Carbon Steel Market Size, Share & Trends Report

Carbon Steel Market Size, Share & Trends Analysis Report, By Type (Low Carbon Steel, Medium Carbon Steel, High Carbon Steel), By Application (Shipbuilding, Automotive, Construction), By Region, And Segment Forecasts, 2023 - 2030

  • Report ID: GVR-4-68038-415-4
  • Number of Pages: 108
  • Format: Electronic (PDF)

Research Methodology

A three-pronged approach was followed for deducing the carbon steel market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for carbon steel market to gather the most reliable and current information possible.

  • We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
  • We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
  • We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
  • We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
  • We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of carbon steel market data depending on the type of information we’re trying to uncover in our research.

  • Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

  • Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

  • Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

  • Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

  • Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

  • Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

  • This step also entails the finalization of the report scope and data representation pattern.

  • Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Carbon Steel Market Categorization:

The carbon steel market was categorized into four segments, namely type (Low Carbon Steel, Medium Carbon Steel, High Carbon Steel), application (Shipbuilding, Construction, Automotive), and regions (North America, Europe, Asia Pacific, Central and South America, Middle East & Africa).

Segment Market Methodology:

The carbon steel market was segmented into type, application, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

  • Demand estimation of each product across countries/regions summed up to from the total market.

  • Variable analysis for demand forecast.

  • Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

  • Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

  • Used extensively for new product forecasting or analyzing penetration levels.

  • Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

  • Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

  • This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The carbon steel market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Central and South America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into ten countries, namely, the U.S.; Canada; Mexico; Germany; UK.; Russia; China; India; Japan; Brazil

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Carbon steel market companies & financials:

The carbon steel market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

  • ArcelorMittal ArcelorMittal was established in 2006 by the merger of Arcelor and Mittal Steel. The company is headquartered in Luxembourg. Its reportable segments include NAFTA, Brazil, Europe, ACIS, and Mining.HBIS Group HBIS Group was founded in 2008 and is headquartered in Shijiazhuang, China. It specializes in manufacturing bars, wires, profiles, hot-rolled strips, hot- & cold-rolled plates, galvanized plates, pipes, vanadium-nitrogen alloys, and twisted ribbed steel bars. The company also manufactures coke, industrial gas, and chemical products. It offers its products to various applications such as automotive, nuclear power, marine engineering, bridges, construction, and home appliance. The company has a presence in 110 countries across five continents. As of December 2018, it had 120,000 employees. In the steel manufacturing sector, subsidiaries of the company include HBIS TANGSTEEL, HBIS HANSTEEL, HBIS XUANSTEEL, HBIS CHENGSTEEL, HBIS WUSTEEL, HBIS SHISTEEL, HBIS HENGSTRIP, and HBIS NEW MATERIAL. As of December 2018, the company had 20 sintering machines; 12 coke furnaces; 14 blast furnaces with combine capacity of 5200-meter cube; 21 convertors; 6 heavy plate mills; 33 sets of rod, wire and profile mills; and 4 pickling lines with cold rolling machine.

    • NAFTA segment produces flat products such as slab, cold-rolled coil, hot-rolled coil, coated steel, and plate. The products are sold to industries such as automotive, energy, construction, packaging, and appliances. The crude steel production was 22,559,000 tons in 2018.

    • Brazil segment produces flat products and long products. Flat products include slab, hot-rolled coil, and coated steel, while long products include wire rod, sections, bar & rebar, billets, blooms, and wire drawing. The crude steel production was 12,264,000 tons in 2018

    • Europe segment produces hot-rolled coil, cold-rolled coil, coated products, tinplate, plate, and slab. The crude steel production was 44,693,000 tons in 2018.

    • ACIS segment produces flat, long, and tubular products. The crude steel production was 13,022,000 tons in 2018.

    • Mining segment includes all the mines owned by ArcelorMittal.

    • The operations of the company are spread across the Americas, Europe, and Asia & Africa. In 2018, the Americas generated revenue worth USD 29,068.0 million, Europe generated USD 38,263.0 million, and Asia & Africa together accounted for USD 8,702.0 million. As of 2018, the company had 209,000 employees.

  • Nippon Steel Corporation Nippon Steel Corporation was founded in 1950 and is headquartered in Tokyo, Japan. In April 2019, Nippon Steel Corporation (NSSMC) changed its name to Nippon Steel Corporation. The reportable segments of the company are steelmaking & steel fabrication, engineering & construction, chemicals, new materials, and system solutions. Products offered by the company include steel plate, steel sheets, bar & rod materials, structural steel, pipes & tubes, railway & automotive machinery parts, titanium, stainless steel, and steel slag. Steel sheets are further divided into hotrolled steel sheets & coils, cold-rolled steel sheets & coils, coated steel sheets, color coated steel sheets, electrolytic tinplate, and electrical steel sheets. Steelmaking & steel fabrication segment accounted for a revenue share of 88.5% in 2017. The segment caters to various industries such as automobile, resources & energy, railway, and shipbuilding. In terms of products, steelmaking segment is categorized into steel plate &, bars, beams, shapes, rods, pipes and tubes, stainless steel, and titanium among others. The geographic segments of the company are Japan and Overseas (Asia and others). It manufactures steel in the U.S., China, Thailand, Brazil, India, and Mexico. In the U.S., the company has nine manufacturing bases. In 2017, its consolidated crude steel production was 46.82 million tons.

  • POSCO POSCO was established in 1968 and is headquartered in Pohang, South Korea. The company’s product portfolio comprises wire rod, hot-rolled steel, steel plate, cold-rolled steel, galvanized steel, electrical galvanized steel, electrical steel, automotive materials, stainless steel, titanium, aluminumplated products, and magnesium. The products offered by the company find applications in industrial machinery, engineering, home appliances, shipbuilding, and automobile industries. The company has two manufacturing facilities in South Korea and five offices overseas to support its distribution activities. It has a presence across Asia Pacific, Europe, North America, and Africa. As of 2018, the company has an operational presence in 54 countries it and employed 29,640 personnel.

  • United States Steel United States Steel was founded in 1901 and is headquartered in Pennsylvania, U.S. The company serves steel products to various applications including appliance, automotive, oil & gas, construction, industrial machinery, and containers. It has an annual raw steel production capacity of 22.0 million net tons. According to the World Steel Association 2016, it was the 24th largest steel producing company in the world. The company has three business segments including flat-rolled products (Flat-Rolled), U. S. Steel Europe (USSE), and tubular products (Tubular). Flat-Rolled segment primarily serves customers in North America and has a raw steel production capacity of 17.0 million tons per annum. USSE serves the customers in Eastern Europe and has a raw steel production capacity of 5.0 million tons annually. The company has production operations located in Europe and North America.

  • Evraz plc Evraz plc was founded in 1992 and is headquartered in London, UK. It specializes in manufacturing steel products, vanadium products, iron ore mining & enrichment, and coal mining. The company produced 13.0 million tons of crude steel in 2018. It also offers high-speed wire rod, structural, galvanized, cold-rolled, heavy section, color coated, seamless pipe, die & bearing steel, pipe fittings, steel plates, and hot-rolled steel products. The company has operations in countries such as Russia, Ukraine, Kazakhstan, Italy, and the Czech Republic. It has a presence in over 70 countries across five continents. A significant portion of the company's internal consumption of iron ore and coking coal is covered by its mining operations. As of 2018, the company had 68,379 employees.

  • Baosteel Group Baosteel Group was established in 1978 and is headquartered in Shanghai, China. The company is a manufacturer of various iron and steel products. As of 2014, it employed around 130,000 personnel globally. The company deals with major product categories including stainless steel, carbon steel, and special steel. It has a presence in 40 countries across Asia Pacific, North & South America, Africa, and Europe. Household appliances, automobile, machinery, metalwork, transportation, astronautics, aeronautics, electronic instruments, nuclear power, and energy are the key end-use industries of the company.

  • JFE Steel Corporation JFE Steel Corporation was founded in 2003 and is headquartered in Tokyo, Japan. The company operates through three business segments: steel, engineering, and trading. Its lines of offerings include sheets, plates, shapes & spiral pipes, pipes, electrical sheets, stainless steel, bars, wire rods, and welding materials & iron powder. It has three major production sites: steelworks in eastern and western Japan, the China Works - specializes in the production of pipes and tubes, and Sendai Works - specializes in the production of bars and wire rods. The company is owned by JFE Holdings, Inc. As of 2019, JFE Steel Corporation had 44,975 employees.

  • NLMK NLMK was founded in 1934 and is headquartered in Lipetsk, Russia. The company is a producer of high-quality steel products and follows a vertically integrated business model. It has production facilities located in Russia, Europe, and the U.S., where it offers various products under the following segments: semi-finished products, thick plate, hot-rolled steel, cold-rolled steel, coated steel, electrical steel, long products, and metalware. Coated steel segment contributed 12% of the total sales of the company. Coated steel is produced at three sites, namely NLMK Lipetsk, NLMK Strasbourg, and Sharon Coating. In 2017, the total steel production of the company was recorded at 16,850,000 tons. Its geographical sales for steel products are divided into Asia and Oceania, the Middle East (including Turkey), other regions, North America, Europe, and Russia. NLMK USA, a part of the NLMK group, has three production facilities. Its manufactures hot-rolled steel, cold-rolled steel, and galvanized steel. As of 2017, the company had 53,200 employees.

  • AK Steel Corporation Founded in 1899, AK Steel Corporation is a manufacturer of steel and related products. The company is headquartered in West Chester, Ohio, U.S. and manufactures electrical steel products; carbon steel; flat-rolled carbon; and stainless products and stainless and carbon tubular products. It serves key industries including automotive, manufacturing, infrastructure, and electrical power generation and distribution. The company also provides tooling and die design and hot and cold stamped components. As of December 2018, it had 9,500 employees. The company’s various manufacturing plants are primarily located in the U.S., Mexico, and Canada. Other key markets of the company include appliances; cutlery & cookware; heating, ventilation & air conditioning (HVAC); industrial motors and power transformers.

Value chain-based sizing & forecasting

Supply Side Estimates

  • Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

  • Segment revenue determination via variable analysis and penetration modeling.

  • Competitive benchmarking to identify market leaders and their collective revenue shares.

  • Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

  • Identifying parent markets and ancillary markets

  • Segment penetration analysis to obtain pertinent

  • revenue/volume

  • Heuristic forecasting with the help of subject matter experts

  • Forecasting via variable analysis

Carbon Steel Market Report Objectives:

  • Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

  • Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

  • Understanding market estimates and forecasts (with the base year as 2022, historic information from 2018 - 2021, and forecast from 2023 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Carbon Steel Market Report Assumptions:

  • The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

  • The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

  • We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

  • All market estimates and forecasts have been validated through primary interviews with the key industry participants.

  • Inflation has not been accounted for to estimate and forecast the market.

  • Numbers may not add up due to rounding off.

  • Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

  • Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

  • Latin America includes Central American countries and the South American continent

  • Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

  • Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

  • Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.

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