Advancements in the construction and automotive industries has led to the higher acceptance of material such as medium carbon steel owing to its properties, which include high density, ductility and ability to be heat treated (austenitising, quenching and tempering). Medium carbon steel generally contains a very small percentage (0.3% – 0.65%) of carbon, which makes it tough and strong. Moreover, the addition of molybdenum, chromium and nickel to medium carbon steel improves its heat-treating capacity.
Medium carbon steel is expected to emerge as an essential material in the near future and will be used in various applications including structural steel beams, joiner’s plate, railways wheels, pressured structure, axle shafts, crank shafts, etc. The demand for medium carbon steel is expected to increase significantly over the forecast period due to its high density, durability and low hardenability. Medium carbon steel is mostly used in the projects that require a high amount of steel, such as railway and construction projects. In addition, medium carbon steel is also used to market parts of automobiles.
Medium Carbon Steel Market: Market Dynamics : Drivers: Continuous growth in end-use industries, such as construction, automotive, railways, etc., in developing as well as developed economies is expected to be the prime factor responsible for the growth of the global medium carbon steel market over the forecast period. Moreover, medium carbon steel has excellent resistance to wear and balances ductility & strength. This is also expected to boost the medium carbon steel market in the coming decade.
Restraints: The prices of raw material required for the production medium carbon steel are highly volatile. This is expected to hamper the growth of the medium carbon steel market over the forecast period. Moreover, the amount of carbon in medium carbon steel makes it much harder to shape and cut, which is also expected to hamper the growth of the medium carbon market in the near future.
Trends: A major trend projected five years down the line is that market leaders (OEMs as well as dedicated medium carbon steel manufacturers) will focus on research and development (R&D) activities to develop advanced materials with high mechanical and physical properties. Moreover, at present, manufacturers in the global medium carbon steel market are focused on strategic expansion to expand their presence across the globe and to meet consumer needs.
Medium Carbon Steel Market: Segmentation : The global medium carbon steel market can be segmented on the basis of application and end user. Based on application, the global medium carbon steel market is segmented into: Shafts and Gearing, Pressured Structures, Railway Wheels, Rails and Other Steel Parts, Structural Steel, Others Based on end user, the global medium carbon steel market is segmented into: Automotive, Construction, Rail Transport, Ship Building, Oil & Gas, Other Industries
Medium Carbon Steel Market: Regional Outlook : The Asia Pacific medium carbon steel market is expected to be closely followed by Europe over the forecast period. Both of these markets are predicted to witness significant growth in the medium carbon steel market owing to the growth in the construction and automotive sectors in emerging economies, which include India, China and the U.S. Western Europe is estimated to grow at a considerable CAGR during the forecast period owing to the high demand for medium carbon steel in the growing automotive sector in the region. Germany is expected to be the leading automotive and automobile market in Western Europe. The Latin America medium carbon steel market is expected to witness growth over the forecast period. Middle East & Africa is likely to grow at a substantial CAGR during the forecast period owing to an increase in the demand for medium carbon steel in the region.
Medium Carbon Steel Market: Market Participants : Examples of some of the key participants identified across the value chain of the global medium carbon steel market include: O’Neal Steel, ArcelorMittal SA, Afarak Group, Yieh Corp., Dhanlaxmi Steel Distributors, JMT Steel (Group of Doshi Steel), ,Bhandari Metal & Tubes HIGH STEEL CORPORATION, Omega Steel Company, Curtis Steel Co., Inc.
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