- Carbon steel, known for its strength, versatility, and affordability, is a fundamental material in industries such as construction, automotive, shipbuilding, and oil and gas, due to its wide range of applications and adaptability to various treatments and shapes
- The growing demand for carbon steel is fueled by rapid infrastructure development, increasing automotive production, and the expansion of the energy sector, particularly in oil and gas pipelines and renewable energy projects
- Asia-Pacific dominated the carbon steel market with the largest revenue share of 45.8% in 2024, driven by robust industrial growth, large-scale construction projects, and the presence of major steel producers in countries such as China, India, and Japan
- North America is expected to be the fastest-growing region during the forecast period, propelled by rising investments in infrastructure modernization, automotive innovation, and energy sector advancements, particularly in the U.S. and Canada
- The low carbon steel segment held the largest market revenue share of 48.5% in 2024, driven by its widespread use in construction, automotive, and manufacturing due to its affordability, versatility, and ease of fabrication
