Carbon accounting plays a pivotal role in the manufacturing industry, being crucial for achieving low-carbon transformation and lean carbon management. A thorough understanding of carbon emissions during the manufacturing process is essential to account for the carbon footprint of products accurately. By analyzing the impact of supplies consumption (SC), energy penalty (EP), and equipment wear and tear (EWT) on carbon emissions in each process, a mathematical model of carbon consumption of the production process is proposed. The aim of the model is to help make implicit carbon emissions explicit across the entire product lifecycle. A lifecycle assessment (LCA) mathematical model of product carbon intensity is developed on this basis. Finally, the LCA mathematical model of product carbon intensity is applied to the ball valve manufacturing case, and the values of SC, EP, and EWT carbon emissions are acquired. The key factors influencing the carbon intensity of the ball valve are analyzed. The accuracy, effectiveness, and feasibility of the proposed model and calculation methods are validated, which provides a theoretical basis for carbon accounting and the establishment of carbon labels for industrial products.