According to a report by a market research firm, the global carbon steel market is expected to be worth US$1,092.3 billion by 2028 and to grow at a compound annual growth rate (CAGR) of 3.2% from 2022 to 2028.
The growth of the global carbon steel market was expected to be driven by increased automotive production, greater use of carbon steel in pipe construction for infrastructure projects, and higher carbon steel consumption in various end-user sectors.
In addition, this market research firm estimates that sales of low carbon steel, also known as mild steel, which is the most popular type of carbon steel, will account for more than 27% of total sales by 2028. This type of carbon steel is commonly known as food cans, pipes and tubes, automobile body components, construction parts, etc.
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