Sustainable steel is produced using clean technologies to minimize CO? emissions and waste. It includes two types: recycled steel, made from scrap steel, and green steel, produced using clean energy and advanced technologies such as electric arc furnaces (ERF), hydrogen for direct reduced iron (DRI), and molten oxide electrolysis (MOE). Steel retains its properties regardless of how many times it is recycled. By recycling steel and using renewable energy sources, the production process reduces energy and raw material needs, leading to a lower environmental impact.
The global sustainable steel market, valued at $329.83 billion in 2023, is projected to reach $820.14 billion by 2034, growing at a CAGR of 8.52%. Key factors include innovations in hydrogen-based reduction processes and recycling advancements, along with strategic partnerships and investments in green infrastructure. These trends highlight the industry's focus on sustainability and reducing carbon footprints.
The sustainable steel market significantly impacts steel manufacturing, technological innovation, and environmental sustainability. Advances in green technologies, like hydrogen-based reduction and electric arc furnaces, drive low-carbon steel production. Collaborations between steel producers and tech firms enhance production standards and R&D. This focus on reducing emissions and increasing energy efficiency aligns with global climate goals, promoting eco-friendly steel solutions.
• Transportation
• Building and Construction
• Furniture and Appliances
• Mechanical Equipment and Tools
• Packaging
• Others
• Recycled Steel
• Green Steel
• Sustainable Steel
Electric Arc Furnace (EAF)
Blast Furnace-Basic Oxygen Furnace (BF-BOF)
Others
• Green Steel
Electric Arc Furnace (EAF)
• Renewable – Electric Arc Furnace (R-EAF)
• Hydrogen Direct Reduced Iron – Electric Arc Furnace (H2 DRI-EAF)
Others
• North America: U.S., Canada, and Mexico
• Europe: Germany, Sweden, France, Italy, Spain, U.K., and Rest-of-Europe
• Asia-Pacific: China, Japan, South Korea, India, Australia, and Rest-of-Asia-Pacific
• Rest-of-the-World: Middle East and Africa and South America
The Asia-Pacific region, home to major steel producers like Baowu Steel Group, Nippon Steel, JFE Steel, Tata Steel, and POSCO, dominated the global sustainable steel market and is expected to maintain its leadership from 2024 to 2034. This dominance is driven by the region's strong industrial base and ongoing innovations in sustainable steel production.
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The companies profiled in the sustainable steel market have been selected based on input from industry experts and an analysis of their market coverage, product portfolios, and market penetration.
Some of the prominent names in the sustainable steel market are:
• ArcelorMittal
• Commercial Metals Company (CMC)
• Gerdau S/A
• HBIS GROUP
• NIPPON STEEL CORPORATION
• Nucor Corporation
• Steel Dynamics
• Pascap Co. Inc.
• POSCO
• Radius Recycling, Inc.
• Tata Steel
• H2 green steel
• SSAB AB
• thyssenkrupp Steel Europe
• China Baowu Steel Group Corporation Limited
As Debraj Chakraborty,Principal Analyst – BIS Research states, “The global sustainable steel market is set to grow significantly due to the increasing focus on reducing carbon emissions and improving energy efficiency in steel production.
Government policies, green steel initiatives, and substantial R&D investments are key drivers. Market growth will be further fueled by strategic partnerships, collaborations, mergers, and acquisitions among key players aiming to expand their market presence and enhance their product offerings”.
