Steel is a versatile and frequently used metal with diversity in application and usage. It falls majorly into two categories – stainless steel, and carbon steel. Carbon steel contains element carbon and is considered ‘low alloy’ steel as it tends to contain less than 10.5% chromium content. It has 0.60% to 2.00% of carbon. And if carbon is used beyond 2%, it turns into cast iron that is used in Le Creuset cookware. Unlike stainless steel, it is not oxidation resistant. Despite being considered brittle by industry standards, high carbon steel can be utilized in range of applications. Strength, wear-resistant, economical compared to stainless steel, durable, safe to handle, shock resistant, and environment friendliness are some of the advantages that help the high carbon steel market grow in revenues. A few high-steel carbon grades are developed to ease machining tasks. They consist of phosphorous (P) and silicon (S). Such type of carbon steel is difficult in welding as it cracks easily and develops porosity.
High carbon steel is majorly used in industries that require higher strength. Demand in spring industry, high-strength wires, and agriculture equipment industry are responsible for the product development in high carbon steel market. Its use for tool cutting, wire ropes, bridge suspension cables, and piano strings, etc are likely to open bolster sales in the high carbon steel market.
Global High Carbon Steel Market: Overview
Increasing GDP of developing nations in Asia Pacific, Latin America, and the Middle East and Africa are resulting in rapid urbanization, which in turn is providing a major boost to construction activities. This is serving to stoke the demand for carbon steel which is a much sought after construction material for its use in making fences, pots, pans, bridges, buildings, and even wires.
Depending upon the proportions of iron and carbon in making carbon steel, it can be divided into low carbon steel, medium carbon steel, and high carbon steel. High carbon steel on account of the greater proportion of carbon in it is harder and more resistant to wear. It is also brittle on the flipside.
A report by Transparency Market Research details the key trends dominating the global market for high carbon steel and discusses the headwinds and tailwinds shaping its trajectory. It provides a lowdown of the various market segments and which one holds maximum prospects. It also studies the competitive landscape too in great details.
Global High Carbon Steel Market: Key Trends
The properties of extreme hardness and resistance to wear makes high carbon steel perfect for making cutting tools having sharp edges and also masonry nails for penetrating super hard substances such as bricks or concrete blocks since it does not bend. It also finds usage in making farming and gardening equipment, compression springs, and other kinds of high-wear applications, namely high-strength wires, springs, dies, and punches.
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High carbon steel finds application in various appliances such as automotive components. Apart from the varied applications, technological innovations leading to emergence of better quality high carbon steel is also having a positive impact on demand.
However, there is one drawback of high carbon steel that is posing a challenge to its widespread uptake. It is the difficulty is welding it. Higher amount of carbon brings down the steel’s temperature resistance and melting point and this results in lowering the weldability of the steel.
Global High Carbon Steel Market: Regional Outlook
Geographically, the key segments of the global market for high carbon steel are North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. North America, among them, holds a leading share in the market because of the contrast thrust on upgrading existing infrastructure. Asia Pacific is another attractive, under-tapped market which is being powered by the massive urbanization and swift pace of industrialization in the countries of Japan, China, Australia, and India. The region is also the largest producer of high carbon steel thanks to China which is home of many large and small manufacturers of carbon steel. Europe is another dominant region which is being driven mainly by Germany, France, and the U.K. due to rise in industrialization. Besides, Latin American nations of Brazil and Mexico are also proving to be a good bet for players due to urbanization owing to economic development. Similarly, industrial activities are boosting the market in the Middle East and Africa.
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Global High Carbon Steel Market: Competitive Dynamics
Some of the prominent participants in the global market for high carbon steel are Bushwick Metal LLC., Afarak Group, Omega Steel Co., Curtis Steel Co. Inc., and Arcelor Mittal SA. The report throws light on their manufacturing capacities, sales and revenues, key clients, and winning strategies for expansion. It also leverages market-leading analytical tools to uncover the promise and pitfalls that players need to keep in mind while investing.