- Low-Carbon steel
- Medium-Carbon Steel
- High-Carbon Steel
- Ultra High-Carbon Steel
Carbon Steel Plate Market size was valued at USD 956.45 billion in 2021 and is expected to grow at a CAGR of 3.8% from 2022–2028. A steel alloy with a minimum of 2.1% carbon content is called carbon steel. Carbon steels often have low compressive strength and are soft. However, they do have a high ductility, which makes them perfect for welding and machines. Increased production of automobiles, increased use of carbon steel in the production of pipes and tubes for construction, and increased uses of carbon steel across a variety of end-user sectors are all contributing to the growth of the carbon steel plate market. Based on the form the market is segmented into Hot Rolled, and Cold Rolled. The hot-rolled carbon steel plate form is likely to hold the highest market share over the forecast period. Due to their strong and long-lasting, they can be used, in both automobiles and electric appliances. However, some factors such as strict laws, regulations, and initiatives for reducing carbon footprints, and an increase in steel prices from the previous year are hamper the market growth. Recent Market Developments: In Feb 2020, Koppers Carbon Chemical Company Ltd. (KJCC) was acquired by Nippon Steel Corporation.
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Buildings that are low-carbon and energy-efficient are in greater demand globally. Throughout the entire life cycle of a structure, carbon steel offers high strength, adaptability, durability, and complete recyclability, making it an inexpensive and safer alternative. Several macroeconomic and demographic factors, including the expansion of the infrastructure and construction industries, the manufacture of automobiles, and the rising preference for carbon steel over materials like heavy walled cast iron, alumina, and concrete due to its corrosion resistance, ease of installation, and breaking stress, have a significant impact on the market. The fabrication of pipes and tubes out of carbon steel is being used more frequently, and a variety of end-user industries are using carbon steel more frequently as well. Demand for carbon steel is being driven by the global automotive industry's consistent growth, which is fueling the market's revenue growth.
On the basis of regions, the market share is divided into North America, Asia-pacific, Europe, the Middle East, and the African region. The Asia Pacific region is expected to grow at the fastest rate due to several infrastructure developments in developing countries. Shipbuilding development in recent years and increasing output from the construction and automobile industries are likely to contribute to market growth. Significant growth in urbanization in Asia pacific is boosting the demand for carbon steel. The rising adoption of low-carbon steel is one of the key factors fuelling the demand, contributing to the growth of the market. Moreover, North America is likely to witness market growth due to the strong growth in the mining sector as well as the construction sector, demand for carbon steel had witnessed substantial growth in the country. The top three players in the Canadian steel plates market hold more than 68% share in the overall production capacity. These three players include Carbon Steel Profiles Limited, Algoma Steel Inc., and EVRAZ plc. Significant investment in the automotive sector by multinational companies and well-established domestic market players is also expected to drive the growth of the market. Moreover, the market growth in Europe, is highly dependent on the application sectors like automotive and construction.
Latin America
Europe
Asia Pacific
Middle East
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carbon steel plate market growing at a CAGR of x% during forecast period 2022-28.
Marubeni Itochu Steel Inc., Baosteel Group, POSCO, SHAGANG GROUP Inc., The Ansteel Group Corporation, WISCO-Wuhan Iron & Steel, JFE Steel Corporation, Taiyuan Iron & Steel (Group) Co., Ltd.
Asia-Pacific is the fastest-growing region for carbon steel plate market