Global Carbon Steel Market Size & Outlook, 2023-2030
Global carbon steel market, 2018-2030 (US$M)
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Global carbon steel market highlights
- The global carbon steel market generated a revenue of USD 980,319.3 million in 2023 and is expected to reach USD 1,370,431.6 million by 2030.
- The market is expected to grow at a CAGR (2024 - 2030) of 4.9% by 2030.
- In terms of segment, low carbon steel accounted for a revenue of USD 882,711.6 million in 2023.
- Low Carbon Steel is the most lucrative type segment registering the fastest growth during the forecast period.
- In terms of region, Asia Pacific was the largest revenue generating market in 2023.
- Country-wise, UK is expected to register the highest CAGR from 2024 to 2030.
Global data book summary
| Market revenue in 2023 | USD 980,319.3 million |
| Market revenue in 2030 | USD 1,370,431.6 million |
| Growth rate | 4.9% (CAGR from 2023 to 2030) |
| Largest segment | Low carbon steel |
| Fastest growing segment | Low Carbon Steel |
| Historical data covered | 2018 - 2022 |
| Base year for estimation | 2023 |
| Forecast period covered | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Low Carbon Steel, Medium Carbon Steel, High Carbon Steel |
Other key industry trends
- In terms of revenue, the North America accounted for 10.2% of the global carbon steel market in 2023.
- By country, the China is projected to lead the global market in terms of revenue in 2030.
- By country, UK is the fastest growing regional market and is projected to reach USD 7,428.6 million by 2030.
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Carbon Steel Market Scope
Carbon Steel Market Companies
| Name | Profile | # Employees | HQ | Website |
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Global carbon steel market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to carbon steel market will help companies and investors design strategic landscapes.
Low carbon steel was the largest segment with a revenue share of 90.04% in 2023. Horizon Databook has segmented the Global carbon steel market based on low carbon steel, medium carbon steel, high carbon steel covering the revenue growth of each sub-segment from 2018 to 2030.
The global carbon steel pipe fittings market has witnessed growth in the past and despite the obstruction in 2020 is anticipated to register steady growth across the forecast period. Because of their strength and ability to withstand stress, carbon steel pipes are used in a variety of heavy-duty industries.
Its demand has propelled in the different end-use industries, mainly in oil & gas, which is the largest end-user of carbon steel pipe fittings market. The below graph shows crude oil production from 2015 to 2020. Although the crude oil production declined in 2020, with growing investments and upcoming projects the production is anticipated to rebound soon.
For instance, according to the Norwegian Petroleum Directorate, in 2021, Norway produced 1.76 mbl/d of crude oil, which is 4% higher than 2020. The additional production is related to five fields, which started production in 2021. When the Johan Sverdrup field in the North Sea is fully operational, it should account for 35% of oil production on the Norwegian shelf.
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Horizon Databook provides a detailed overview of global-level data and insights on the Global carbon steel market , including forecasts for subscribers. This global databook contains high-level insights into Global carbon steel market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Global carbon steel market size, by regions, 2018-2030 (US$M)
Top 10 countries: Carbon steel market size, 2023 (US$M)
Global carbon steel market share, by type, 2023 & 2030 (%, US$M)
Carbon steel market: Opportunity assessment by country
Global carbon steel market, by region, 2023 (US$M)
| Type | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 | CAGR |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| North America | 109,540.3 | 94,624.4 | 93,927.4 | 95,660.7 | 97,710.4 | 100,095.7 | 102,839.5 | 105,969.3 | 109,517.7 | 113,523.5 | 118,031.4 | 123,093.9 | 128,772.6 | 3.7% |
| Europe | 140,691.1 | 142,647.0 | 145,343.1 | 148,623.5 | 152,328.5 | 156,486.1 | 161,128.6 | 166,293.7 | 172,023.9 | 174,099.6 | 187,286.1 | 196,129.9 | 206,959.3 | 4.1% |
| Asia Pacific | 589,138.3 | 586,425.6 | 590,181.5 | 608,308.3 | 629,398.7 | 653,713.4 | 681,561.3 | 713,306.0 | 749,374.3 | 790,264.9 | 836,560.5 | 888,942.1 | 948,204.4 | 5.5% |
| Latin America | 23,030.8 | 21,748.6 | 22,006.4 | 22,686.8 | 23,399.3 | 24,145.6 | 24,927.3 | 25,746.2 | 26,615.7 | 27,527.1 | 28,482.6 | 29,497.4 | 30,561.9 | 3.4% |
| MEA | 44,406.3 | 42,207.0 | 42,717.8 | 43,707.2 | 44,759.6 | 45,878.5 | 47,067.7 | 48,331.3 | 49,673.7 | 51,099.9 | 52,614.6 | 54,223.8 | 55,933.4 | 2.9% |
| Overall | 906,806.8 | 887,652.6 | 894,176.2 | 918,986.5 | 947,596.5 | 980,319.3 | 1,017,524.4 | 1,059,646.5 | 1,107,205.3 | 1,156,515.0 | 1,222,975.2 | 1,291,887.1 | 1,370,431.6 | 4.9% |
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