WASHINGTON, May 05, 2023 (GLOBE NEWSWIRE) — Global Green Steel Market is valued at USD 182.7 Million in 2022 and is projected to reach a value of USD 120004.8 Million by 2030 at a CAGR (Compound Annual Growth Rate) of 125.1% over the forecast period 2023-2030.
Market Overview
The rise of the Green Steel industry is being driven by rising awareness for environmentally friendly steel manufacturing in well-known industries. The market is also driven by market players’ growing investments in greenfield initiatives, collaborations, and strategic alliances to turn their operations into Green Steel.
We forecast that the automotive category in Green Steel market sales will account for more than 47% of the market share by 2030 because there is a greater focus on Green Steel applications and a greater awareness among automakers of their greenhouse gas emissions.
Get Access to Free Sample Research Report with Latest Industry Insights @ https://www.vantagemarketresearch.com/green-steel-market-2108/request-sample
Market Dynamics
Rising Emission of CO2 will Support Market Expansion
Over the past ten years, the total carbon dioxide emissions from the steel and iron industry have increased, mostly due to increases in steel consumption and the energy needed for manufacturing. Significant reductions in CO2 emissions are required to reach the Net Zero Scenario. The two main ways to reduce carbon dioxide emissions in the short term are to boost energy efficiency and scrap collection, enabling more production based on scrap. It will be necessary to adopt new technologies like electricity-based production, hydrogen utilization, and CCUS to reduce emissions intensity significantly. Initiatives to promote Green Steel are expected to lower carbon dioxide emissions.
Growing Government Initiatives to Boost Market Expansion
It is anticipated that Green Steel would be crucial in helping countries all over the world achieve their goals for sustainable development and lower their carbon footprints. Green Steel is essential to reduce countries’ reliance on energy imports, safeguard the environment, and supply the world’s expanding energy demands. Additionally, a sizable amount of carbon dioxide is produced during steel manufacturing. Governments worldwide are implementing more decarbonization plans and encouraging Green Steel, especially in industries like automotive and construction.
Top Players in the Global Green Steel Market
- H2 Green Steel (Sweden),
- Tata Steel Ltd. (India),
- Tenaris (Luxembourg),
- ThyssenKrupp (Germany),
- Emirates Steel (UAE),
- Green Steel Group (Italy),
- Deutsche Edelstahlwerke Services (Germany),
- Arcelor Mittal (Luxembourg),
- Jindal Steel and Power (India),
- United States Steel Corp (USSC) (U.S.)
Budget Limitation? Contact us for Special Discount and Pricing
Top Trends in Global Green Steel Market
- One trend that Vantage Market Research (VMR) expects to see in the Green Steel industry is the rise in demand for eco-friendly products and the requirement to cut carbon emissions. Traditional steel production is a large contributor to the world’s carbon emissions and a major source of greenhouse gas emissions. Pressure on industries to minimize their carbon footprints and switch to more sustainable methods is growing as public awareness of climate change, and its environmental effects rise.
- Another trend that VMR predicts will continue in the Green Steel industry is the growing demand for electric vehicles. Due to rising public awareness of the negative environmental effects of ICE vehicles and government initiatives to encourage the use of sustainable transportation, the manufacturing of EVs is expanding quickly. Many nations have established goals for the phase-out of internal combustion engines in the upcoming years and are providing incentives to entice users to switch to electric vehicles. Green Steel is an appealing alternative for EV makers since it may greatly lower the carbon emissions linked to the production of these parts and structures.
Top Report Findings
- The Hydrogen category controls most of the Green Steel market’s revenue based on the energy source. A technique known as hydrogen reduction can employ hydrogen, a flexible energy source, to power steel manufacturing. Using hydrogen, iron ore is reduced into metallic iron in this process, which may then be utilized to make steel. It is a sustainable solution for producing Green Steel since renewable energy sources like solar and wind may fuel hydrogen generation.
- Based on the Type, most of the Green Steel market’s revenue is controlled by the Electric Arc Furnace (EAF) category. To develop new steel products, this kind of Green Steel is melted using an electric arc furnace, which also melts other materials. Compared to conventional steel manufacturing utilizing a blast furnace, EAF steel production generates much fewer emissions.
- Based on End User, most of the Green Steel market’s revenue is controlled by Automotive categories. It is primarily attributable to manufacturers’ rising awareness of their recently dramatically expanded carbon footprints, which has increased their propensity to use sustainable products, such as Green Steel, in producing cars and spare parts.
Buy this Premium Research Report with Discount | Immediate Delivery @ https://www.vantagemarketresearch.com/buy-now/green-steel-market-2108/0
Recent Developments in the Global Green Steel Market
- April 2023: POSCO encourages proactive procurement of low-carbon steel raw materials in Australia. The company is working hard to secure low-carbon steel raw materials in Australia to become carbon neutral by 2050.
- March 2023: Thyssenkrupp Steel has planned to build the first hydrogen-powered direct reduction plant with the help of the SMS group, Düsseldorf. This marks the beginning of one of the largest industrial decarbonization initiatives ever undertaken, which will immediately prevent more than 3.5 million metric tons of CO2 from being released into the atmosphere every year.
- March 2023: Aperam South America obtained certification against the ResponsibleSteel Standard Version 1.1 following a demanding audit process by AFNOR that lasted roughly 12 months. The site decided to pursue certification against the ResponsibleSteel Standard, according to Frederico Ayres Lima, CEO of Aperam South America, to further solidify its commitment to sustainability and, strategically, to promote and increase awareness of corporate responsibility.
- January 2023: ArcelorMittal invested $36 million in Boston Metal, a Green Steel technology business, which raised $120 million.
- January 2023: To hasten the decarbonization of the steel industry, ArcelorMittal wants to invest $100 million yearly on Green Steel technologies. For its Green Steel facility in Hamburg, the business receives 131 million euros in governmental assistance from Germany.
Automotive Category of the Global Green Steel Market Projected to Generate a Considerable Proportion of the End User Segment Revenue
For better understanding, based on the End User, the Green Steel market is divided into Construction, Automotive, Electronics and other End Users.
It is expected that the Automotive segment will dominate market for Green Steel. In recent years, the preference for employing sustainable materials, including Green Steel, in producing automobiles and replacement parts has been largely driven by the manufacturers’ raising awareness of their significantly larger carbon footprints. Several businesses, such as Volvo AB, Mercedes-Benz AG, and Daimler AG, are increasingly interested in using Green Steel in various applications. The market is expected to expand throughout the forecast period as a result of changes in how automakers purchase raw materials.
On the other hand, it is anticipated that the Construction category will be the fastest growing category in the Green Steel market. The Green Steel building is a prefabricated building that dramatically lowers pollution conserves resources and protects the environment throughout its life cycle. Making use of space in a useful, efficient, and healthful way enables people to coexist with nature. Construction waste has risen yearly due to neighborhood renovations, home demolitions, road development, building expansion, and other activities.
Asia Pacific Region Forecast to Generate a Good Chunk of Revenue in Global Green Steel Market in Terms of Region
In 2022, the Asia Pacific dominated the market and is anticipated to grow at the fastest rate over the forecast period. The market is expanding primarily due to growing investments in environmentally friendly construction materials and Green Steel manufacturing. The market is also being driven by increased investment in the production of Green Steel. For instance, the South Korean steel manufacturer Posco and the Indian Adani Group announced a USD 5 billion commitment to construct a green, ecologically friendly integrated steel factory in Mundra, Gujarat, India, in January 2022.
Furthermore, in the Asia Pacific area, some nations are making efforts to encourage the usage of Green Steel. For instance, China, the world’s greatest producer and user of steel, has set a goal to become carbon neutral by 2060, which will necessitate a considerable reduction in carbon emissions from the country’s steel industry. Another significant producer of steel in the region, Japan, has stated that it intends to achieve carbon neutrality by the year 2050 and is funding the creation of Green Steel technology. South Korea, India, and Australia are just a few of the nations in the Asia Pacific area making investments in the creation of Green Steel technology and encouraging the use of environmentally friendly materials.
Browse market data Tables and Figures spread through 148 Pages and in-depth TOC on Green Steel Market Forecast Report (2023-2030).
Global Green Steel Market Segmentation
By Energy Source
- Hydrogen
- Coal Gasification
- Electricity
By Type
- Electric Arc Furnace (EAF)
- Molten Oxide Electrolysis (MOE)
By End User
- Construction
- Automotive
- Electronics
- Other End Users
By Region
- North America
- United States
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- South-East Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Argentina
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of MEA
Read Full Report with TOC @ https://www.vantagemarketresearch.com/industry-report/green-steel-market-2108
Scope of the Report:
| Report Attributes | Details |
| Market Size in 2022 | USD 182.7 Million |
| Revenue Forecast by 2030 | USD 120004.8 Million |
| CAGR | 125.1% from 2023 to 2030 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2030 |
| Key Players | H2 Green Steel, Tata Steel Ltd., Tenaris, ThyssenKrupp, Emirates Steel, Green Steel Group, Deutsche Edelstahlwerke Services, Arcelor Mittal, Jindal Steel and Power, United States Steel Corp (USSC) |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options https://www.vantagemarketresearch.com/green-steel-market-2108/request-sample |
Key Questions Answered in the Green Steel Market Report are:
- Who are the major players in the green steel industry?
- What are the challenges facing the green steel industry?
- What is the future outlook of the green steel market?
Browse More Reports from Vantage Library:
About Vantage Market Research:
We, at Vantage Market Research, provide quantified B2B high quality research on more than 20,000 emerging markets, in turn, helping our clients map out constellation of opportunities for their businesses. We, as a competitive intelligence market research and consulting firm provide end to end solutions to our client enterprises to meet their crucial business objectives. Our clientele base spans across 70% of Global Fortune 500 companies.
Follow Us on: LinkedIn | Twitter | Facebook | YouTube
Contact us
Eric Kunz
6218 Georgia Avenue NW Ste 1 – 564
Washington DC 20011-5125
United States Tel: +1 202 380 9727
Email: [email protected]
Website:
https://www.vantagemarketresearch.com/
Latest Vantage Market Research Press Releases
Latest Vantage Market Research Blog
Vantage Market Research All Reports
Blog: