The carbon steel market size in 2020 has reached close to US$ 770 billion. According to a recent study by an ESOMAR-certified market research and consulting firm, the carbon steel market is forecast to rise at a CAGR of 4.9% between 2020 and 2030. The report is intended to offer an executive-level blueprint of the market to its stakeholders. It studies the growth trajectory and gauges investment feasibility across key segments.
Globally, the demand for energy efficient and low carbon neutral buildings is increasing. Carbon steel is an affordable and safer solution, which provides high strength, versatility, durability and full recyclability throughout the entire life cycle of buildings
However, the ongoing COVID-19 crisis has caused deceleration in the industrial production and disruptions in supply chain for three quarters of 2020. Growth recovery in the upcoming years will be backed by the increasing demand from downstream industries such as automotive, construction and heavy engineering and equipment.
“Carbon steel is used by a wide gamut of industries, which has been aiding expansion of the market despite oversupply recorded in the steel industry. Despite nose-dive growth during the ongoing pandemic, the market is forecast to recover, especially as leading companies move toward consolidation keeping expansion in their mind,” says a report analyst.
The construction industry is forecast to remain a dominant end user through the forecast period. Global construction growth is expected to be 3.9% by 2030 per a study by Oxford Economics, which will aid the overall expansion of the market.
A 25% increase on steel tariffs for derivative steel has increased U.S. domestic steel production. Manufacturers are in the process of implementing and enhancing production capability to meet end users’ increasing demand
The global carbon steel market is expected to witness a plunge in FY2020, but is expected to recover sharply in the subsequent year as the industries across regional hubs have started resumption and augmentation of production and supply operations.
These insights are based on a report on Carbon Steel Market by Future Market Insights.