Discuss the differences between alloy steel and carbon steel, including their compositions, properties, and applications.

Carbon steel primarily consists of iron and carbon, with small amounts of other elements. It is classified into low, medium, and high-carbon steels based on carbon content and exhibits properties such as strength, hardness, and machinability. Alloy steel, on the other hand, contains additional alloying elements such as chromium, nickel, molybdenum, and vanadium, which enhance specific properties like corrosion resistance, heat resistance, and wear resistance. Alloy steels are used in a wide range of applications, including automotive parts, aerospace components, and industrial machinery, where enhanced performance and durability are required.