A recent market study predicts North America’s carbon steel market will expand 1.6 times by 2033, fueled by a surge in infrastructure projects, rapid automotive industry growth, and a booming energy sector. This growth trajectory presents a compelling opportunity to delve into the intricate details of North America’s carbon steel business landscape.
NEWARK, Del., Dec. 5, 2023 /PRNewswire/ — The latest analysis shows North America’s carbon steel business revenue is forecast to increase from US$ 78.1 billion in 2023 to US$ 125.6 billion by 2033. Over the assessment period, demand for carbon steel in North America is projected to surge at a CAGR of 4.9%.
The low carbon content steel segment is set to account for a dominant value share of 60.7% in 2023 and exhibit a CAGR of 4.9% throughout the assessment period. This is attributable to the rising usage of low carbon steel in diverse businesses due to its low cost, machinability, and corrosion resistance.
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Several factors are expected to drive growth in North America during the forecast period. These include the rapid expansion of sectors such as automotive, construction, and railways, the rising need for strong and durable metals, and multiple advantages of carbon steel products.
The growth of the energy sector in North America, particularly in the adoption of cleaner energy sources such as wind and solar power, is significantly driving the demand for carbon steel. This is because carbon steel is often used for making critical components, including wind turbines, solar panels, and energy storage facilities.
Carbon steel is widely used in these applications for its exceptional durability and strength. These properties of carbon steel are crucial for withstanding the elements and supporting the large structures required in the energy sector.
North America holds a significant position in the global automotive business, producing millions of vehicles annually. Carbon steel plays a pivotal role in this sector, particularly in the manufacturing of essential auto components such as frames and body panels.
The choice of carbon steel is underpinned by its exceptional strength, cost-effectiveness, and recyclability, making it an ideal material for ensuring the structural integrity and safety of vehicles. Hence, the rapid growth of the automotive sector across North America will likely play a key role in bolstering sales of carbon steel and related products.
“North America’s carbon steel business is primed for robust growth on the back of factors such as heightened environmental regulations and expanding industrial sector. With businesses across North America increasingly looking for innovative solutions to minimize their impact on the environment, carbon steel companies are well positioned to take advantage of new growth opportunities,” says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.).
Key Takeaways from the Report:
- Sales of carbon steel in North America are projected to rise at 4.9% CAGR through 2033.
- By carbon content, the low carbon steel segment is expected to total US$ 74.2 billion by 2033.
- Based on product type, the long product types segment is poised to exhibit a CAGR of 5.1%.
- By end-use, the building & construction segment is set to hold a value share of 19.4% in 2023.
- Revenue in the United States is anticipated to reach US$ 91.5 billion by 2033.
- Canada is projected to attain a valuation of US$ 17.3 billion by 2033.
- Demand in Mexico is predicted to rise at a 6.5% CAGR through 2033.
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United States Steel Corporation, Steel Dynamics Inc., EVRAZ Plc, Novolipetsk Steel, Cleveland-Cliffs Inc, Nucor Corporation, ArcelorMittal Corporation, North Star BlueScope Steel, Commercial Metals Company, and TimkenSteel Corporation & Gerdau S.A. are a handful of the leading carbon steel manufacturers profiled in the report.
Renowned players are focusing on increasing their production capacity to meet end-user demand. They also implement strategies such as mergers, collaborations, acquisitions, and facility expansions to strengthen their footprint.
· In 2023, United States Steel Corporation introduced InduX Electrical Steel at Ceres Global. It is a very wide and lightweight steel, having all the magnetic properties necessary for electric vehicles (EV), as well as generators and transformers.
Purchase this report now to get key companies with their Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis.
Get More Insights into North America Carbon Steel Business Report
In its latest report, Future Market Insights (FMI) offers an unbiased analysis of the North America carbon steel business, providing historical data from 2018 to 2022 and forecast statistics for the period 2023 to 2033. To understand the business potential, growth, and scope, the report is segmented based on carbon content, product type, end-use, and region.
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About the Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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