The global carbon steel market was estimated at USD 913.7 billion in 2022 and is projected to reach a revised size of USD 1.2 trillion by 2030, growing at a CAGR of 3.1% in the analysis amidst changing business landscape post-COVID-19 rate of growth for the period 2022-2030. Mild Steel, one of the market segments analyzed in the report, is expected to grow at a CAGR of 3.2% to reach USD 1.1 trillion by the end of the analysis period. The growth of the medium carbon steel sector is recalibrated to a revised 2.3% CAGR over the next 8-year period to take into account the continued post-pandemic recovery.
The U.S. carbon steel market is estimated at $248.9 billion by 2022. China, the world's second largest economy, is expected to have a market size of USD 230.4 billion by 2030, growing at a CAGR of 5.2% over the analysis period of 2022 to 2030. Other notable geographic markets include Japan and Canada, which are expected to grow by 1.7% and 2.6%, respectively, between 2022 and 2030. In Europe, Germany is projected to grow at a CAGR of approximately 2.1%. Led by countries such as Australia, India, and South Korea, the market in Asia Pacific is expected to reach USD 150.7 billion by 2030.