Carbon Steel Market (By Type: Low Carbon Steel, Medium Carbon Steel, and High Carbon Steel; By Application: Shipbuilding, Automotive, Construction, Infrastructure & Transport, and Others) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2021 – 2030

The global carbon steel market was estimated at US$ 939.8 billion in 2021 and is projected to hit US$ 1,251.67 billion by 2030, poised to grow at a CAGR of 3.2% during the forecast period 2022 to 2030.

Carbon Steel Market Size 2022 to 2030

Growth Factors

Carbon steel is an alloy made up of steel and carbon concentration of at least 2.1%. The carbon steel is classified into three types such as low carbon steel, medium carbon steel and high carbon steel. Carbon steels are typically soft and have a low compressive strength. They do, however, have a high ductility, making them ideal for machining and welding, as well as being inexpensive in nature.

The automobile body components, structural shapes such as angle iron and I-beams, pipes, building and bridge components, and food cans all use low carbon steels. The medium-carbon steels are commonly used for railway tracks, train wheels, and equipment parts that require the high strength, wear resistance, and toughness. The high-carbon steels are utilized in cutting tools, springs, great-strength wire because of their high wear resistance and hardness.

The spheroidizing, complete annealing, isothermal annealing, quenching, martempering, and a variety of other techniques can all be used to improve the characteristics of carbon steel. By tempering carbon steel with the inherent qualities of a specific type of carbon steel, it can be employed in a variety of end-user industries. The weldability factor is lower in carbon steel with a high carbon content.

One of the most extensively utilized end-user industry alloys in carbon steel. The inclusion of carbon in steel, on the other hand, boosts its strength and hardness, making it a desirable material for producers in the automotive and construction industries.

The rising gross domestic product (GDP) of developing countries in Asia-Pacific, Latin America, and the Middle East is resulting in rapid urbanization, which is boosting construction activity. This is helping to drive up demand for carbon steel, which is used to make small utensils and wires. The rise in urbanization and industrialization has resulted in the growth of carbon steel market during the forecast period.

The carbon steel is used in a variety of products, including automobile parts. Aside from the wide range of uses, technological advancements that have resulted in the development of higher quality carbon steel are also boosting demand.

The carbon steel’s ductility and forming qualities make it suitable for automobile body structures and trunk closures, as well as wear resistant gears. The medium carbon steel is also employed in the automotive industry since it has higher strength and endurance than low carbon steel but less ductility. The carbon steel use in the automotive industry is predicted to increase as the emphasis on lightweight vehicles grows.

However, one disadvantage of carbon steel is preventing wider adoption. The welding of carbon steel is the challenging part. Carbon content reduces the steel’s temperature resistance and melting point, lowering the steel’s weldability.

Scope of the Carbon Steel Market Report

Report Highlights Details
Market Size USD 1,251.67 Billion
Growth RateFrom 2022 to 2030 CAGR of 3.2%
Largest Market Asia Pacific
Fastest Growing Market North America
Base Year 2021
Forecast Period 2022 to 2030
Segments Covered Type, Application, Region
Comnpanies Mentioned JFE Steel Corporation, HBIS Group, AK Steel Corporation, Evraz PLC, Baosteel Group, ArcelorMittal, Nippon Steel Corporation, United States Steel, Curtis Steel Co. Ltd, Omega Steel Company


Type Insights

Based on the type, the low carbon steel dominates the carbon steel market during the forecast period. The carbon content is less than 0.25% by weight in low carbon steel. The low carbon steel can be formed into a variety of shapes, from structural beams to flat sheets. It has ductility, malleability, and the ability to form cold. When compared to its substitutes, it is cheap in nature.

On the other hand, the medium carbon steel is expected to grow at rapid pace during the forecast period. The carbon and manganese content of medium carbon steel is more than that of low carbon steel, making it stronger but more difficult to shape. It is popular in the production of machine and automotive parts due to its properties such as high strength and good weldability.

Application Insights

Based on the application, the shipbuilding segment dominated the market with highest market share during 2020. Steel is used in shipbuilding because of its mechanical characteristics and affordable price. The carbon steel is critical in the shipbuilding industry, but declining industry growth and a preference for replacements such aluminum alloys are expected to limit product use in the shipbuilding sector throughout the forecast period.

Carbon Steel Market Share, By Application, 2020 (%)

On the other hand, the construction segment is fastest growing segment in the carbon steel market. The low carbon steel has great forming and welding capabilities, as well as benefits such as no bending fractures, flexibility, ductility, plasticity, and earthquake resistance, making it a popular choice in the construction industry. The strength of carbon steel in severe scenarios is its primary advantage, since it protects the building from falling and saves the residents.

Region Insights

Based on the region, the Asia-Pacific segment dominated the global carbon steel market in 2020, in terms of revenue and is estimated to sustain its dominance during the forecast period. The shipbuilding segment expansion in recent years, together with high industrial output from the construction and automotive industries, is expected to contribute to increased demand for the commodity.

On the other hand, the North America is estimated to be the most opportunistic segment during the forecast period. The carbon steel demand in the U.S. has benefited from strong economic development fueled by government-led fiscal stimulus, resulting in high company confidence. This resulted in a significant increase in construction spending in the North America region.

Key Companies & Market Share Insights

The market is moderately fragmented with the presence of several local companies. These market players are striving to gain higher market share by adopting different marketing strategies, such as new product launch, investments, partnerships, and mergers & acquisitions. The companies are also spending on the development of improved products. Moreover, they are also focusing on competitive pricing.

In February 2020, the Nippon Steel Corporation acquired Koppers Carbon Chemical Company Ltd. (KJCC).

The various developmental strategies such as acquisition, business expansion, investments, new product launches, partnerships,joint venture, and mergers fosters market growth and offers lucrative growth opportunities to the market players. 

Some of the prominent players in the global carbon steel market include:

  • JFE Steel Corporation
  • HBIS Group
  • AK Steel Corporation
  • Evraz PLC
  • Baosteel Group
  • ArcelorMittal
  • Nippon Steel Corporation
  • United States Steel
  • Curtis Steel Co. Ltd
  • Omega Steel Company

Segments Covered in the Report

By Type

  • Low Carbon Steel
  • Medium Carbon Steel
  • High Carbon Steel

By Application

  • Shipbuilding
  • Automotive
  • Construction
  • Infrastructure and Transport
  • Others

By Geography

  • North America
    • U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
  • Asia-Pacific
    • China
    • India
    • Japan
    • South Korea
  • Rest of the World

Frequently Asked Questions

How much is the carbon steel market worth?
According to Precedence Research, the carbon steel market size was valued at US$ 912.6 billion in 2020 and is predicted to reach US$ 1,251.67 billion by 2030.
What will be the CAGR of carbon steel market?
The carbon steel market is poised to grow at a CAGR of 3.2% during the forecast period 2021 to 2030.
Who are the major players operating in the carbon steel market?
The major players operating in the carbon steel market are JFE Steel Corporation, HBIS Group, AK Steel Corporation, Evraz PLC, Baosteel Group, ArcelorMittal, Nippon Steel Corporation, United States Steel, Curtis Steel Co. Ltd, Omega Steel Company.
Which region will lead the global carbon steel market?
The Asia-Pacific region is estimated to sustain its dominance during the forecast period.
Which region hits highest CAGR in the carbon steel market?
The North America region is estimated to be the most opportunistic segment during the forecast period.
  • Report Code:1411
  • Category:Chemical and Material
  • No. of Pages:150+
  • Format:PDF/PPT/Excel
  • Published:December 2021


   USD 4900
   USD 7900
   USD 9900


No cookie-cutter, only authentic analysis – take the 1st step to become an Precedence Research client

Get a Sample