Carbon Steel Market Size, Share, Growth, Trends, and Global Industry Analysis: By Thickness Type (<1.5mm, 1.5mm ~ 2.0mm, > 2.0mm ~ 4.75mm, >4.75mm ~ 6.0mm, and 6.0mm ~ 16.5mm), By Width (<1250mm, 1250mm ~ 1450mm, >1450mm ~ 1650mm, >1650mm ~ 1850mm, and >1850mm), By Steel Grade (Hot Rolled Steel Strip for Cold Forming, Strip with Minimum Y.S. Re? 300 MPa, Strip with Minimum Y.S 300 MPa< Re?420 MPa, Strip with Minimum Y.S 420 MPa 900 MPa), By Application (Electrical Steel (Vehicle), Automotive and IF Grades (ULC), Re-rolling and Drawing, HSLA (API, Pressure Vessel, Boiler Quality, Ship Building, Weathering Steels), Medium Carbon, Commercial (Normal Pipes, Structural, Fabrication), White Goods, Galvanized, and Tin Plating), By End User (Electrical Vehicle, Re-rolling, Small Di Pipe, Automotive, and Others), By Form (Hot Rolled Steel, and Cold Rolled Steel), and Region Forecast 2019-2030

Carbon Steel Market size was valued at US$ 819.1 billion in 2023 and poised to grow at a CAGR of 4.7% from 2024 to 2030. Carbon steel is a versatile material containing carbon as its main alloying element used in a wide variety of applications including constructions, infrastructures, automotive, and manufacturing. It is one of the most extensively used materials in the world. Increase in demand for carbon steel in the Expanding automobile industry in countries worldwide drives the growth of the market. This expansion plays a vital role in revenue growth. The automobile sector uses high percentage of carbon steel and it is quenched after heat treatment to achieve enhanced durability. The growing importance for lightweight vehicles also drives the demand for carbon steel consumption in the automotive industry.

Furthermore, the demand for carbon steel is also anticipated to rise in the construction sector due to the migration of people from rural areas to urban cities leading to rapid urbanization that requires the construction of housing and other amenities which drive market growth. The U.S. non-residential sector plays a vital role in rising demand for carbon steel products. The growth of non-residential sector is predicted to be driven by government investment in replacing the old infrastructure such as bridges, construction structures, and other transportation infrastructure. Africa, South Asia, and parts of Latin America are still experiencing major infrastructure development providing plenty of opportunities for carbon steel sales and infrastructure projects.

Key Developments

• In 2022, Cleveland-Cliffs was acquired by ArcelorMittal for US$38 billion. This deal shaped the world's largest steelmaker by output.
• In 2021, Nippon Steel & Sumitomo Metal Corporation unveiled a new business strategy called “NSSMC Beyond 2022” to expand its business globally and enhance its competitiveness in the market. This expansion is anticipated to drive the growth of the market.
• In 2020, ArcelorMittal S.A. declared its plans to invest approximately $500 Million in a new steel plant in Mexico. The investment was aimed at fortifying ArcelorMittal S.A. presences in the North American market and support its product portfolio.