Europe's carbon steel market is set to grow at a 4.9% CAGR from 2020 to 2030, driven by demand in construction and energy-efficient solutions.
The carbon steel market size in 2020 has reached close to US$ 770 Bn. According to a recent study by Future Market Insights (FMI), 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.
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According to the report, the carbon steel market is operating in an environment where lot of waste is generated and a huge amount of energy is consumed. The steel industry is efficiently reducing the waste through waste recovery technologies and through recycling, which has been aiding environmental causes.
The industry has adopted efficient fabrication and manufacturing process, which is reducing the energy consumption. Carbon Steel manufacturers are no longer overheating or overcooling the rolling mills allowing them to manufacture products more efficiently by consuming less energy. Steps taken towards cautious manufacturing had bode well for the market.
However, despite their efforts, the ongoing COVID-19 crisis has caused deceleration in the industrial production and disruptions in supply chain for 3 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 & equipment will drive the carbon steel market.
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Key Takeaways of Global Carbon Steel Market Study
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
Carbon Steel manufacturers are improving its blast furnace technologies by taking full advantage of the converter slag of steelmaking by-products and improving the permeability of the blast furnace. All these factors have led to decrease in the steel manufacturing cost
Construction industry is forecast to remain dominant end user through the forecast period. The global construction growth is expected to be 3.9% pa by 2030, as per a study by Oxford Economics, which will aid the overall expansion of the market
25% increase on steel tariffs derivative steel has increased the USA’s domestic steel production. Manufacturers are therefore on the process of implementing and enhancing production capability so as to meet the end-user’s increasing demand
The global carbon steel market is expected to witness a plunge in FY2020, and 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
“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 ongoing pandemic, the market is forecast to recover especially as leading companies move towards consolidation keeping expansion in their mind,” says FMI analyst.
Key Segments
Grade
Low-Grade Carbon Steel
Medium-Grade Carbon Steel
High-Grade Carbon Steel
Ultra-High-Grade Carbon Steel
Applications
Basic and Perforated Sheets
Bars & Rebars
Normal Plates and Floor Plate
Pipes & Tubes
Wire Rod
Angle
Channels
Beams
Other
End-use
Automotive
Construction
Railways
Shipbuilding & Marine
Aerospace
Energy
Heavy Engineering and Equipment
Consumer Appliances
Cutting Tools
Form
Hot-rolled carbon steel
Cold-rolled carbon steel
Who is Winning?
The carbon steel market is fairly consolidated, with manufacturing capacities majorly concentrated among tier-I manufacturers. While local tier-2 and tier-3 manufacturers present a stiff competition, tier-1 players leverage their distribution network and brand image in dominating the market space. Some of the key players in the market are Nucor Corporation, ArcelorMittal, United States Steel Corporation, Baosteel Group, AK Steel Holding Corporation, EVRAZ, Hesteel Group, POSCO, Thyssenkrupp AG, JFE Holdings Corporation, etc amongst many others amongst many others. Market players have been focusing on strategic expansion and acquisition of manufacturing facilities. This strategy would help companies to expand into new markets to withstand in competitive environment.
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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The article discusses Europe's dominance in the carbon steel market and its projected growth until 2030.
The industry is adopting energy-efficient manufacturing processes and waste recovery technologies.
COVID-19 caused a temporary deceleration in production, but recovery is expected as demand increases.
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