2019, accounted for 42.7% and is likely to play a vital role in increasing demand for the products. Non-residential sector growth is expected to be powered by government spending to replace the old infrastructure, including bridges, building structures, and other transport infrastructure.
• The growing emphasis on infrastructure development, particularly in Asia Pacific countries, is projected to drive the product consumption in the coming years.
• The Government of India's vision of 'Make in India' to give priority to domestically manufactured iron & steel products and promote domestic production is expected to have a positive effect on India's regional market.

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Market Overview:

Rapid developments in the manufacturing sector and equipment, robust growth in the building and construction sector, high adoption for eco-friendly materials in constructions and increasing demand for smart buildings and smart homes are boosting market growth. Steady increase in the disposable income across the globe, improvements in the standard of living, increasing number of redevelopment plans and high demand for aesthetic look and posh homes are further fueling market growth. In addition, increasing R&D investments, and government schemes to support manufacturing and construction industry are fueling growth of the global Carbon Steel market.

For the purpose of this report, Reports and Data have segmented into the global Carbon Steel market on the basis of type, application, shape, and region:

Type Outlook (Revenue, USD Billion; 2017-2027)

• Low Carbon
• Medium Carbon
• High Carbon

Application Outlook (Revenue, USD Billion; 2017-2027)

• Ship Building
• Construction
• Automotive
• Others

Shape Outlook (Revenue, USD Billion; 2017-2027)

• Long Steel
• Tubular Steel
• Flat Steel

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Detailed Regional Analysis Covers:

• North America (U.S., Canada, Mexico)
• Europe (U.K., Italy, Germany, France, Rest of Europe)
• Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
• Latin America (Chile, Brazil, Argentina, Rest of Latin America)
• Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

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