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."

Segments:

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.

Source- https://www.fortunebusinessinsights.com/carbon-steel-market-108494

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.