Albany, NY -- (SBWIRE) -- 10/25/2018 -- 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.
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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.
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.
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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.