The global carbon steel market at a CAGR of almost 8% during the forecast period
NEW YORK, Jan. 8, 2020 /PRNewswire/ --
Global Carbon Steel Market: About this market
This carbon steel market analysis considers sales from construction, shipbuilding, automotive, and other end-users. Our study also finds the sales of carbon steel s in APAC, Europe, MEA, North America, and South America. In 2019, the construction segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as the development of high-rise buildings, tech parks, roads, highways, and other residential and commercial infrastructure will play a significant role in the construction segment to maintain its market position. Also, our global carbon steel market report looks at factors such as growing demand from the construction industry, increasing demand from the shipbuilding industry, and rising demand from the oil and gas industry. However, volatile prices of raw materials, the threat of substitutes, and stringent government regulations on reducing carbon emissions from steel production may hamper the growth of the carbon steel industry over the forecast period.
Read the full report: https://www.reportlinker.com/p05837119/?utm_source=PRN
Global Carbon Steel Market: Overview
Growing demand from the construction industry
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 which will lead to the expansion of the global carbon steel market at a CAGR of almost 8% during the forecast period.
Increasing adoption of sustainable manufacturing practices
Steel production is an energy-intensive process and it releases substantial 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. This development is expected to have a positive impact on the overall market growth.
Competitive Landscape
With the presence of several major players, the global carbon steel market is fragmented. This robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading carbon steel manufacturers, that include ArcelorMittal SA, Baoshan Iron & Steel Co. Ltd., Essar Steel India Ltd., HBIS Group Co. Ltd., Hyundai Steel, Jindal Steel & Power Ltd., Nippon Steel Corp., POSCO, Tata Steel Ltd., and United States Steel Corp.
Also, the carbon steel market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
Read the full report: https://www.reportlinker.com/p05837119/?utm_source=PRN
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