Carbon Steel MarketSize and Trends
Global carbon steel market size was valued at US$ 1,002.81 billion in 2023 and is expected to reach US$ 1,284.51 billion by 2030, exhibiting a compounded annual growth rate (CAGR) of 3.6% during the forecast period (2023-2030). Carbon steel is a type of steel that contains carbon as its main alloying element. It is a versatile material that is used in a wide variety of applications including constructions, infrastructures, automotive, and manufacturing.
Global Carbon Steel Market
- Sustainability and Emission Reduction: The global push for sustainability made reducing carbon emissions in steel production a priority. For instance, according to , cutting-edge technology is used to work and reduce the emissions by creating green steel in a completely integrated production process, by use of end-to-end digitalization, power from fossil-free sources, and green hydrogen in place of coal. Innovations in green steel production methods, such as hydrogen-based steelmaking, are also trending.
- Digitalization of the Supply Chain: The integration of Industry 4.0 technologies, like IoT, AI, and big data analytics is optimizing production, enhancing predictive maintenance, and improving overall supply chain management.
- E-commerce Penetration: Direct online sales of steel products to both B2B and B2C segments are increasing. Digital platforms help in simpliying the buying process and offer insights into customer behavior and demand patterns. For instance, in 2021, according to Mill Steel Co., carbon steel products are available on e-commerce website. The website features 65,000+ tons of steel that is available for purchase with full physical and chemical certification provided for each coil.
- Value-added Products: There is a growing trend towards producing and offering carbon steel products with additional value, such as coatings that resist corrosion, or treatments that enhance durability.
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