Sustainable Demand Drives Carbon Steel Market Growth from USD 1,002.81 Bn in 2023
Global Carbon Steel Market Key Takeaways
• In terms of Application, Food and Beverage sub-segment is expected to exhibit a CAGR of 3.7% from 2025 to 2032. A new report by Coherent Market Insights projects the segment to reach US$ 125.9 million by 2032.
• By Distribution Channel segment, in terms of market share, the Offline sub-segment is expected to contribute the largest share, accounting for 80.6% of the market in 2032
• As per Coherent Market Insights, Europe is estimated to exhibit highest CAGR of 15% in carbon steel market during the forecast period.
• Asia Pacific accounted for around 40% of shares in 2022. Growth is attributed to the growing construction, automotive, and shipbuilding industries. China is considered the dominating market in the APAC region.
• Coherent Market Insights forecasts that North America to hold a 20% share in 2022. The market is expected to expand at a CAGR of 4.5% during the forecast period. This is owing to various industries in the region. Moreover, the U.S. is considered the largest market in the North American region.
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Growing demand for infrastructure development and Automotive Industry
A new report by Coherent Market Insights outlines significant trends in the carbon steel market. Developing countries are investing in infrastructural projects such as roads, buildings, and bridges. For instance, India is now developing 100 smart cities that increase the demand for carbon steel in urban infrastructure. Moreover, the automotive industry is heavily dependent upon carbon steel to make car bodies, engine components, and chassis. For instance, as per Bergsen Metal Company, steel having carbon content are alloys that have undergone some quenching heat treatment methods.
Environmental Concerns and availability of substitutes
The production of steel blast furnaces will result in sustainable CO2 emissions. Growing emphasis on sustainability will increase pressure on industries to adopt green production methods. Around 6% of total emissions are generated by steel emissions globally. Materials such as composite, stainless steel, and aluminum provide various advantages to carbon steel in specific applications.
Opportunities for Growth
Increasing environmental concerns will provide an opportunity for the production of sustainable steel production methods. Carbon steel can also be produced with the use of methods that emit less greenhouse gases and by adopting new technologies. Moreover, increasing demand for high-strength and low-alloy steel is sectors such as automotive where the use of lightweight and strong material will enhance fuel efficiency.
Emerging Market Trends
The increasing adoption of alloy steel in various industries such as machinery, construction, and automotive sector will drive demand. According to Coherent Market Insights (CMI), the global alloy steel market is estimated to reach at US$ 147.94 billion in 2025 and is projected to exhibit a CAGR of 3.8% from 2025 to 2032.
The green steel market is experiencing increased adoption, driven by increasing environmental regulation and reduction of carbon emission. Coherent Market Insights projects the green steel market to exhibit a CAGR of 60.4% over the forecast period, increasing from US$ 6.95 Bn in 2025 to US$ 189.82 Bn by 2032.
Analyst’s View
“The global carbon steel market is poised for notable growth, driven primarily by growing demand for carbon steel as the infrastructure and properties are developed across the developing region. The industry is now shifting towards green steel production and technological integration,” said senior analyst Yash Doshi. “The market faces stiff competition from sustainability regulations to reduce carbon emission and adoption of green steel alternatives.”
Competitor Insights
Key companies in this market include:
– Nippon Steel & Sumitomo Metal Corporation
– POSCO
– Tata Steel
– Baowu Group
– JFE Steel Corporation
– JSW Steel
– United States Steel Corporation
– Shagang Group
– Ansteel group
Key Development
In 2022, Arcelor Mittal acquired Cleveland-Cliffs for US$ 38 billion. This deal is considered the world’s largest steelmaker by output.
In 2021, Nippon Steel announced its partnership with Sumitomo Metal Corporation. This partnership would be the world’s second-largest steelmaker.
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