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The carbon steel market size in 2022 has reached close to US$ 833 Bn. According to a recent study by Future Market Insights (FMI), the carbon steel market is forecast to rise at a CAGR of 5.1% between 2022 and 2030. The report is intended to offer an executive-level blueprint of the market to its stakeholders. It studies the growth trajectory and gauges investment feasibility across key segments.

According to the report, the carbon steel market is operating in an environment where lot of waste is generated and a huge amount of energy is consumed. The steel industry is efficiently reducing the waste through waste recovery technologies and through recycling, which has been aiding environmental causes.

The industry has adopted efficient fabrication and manufacturing process, which is reducing the energy consumption. Carbon Steel manufacturers are no longer overheating or overcooling the rolling mills allowing them to manufacture products more efficiently by consuming less energy. Steps taken towards cautious manufacturing had bode well for the market.

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However, despite their efforts, the ongoing COVID-19 crisis has caused deceleration in the industrial production and disruptions in supply chain for 3 quarters of 2022.  Growth recovery in the upcoming years will be backed by the increasing demand from downstream industries such as automotive, construction, and heavy engineering & equipment will drive the carbon steel market.

Key Takeaways of Global Carbon Steel Market Study

 “Carbon steel is used by a wide gamut of industries, which has been aiding expansion of the market despite oversupply recorded in the steel industry. Despite nose-dive growth during ongoing pandemic, the market is forecast to recover especially as leading companies move towards consolidation keeping expansion in their mind,” says FMI analyst.

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Carbon Steel Market By Category

The carbon steel market is fairly consolidated, with manufacturing capacities majorly concentrated among tier-I manufacturers. While local tier-2 and tier-3 manufacturers present a stiff competition, tier-1 players leverage their distribution network and brand image in dominating the market space.

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Some of the key players in the market are Nucor Corporation, ArcelorMittal, United States Steel Corporation, Baosteel Group, AK Steel Holding Corporation, EVRAZ, Hesteel Group, POSCO, Thyssenkrupp AG, JFE Holdings Corporation, etc amongst many others amongst many others.

Market players have been focusing on strategic expansion and acquisition of manufacturing facilities. This strategy would help companies to expand into new markets to withstand in competitive environment.

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Industrial Oil Market: Sales of industrial oil are projected to increase at a healthy CAGR of 4.1% and are expected to top a valuation of US$ 115,780.3 Mn by 2032.

High Performance Fibers Market: The high performance fibers market is projected to be valued at US$ 12.91 Bn in 2022 and is anticipated to reach US$ 29.19 Bn by 2032, with a CAGR of 8.5% from 2022 to 2032.

Agrochemical Additives Market: Sales of agrochemical additves is expected to increase at a CAGR of 4.6% and are expected to top a valuation of US$ 2.7 Bn by 2032.

Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

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The post Carbon Steel Market is Expected to Grow year on year, Reaching a Value of nearly US$ 1243.09 Billion by the end of 2030 appeared first on Future Market Insights.

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