Autonomous Vehicles Are Fastest Growing Segment Fueling The Growth Of Carbon Steel Market

 


The global Carbon Steel Market is estimated to be valued at US$ 1002.81 Bn in 2023 and is expected to exhibit a CAGR of 3.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Carbon steel is an alloy of iron and carbon, along with other alloying metals. It has a carbon content of around 2.1% making it an ideal material for various applications due to its strength and ductility. It finds applications in automobile chassis, railway tracks, pipes, shipbuilding, and construction owing to its mechanical strength and low cost.

Market key trends:
The increasing adoption of autonomous vehicles is one of the key trends in the carbon steel market. Autonomous vehicles use various types of carbon steel alloys in manufacturing brake pads, gears, engine parts, and other crucial components. Steel is highly preferred due to its high durability and ability to withstand varying operating conditions of autonomous vehicles. In addition, carbon steel is lightweight which helps improve the fuel efficiency of autonomous vehicles. With the advancement of technology, autonomous vehicles are integrating more complex systems that require stronger and durable carbon steel alloys to function effectively over long-term usages. This growing demand for autonomous vehicles will help drive the consumption of carbon steel over the forecast period.


Segment Analysis
The carbon steel market is segmented by product type and end-use. Based on product type, the market is divided into plates, structural shapes, bars & coils and pipes & tubes. Among these, plates segment dominated the market in 2022 owing to its widespread applications in industries like shipbuilding, heavy and construction equipment manufacturing. Plates provide superior strength and corrosion resistance as compared to other shapes.

Key Takeaways
The Global Carbon Steel Market Size is expected to witness high growth, exhibiting CAGR of 3.6% over the forecast period, due to increasing demand from construction and infrastructure development industries.

Regional analysis: Asia Pacific dominated the carbon steel market in 2022, accounting for more than 40% of global demand. China is the leading producer and consumer of carbon steel globally. India is also emerging as one of the fastest growing markets in the region owing to rapid industrialization and infrastructure development activities.


Key players: Key players operating in the carbon steel market are ArcelorMittal, Nippon Steel & Sumitomo Metal Corporation, POSCO, Tata Steel, Baowu Group, JFE Steel Corporation, JSW Steel, United States Steel Corporation, Shagang Group, and Ansteel Group. ArcelorMittal and Nippon Steel dominate the global market with their extensive product portfolio and global production footprint.

Read More: https://www.newsstatix.com/carbon-steel-market-size-share-and-growth-forecast-2023-2030/

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