According to a report from Vantage Market Research, the global carbon steel market was expected to have a value of US$1,092.3 billion by 2028 and to grow at a compound annual growth rate (CAGR) of 3.2% during the period from 2022 to 2028.

Vantage Market Research expected that the growth of the global carbon steel market will be driven by increased automotive manufacturing, more usage of carbon steel in constructing pipes and tubes for infrastructure projects, and higher consumption of carbon steel in various end-user sectors.

Besides, this market research firm forecasted that the sales of low-carbon steel, also known as mild steel, the most popular type of carbon steel, will account for more than 27% of total sales by 2028. This type of carbon steel is usually applied in food cans, pipes and tubes, automobile body components, construction parts, and so on.