Global Carbon Steel Market Research Report Forecast 2027
Global Carbon Steel Market Size study, by Grade (Low-Grade Carbon Steel, Medium-Grade Carbon Steel, High-Grade Carbon Steel, Ultra-High-Grade Carbon Steel) by Applications (Basic and Perforated Sheets, Bars & Rebars, Normal Plates and Floor Plate, Pipes & Tubes, Wire Rod, Angle, Channels, Beams, Other) by End-use (Automotive, Construction, Railways, Shipbuilding & Marine, Aerospace, Energy, Heavy Engineering and Equipment, Consumer Appliances, Cutting Tools) by Form (Hot-rolled carbon steel, Cold-rolled carbon steel) and Regional Forecasts 2020-2027
Global Carbon Steel Market is valued approximately USD 738.52 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 4.0% over the forecast period 2020-2027. Carbon Steel is steel with carbon content from about 0.05% up to 2.1% by weight. Although no minimum content is specified or required for other components such as cobalt, chromium, niobium, molybdenum, tungsten, nickel and more. the carbon steel is available in numerous types namely, Mild or low carbon steel, High tensile steel, high carbon steel. The widespread use of carbon steel drives the demand for market growth.
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As these materials are used extensively in construction sector for building pipeline systems that collect water, natural gas and crude oil. These are also used in construction of bridges and buildings. Thus, the rising construction activities and increasing investments in infrastructure drives the market growth. As per India Brand Equity Foundation (IBEF) in September 2018, Embassy Office parks raised around USD 775.66 million through India’s First real estate investment Trust (REIT) listing. While, the new housing launches across the top 7 cities in the country increased 32% year-on-year by 2018 to 193 thousand units. Further, 8.09 million houses have been sanctioned by May 2019 under the Pradhan Mantri Awas Yojana (PMAY).
Also, use of carbon steel in Shipbuilding, and automotive propels the market growth. As the carbon steel have mechanical properties suitable for ships and are affordable making it the preferable choice for ship buildings. For instance: in February 2018, Fincantieri, an Italian Shipbuilder, acquired 50% share in the STX shipyards, based in France. The deal worth USD 66.28 million increases the market position of the Italian company in the cruise ships department. However, availability of polymer materials impedes the growth of the market over the forecast period of 2020-2027. Although, technological advancements presents a lucrative opportunity for the market.
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