Carbon Steel Round Bar Market to Record Sturdy Growth by 2026
Submitted 1 sec ago by TMR Market research.
Carbon steel round bars have carbon content up to 2.1% by weight. They are used as solid support structures in construction sectors and are mainly used in bridges, dams, flyovers, apartments, homes, and industrial structures. They are also widely used in making shafts, axles, braces, bath fittings, and machined components. Carbon steel round bars made from low carbon steel known as wrought iron are used in making fences, gates, and railings.
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The Government of India’s vision of ‘Make in India’ to provide preference to domestically manufactured iron & steel products and encourage domestic manufacturing is expected to have a positive impact on the domestic carbon steel round bar market in India. World Steel Association has projected Indian steel demand to grow by 7.3% in 2019 while globally, steel demand has been projected to grow at a sluggish rate of 1.4% in 2019. The globally rising demand for steel products and the growing per capita finished steel consumption is expected to drive the global carbon steel round bar market during the forecast period.
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Based on composition, the global carbon steel round bar market can be segmented into low carbon steel, medium carbon steel, high carbon steel, and ultra-high carbon steel. Low carbon steel round bars have 0.04–0.3% carbon content and are the most common grade of carbon steel round bars used globally. Low carbon steel bars are ductile and highly formable, and hence are used in manufacturing automobile parts, fasteners, plates, and wire products. Low carbon steel round bars with manganese as an alloying element are used in manufacturing products, for instance, seamless tubes and boiler plates. Medium carbon steel round bars have 0.31–0.6% carbon content and are mainly used to manufacture end products such as shafts, axles, gears, rails, and railway wheels. High carbon steel round bars have 0.6–1% carbon content. Properties of high carbon steel makes them suitable for manufacturing springs, saw blades, cold chisels, wrenches, jaws for vices, edged tools, and high-strength wires. Ultra-high carbon steel round bars have 1.25–2% carbon content and are useful for manufacturing knives, axles, pneumatic drill bits, punches etc.
Global Carbon Steel Round Bar Market: Regional Outlook
In terms of region, the global carbon steel round bar market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is forecasted to dominate the global carbon steel round bar market in terms of consumption due to rapid industrialization and growing urban infrastructure. In Asia Pacific, China is expected to lead the carbon steel round bar market in terms of consumption due to a number of major automobile manufacturers and general industries shifting their production base to China. The liberalization of industrial policy and other initiatives undertaken by the Government of India have facilitated the entry, participation, and growth of the private sector in the steel industry. While the existing steel units are being modernized and expanded, a large number of new steel plants have also come up in different parts of the country based on modern, cost effective, state of-the-art technologies. The Indian market for carbon steel round bars is expected to grow at a significant CAGR during the forecast period due to industrialization and growing per capita finished carbon steel consumption.
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Key players operating in the global carbon steel round bar market include ArcelorMittal SA, BGH Edelstahlwerke GmbH, Celsa Group, AK Steel Corp, Anshan Iron & Steel (Group) Corp, Al-Ittefaq Steel Products Co, BlueScope Steel Ltd, PT Bhirawa Steel, China Steel Corp, China Baowu Steel Group Co Ltd., Kalyani Steels Ltd., Micro Metal, and A TO Z STEELLOYS PVT LTD.
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