Green steel Market By Type (Electric Arc Furnace (EAF), Molten Oxide Electrolysis (MOE)), By End User (Construction, Automotive, Electronics, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032
The global green steel market was valued at $200.0 million in 2022, and is projected to reach $364,493.53 million by 2032, registering a CAGR of 113.6% from 2023 to 2032. Green steel is produced without the use of fossil fuels. Instead of the conventional carbon-intensive production method of coal-fired power plants, it can be achieved by using low-carbon energy sources such as electricity, hydrogen or coal gasification.
Increasing awareness of environmentally friendly steel manufacturing in various sectors such as construction, automotive, and others is expected to boost the growth of the market. The industry is driven by market participants' increased investments in greenfield ventures, collaborations, and strategic alliances to change their companies. The demand for green steel is driven by government assistance and investment in green steel manufacturing. According to the World Steel Association, 1,860 MT (million tons) of steel were produced globally in 2020, releasing an average of 1.851 tons of CO2 into the environment per day. To increase the global production of green steel, organizations have been forced to implement strategies and form alliances with commercial steel-making companies.
The high production cost of green steel, determined by renewable energy and electrolyze costs, product efficiency, and others, could pose challenges for the growth of the green steel market in the future.
A rise in government investment and collaboration between key market players is anticipated to provide lucrative opportunities for the growth of the green steel market. Growing partnerships in the Europe green steel market offer a bright future for the market in the coming years. For instance, in August 2020, SAAB, a Swedish steelmaker, announced a joint venture with LKAB & Utility Vattenfall to develop a hydrogen-based primary steel plant in Lulea, Sweden. Such expansion is anticipated to increase the demand for the green steel market.
The green steel market is segmented on the basis of type, end-user, and region. By type, the market is divided into electric arc furnaces (EAF) and molten oxide electrolysis (MOE). By end-user, the market is divided into construction, automotive, electronics, and others. Region-wise, the market is analyzed across North America, Europe, and Asia-Pacific. Major players that operate in the market have adopted key strategies such as product launches, partnerships, expansion, and collaboration to strengthen their market outreach and sustain the stiff competition in the market.
COMPETITION ANALYSIS
Key companies profiled in the green steel market report include Arcelor Mittal, Green Steel Group, H2 Green Steel, Emirates Steel, Jindal Steel and Power, JFE Steel, Nippon Steel, Posco, U.S. Steel, and Nucor
Key Benefits For StakeholdersThis report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the green steel market analysis from 2022 to 2032 to identify the prevailing green steel market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the green steel market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global green steel market trends, key players, market segments, application areas, and market growth strategies.
End user preferences and pain points
Installed Base analysis
Go To Market Strategy
New Product Development/ Product Matrix of Key Players
Additional company profiles with specific to client's interest
Additional country or region analysis- market size and forecast
Average Selling Price Analysis / Price Point Analysis
Brands Share Analysis
Criss-cross segment analysis- market size and forecast
Expanded list for Company Profiles
Historic market data
Import Export Analysis/Data
Key player details (including location, contact details, supplier/vendor network etc. in excel format)
List of customers/consumers/raw material suppliers- value chain analysis
Per Capita Consumption Trends
Product Consumption Analysis
Reimbursement Scenario
SWOT Analysis
Volume Market Size and Forecast
Key Market SegmentsBy TypeElectric Arc Furnace (EAF)
Molten Oxide Electrolysis (MOE)
By End UserConstruction
Automotive
Electronics
Others
By RegionNorth America
U.S.
Canada
Mexico
Europe
Germany
UK
France
Sweden
Rest of Europe
Asia-Pacific
China
Japan
South Korea
India
Rest of Asia-Pacific
Key Market PlayersNIPPON STEEL CORPORATION
Jindal Steel & Power Ltd.
Emirates Steel Arkan
U.S. Steel Corporation
H2 Green Steel
Arcelor Mittal
JFE Steel Corporation
Nucor Corporation (Nucor Tubular Products)
Green Steel Group Inc.
POSCO International
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