Green Steel Market

Green Steel Market

Growth Factors of Green Steel Market

The green steel market size was reached at a value of USD 2.62 billion in 2023, and the market is now projected to grow from USD 3.75 billion in 2024 to USD 129.08 billion by 2032, exhibiting a CAGR of 55.6% during the forecast period of 2023-2032.

The COVID-19 pandemic impacted the real estate industry significantly, by reducing demand for leases, new purchases, rents, and other services led to reduction of green steel market growth. At the same time, the demand for residential accommodation expanded as people sought greater room to study and work. Thus, the COVID-19 pandemic has accelerated the support and demand for such solutions, resulting in increased financing and investment for continuing development and the new normal of the future.

Millions of dollars are being invested by numerous governments and top steel production corporations to make steel as environmentally friendly as possible, since sustainability is quickly becoming the new standard and need. The Paris Climate Agreement places a strong emphasis on keeping global warming to 1.5°C because going over this threshold might lead to extreme weather events including heat waves, droughts, and flooding. As one of the biggest emitters of greenhouse gases, the steel sector has drawn the attention of manufacturing businesses and governments alike in an attempt to go green. For example, the European Research Council (ERC) provided USD 2.8 million for five years of initiatives aimed at employing hydrogen plasma to reduce iron oxides without the need for carbon. Moreover, manufacturers are investing more and more in development and creating new innovations to get large client base.

The steel industry has been the focus of the decarbonizing industry discussion for a considerable amount of time. As a result, the technique for producing electric arc furnaces went into commercial use, cutting carbon emissions by nearly three-fourths compared to conventional methods. The EAF process produces only 0.6 tons of CO2 per ton of steel produced, compared to 1.8 tons produced by the Blast Furnace Blast Oxygen Furnace method. Numerous strategies to lower carbon emissions throughout the steel production process have been investigated over the last ten years. For example, the direct reduction method can directly replace pig iron because it generates Direct Reduced Iron using natural gasses instead of coal. Among fossil fuels, natural gas including LNG emits the least amount of CO2. The use of natural gas lowers carbon emissions much more when steel is produced.

Comprehensive Analysis of Green Steel Market

The green steel market is witnessing an exponential growth rate due to its market segmentation. This market expansion effectively provides a detailed geographical assessment considering the dominant supply and demand forces that impact the pharmacy benefit management industry. These segmentations are methodically segregated by production technology and by application. The production technology segment includes Renewable – Electric Arc Furnace (R-EAF), Hydrogen Direct Reduced Iron – Electric Arc Furnace (H2 DRI – EAF), and Molten Oxide Electrolysis (MOE). However, the application segment includes Building & Construction, Automotive, Renewable Energy Infrastructure, Home Appliances, and others.

In the green steel market, the North America region lead the metal devices market by benefitting a market size of USD 1.52 billion in 2023 owing to worldwide government commitments to emission-free steel to spur market growth and focus of the decarbonizing industry.

The top players in the market play a crucial role in the metal industry assuring industrial prospectus growth and setting market standards. These players include, Salzgitter AG (Germany), Swiss Steel Group (Switzerland), ArcelorMittal (Luxembourg), Outokumpu Oyj (Finland), Nucor Corporation (U.S.), China Baowu Group (China), H2 Green Steel (U.S.), SSAB (Sweden) and Emirates Steel Arkan Group (UAE) these market players provide a level-playing competitive landscape.

In February 2024, The German company Thyssenkrupp Steel Europe AG has introduced that Midrex Technologies, Inc., a subsidiary of Kobe Steel, will supply and build the MIDREX Flex reduction plant at its Duisburg site, with a production capacity of 2.5 million tons/year.

Segmentation Table

ATTRIBUTE DETAILS

Study Period 2022-2032

Base Year 2023

Estimated Year 2024

Forecast Period 2024-2032

Historical Period Not Available

Unit Value (USD Billion) and Volume (Million Ton)

Growth Rate CAGR of 55.6% from 2024-2032

Segmentation By Production Technology

• Renewable – Electric Arc Furnace (R-EAF)
• Hydrogen Direct Reduced Iron – Electric Arc Furnace (H2 DRI – EAF)
• Molten Oxide Electrolysis (MOE)

By Application

• Building & Construction
• Automotive
• Renewable Energy Infrastructure
• Home Appliances
• Others

By Geography

• North America (By Application)
• Europe (By Application)
• Asia Pacific (By Application)
• Rest of the World (By Application)