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Description
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.
