The usage of steel in shipbuilding is owing to its mechanical properties and low cost. Application InsightsĬarbon steel finds application in shipbuilding, construction, automotive, and other applications such as energy, machinery, appliances, and material handling. Thus, the segment is likely to witness CAGR of 2.6% in terms of revenue. Considering its characteristics such as high strength and good weldability, it is preferred in the production of machine and car parts. Medium carbon steel contains higher carbon and manganese contents than low carbon steel, which makes it stronger but difficult to be shaped. It is available at a low cost compared to its counterparts. It possesses versatile properties such as ductility, malleability, and cold forming abilities. It is also referred as mild steel and can be used to create various shapes ranging from structural beams to flat sheets. Low carbon steel contains carbon content below 0.25 percent by weight. In terms of volume, the segment accounted for a market share of 90.7% in 2019. Low carbon steel is by far the largest segment and has observed the highest penetration in various end-use industries. Type Insightsīased on type, the market has been categorized into low, medium, and high carbon steel. Carbon steel products such as gears, ratchets, shafts, and transmission parts are anticipated to witness incessant demand on account of positive long-term outlook of the automotive sector. However, the automotive sector in the country has achieved sales of over 17 million units for the fifth consecutive year and is likely to observe a similar trend for the long term. For instance, local light duty vehicle sales in the country observed a decline of 1.6% in 2019 from 2018. has witnessed sluggish growth in the recent years. The growth of non-residential sector is projected to be driven by government investment to replace the old infrastructure such as bridges, construction structures, and other transportation infrastructure. The non-residential sector accounted for 58.2% in total construction value of 2018 and likely to play key role in rising demand for carbon steel products. Census Bureau, the total value of the construction has consistently increased in the last eight years. As per the statistics provided by the U.S. In U.S., the market is likely to be driven by a consistent increase in construction spending and moderate growth in the automotive sector over the coming years. accounted for a market share of 7.6% in the global carbon steel industry. Carbon steel finds numerous applications in infrastructure, wherein it is used in frame materials, pipelines, fencing, gates, and variety of structural sections. Countries such as India, China, and Southeast Asian countries are spending higher portion of their budget on infrastructure development to boost the overall economic growth. The Asia Pacific is likely to attract nearly 50% of infrastructure investment over the coming years. Increasing focus on infrastructure development particularly in Asia Pacific countries is projected to drive the consumption of carbon steel products over the coming years. The global carbon steel market size was valued at USD 887.7 billion in 2019 and is anticipated to attain a CAGR of 3.4% from 2020 to 2027.
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