PUNE,
India, July 29, 2024 /PRNewswire/ -- Stellar
Market Research has published a report on the Green Steel Market
stating that the market size was USD 2.4
Bn in 2023 and is expected to grow at a CAGR of 101.23
percent through the forecast period, reaching USD 320.67 Bn by 2030. As the world faces
mounting environmental challenges, the steel industry is undergoing
a revolutionary transformation with the advent of green steel. This
sustainable alternative to traditional steel production reduces
carbon emissions and positions itself as a pivotal player in the
global transition to a low-carbon economy.
Market Size in
2023
|
USD 2.4 Bn
|
Market Size in
2030
|
USD 320.67
Bn
|
CAGR
|
101.23 percent
(2024-2030)
|
Forecast
Period
|
2024-2030
|
Base
Year
|
2023
|
Number of
Pages
|
279
|
No. of
Tables
|
114
|
No. of Charts and
Figures
|
112
|
Segment
Covered
|
By Production
Technology and End-Use Industry
|
Regional
Scope
|
North America, Europe,
Asia Pacific, Middle East and Africa, South America
|
Report
Coverage
|
Market Share, Size
& Forecast by Revenue | 2024−2030, Market Dynamics, Growth
Drivers, Restraints, Investment Opportunities, and Key Trends,
Competitive Landscape, Key Players Benchmarking, Competitive
Analysis, MMR Competition Matrix, Competitive Leadership Mapping,
Global Key Players' Market Ranking Analysis.
|
Get your Sample
PDF:https://www.stellarmr.com/report/req_sample/Green-Steel-Market/2124
Key Highlights
- Steelmakers are responsible for 7% to 9% of the world's carbon
emissions.
- To meet ambitious climate goals, the steelmaking process
will have to decarbonize.
- "Green" hydrogen, renewable electricity, and electric arc
furnaces will be critical to the transition.
- Decarbonization will require significant capital investment,
but regulatory requirements might make it more costly for companies
that fail to transform.
Electric Arc Furnace Segment Revolutionising Green Steel
Industry
The global steel industry is undergoing a significant shift
towards more environmentally friendly production methods, with
Electric Arc Furnaces (EAF) playing a central role in promoting
sustainability. EAFs offer numerous advantages compared to the
traditional blast furnace-basic oxygen furnace (BF-BOF) route,
including greater flexibility to meet varying production needs and
the ability to use a wide range of raw materials, such as 100
percent steel scrap. This adaptability not only improves efficiency
but also helps in reducing greenhouse gas emissions, which is
crucial in the fight against climate change. Tata Steel has revealed its intention to replace
two blast furnaces at the Port Talbot plant in the UK with advanced
scrap-based EAFs that are expected to decrease CO2 emissions by 5
million tonnes. Similarly, British Steel, JFE Steel in Japan, and Kobe
Steel are also making the switch from blast furnaces to EAFs
to achieve their decarbonization objectives. Additionally,
China has set ambitious targets,
aiming to increase EAF-based steel production from less than 10
percent in 2022 to 15 percent by 2025, with further plans to reach
20 percent by 2030. As the green steel sector adapts to this
transformation, the EAF sector emerges as a symbol of
sustainability and innovation.
Detailed segmentation values for each segment and
explanations for growth are provided in the final
report.
Asia Pacific to be the
Fastest Growing Region during the forecast period
The rapid increase in production capacity, coupled with
persistently weak demand in Asia,
has put extra pressure on steelmakers to decarbonize the steel
industry and develop a low-carbon supply chain. Exporters in
Asia are pressed with having to
report their greenhouse gas emissions when importing to the
European Union due to its Carbon Border Adjustment Mechanism
(CBAM). China, the top steel
producer globally, has made substantial steps in reducing its
carbon footprint. In 2024, China
opted to not approve any new coal-based steel projects and instead
focused on investing in cleaner, scrap-based electric arc furnace
technologies. Additionally, Japan
is also making impressive progress in green steel production.
Nippon Steel's investment in hydrogen-based direct iron reduction
and electric arc furnaces signifies a major step towards
decarbonizing the steel industry. The Japanese steel industry,
responsible for 40% of the country's industrial CO2 emissions, is
taking advantage of substantial government support through the New
Energy and Industrial Technology Development Organization (NEDO).
The collaboration between governments and private sectors in the
Asia-Pacific region is crucial for
advancing green steel technologies. The dominance is not only
shaping the future of steel manufacturing but also influencing
global standards and practices, highlighting the Asia-Pacific's crucial role in the global
transition towards a more sustainable and environmentally friendly
steel industry.
Request for a Sample
Report:https://www.stellarmr.com/report/req_sample/Green-Steel-Market/2124
Key Player Offerings
- ArcelorMittal is positioning itself as a leader in the green
steel revolution with its significant investment in an electric arc
furnace (EAF) at its Gijón plant. By transitioning from a fossil
fuel-intensive blast furnace to a scrap and direct reduced
iron-based EAF, ArcelorMittal is not only reducing its carbon
footprint but also demonstrating its commitment to producing
low-carbon steel products. The company's focus on high-added-value
rails and wire rods, coupled with its emphasis on safety and
sustainability, underscores its strategic approach to meeting the
growing demand for environmentally friendly steel solutions in
sectors such as automotive, construction, and rail
infrastructure.
- H2 Green Steel is a key player in the global shift towards
sustainable steel production. The company offers a groundbreaking
solution to decarbonize the traditionally carbon-intensive
steel industry by producing green steel with up to 95% lower CO2
emissions compared to traditional methods. Their core offering
includes the construction and operation of a large-scale green
steel plant in Northern Sweden,
utilizing green hydrogen and renewable electricity.
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About Stellar Market Research:
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consulting company with professionals from several industries. Some
industries we cover include medical devices, pharmaceutical
manufacturers, science and engineering, electronic components,
industrial equipment, technology and communication, cars and
automobiles, chemical products and substances, general merchandise,
beverages, personal care, and automated systems.
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