LONDON--(BUSINESS WIRE)--The global carbon steel market is expected to post a CAGR of close to 8% during the period 2020-2024, according to the latest market research report by Technavio. Request a free sample report
Growing demand from the construction industry is expected to trigger the carbon steel market growth during the forecast period. Carbon steel is durable, lightweight, and ductile, which makes it ideal for construction applications. Also, it is used as a primary raw material for the manufacture of structural frameworks, high-strength plates, rectangular tubing, and other construction components. Furthermore, with the construction of smart cities, tech parks, shopping malls, and other public infrastructures such as hospitals, auditoriums, and schools, the demand for high-strength and cost-effective construction materials such as carbon steel is likely to surge in the forthcoming years.
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As per Technavio, increasing the adoption of sustainable manufacturing practices will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will affect market growth over 2020-2024.
Global Carbon Steel Market: Increasing Adoption of Sustainable Manufacturing Practices
Steel production is an energy-intensive process and it releases large amounts of greenhouse gases. Therefore, major players are taking initiatives to reduce their carbon emissions and conserve energy during steel production. For instance, Nippon Steel is focusing on achieving a low-carbon footprint by dividing its energy conservation and CO2 emissions reduction plan into Action Plan phases. Several initiatives towards adopting sustainable manufacturing practices will increase the production of steel through eco-friendly means, which in turn, will further propel the growth of the carbon steel market during the forecast period.
“Increasing technological developments in the global steel industry and rising demand for carbon steel due to the surge in wind power installations will boost the carbon steel market growth during the forecast period,” says a senior analyst at Technavio.
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Global Carbon Steel Market: Segmentation Analysis
This market report segments the global carbon steel market by end-user (construction, shipbuilding, automotive, and others) and geography (APAC, Europe, MEA, North America, and South America)
APAC led the carbon steel market share in 2019; the region was followed by North America, Europe, South America, and MEA. APAC’s growth was attributed to the rising industrialization and infrastructural developments in the region. Furthermore, the government initiatives toward infrastructure development in economies such as China, Indonesia, South Korea, and India will propel the demand for steel in the region, leading to the growth of the carbon steel market during the forecast period.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Geographic comparison
- Key leading countries
- Landscape disruption
- Competitive scenario
- Vendors covered
- Vendor classification
- Market positioning of vendors
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