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Global Green Steel Market Overview
Green Steel Market Size was valued at USD 0.19 Billion in 2022. The Green Steel industry is projected to grow from USD 0.41 Billion in 2023 to USD 171.40 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 112.5% during the forecast period (2023 - 2032). The increasing demand for sustainable and environmentally friendly materials is a key market driver of the green steel market, enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Green Steel Market Trends
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Widening support for ESG will enable market growth
Market CAGR is expected to widen due to increasing digital transformation, which has emerged as a major trend in many businesses in recent years. In the digital age, businesses are adopting cutting-edge technologies like IoT, AI, and machine learning to improve consumer experiences, streamline operations, and maintain their competitiveness. As a result of this development, business models are changing, and data-driven decision-making is becoming possible, which promotes efficiency and creativity.
Environmental, social, and governance (ESG) considerations are becoming more important when making business and investment decisions. Businesses are aiming for diverse workspaces, carbon neutrality, and ethical supply chains by integrating sustainability into their plans. Green investments are becoming more and more popular in the market, with an emphasis on eco-friendly goods, renewable energy sources, and ethical business methods. The convenience of online buying, particularly during the COVID-19 epidemic, has led to the exponential rise of the e-commerce industry. Supply chain management, last-mile delivery, and consumer involvement are among the innovations being driven by this trend, which is transforming traditional retail and logistics.
Significant innovation is taking place in the healthcare sector, from advances in biotechnology and medicines to telemedicine and wearable health technology. The COVID-19 pandemic has expedited the assimilation of digital health solutions, rendering telehealth and remote patient monitoring important components of healthcare provision. These trends are reshaping the corporate environment and will probably keep changing, impacting several facets of the world economy. Thus driving the Green Steel market revenue.
Green Steel Market Segment Insights
Green Steel Type Insights
The Green Steel market segmentation, based on type, includes Electric Arc Furnace (EAF) and Molten Oxide Electrolysis (MOE). Due to a number of important criteria, the Electric Arc Furnace (EAF) segment is currently the largest in the steel industry. To begin with, it is eco-friendly because it lowers carbon emissions and permits the use of scrap steel. Furthermore, EAF technology is affordable and provides a competitive edge. It also gives steel production more flexibility, allowing it to better adjust to market demands. The tremendous rise of the Electric Arc Furnace segment in the steel industry is being driven by these factors, together with an increasing emphasis on sustainable steel production.
Green Steel End User Insights
The Green Steel market segmentation, based on end users, includes construction, automotive, electronics, and others. Among these industries, the automotive category is currently the largest segment. Numerous important causes are responsible for its rise. First, urbanization and consumer choices are driving an ongoing need for automobiles. Additionally, the industry has grown as a result of advancements in autonomous and electric vehicles. Tight environmental laws have encouraged the development of cleaner, more fuel-efficient cars, which has accelerated technological progress. The automotive industry is the largest and most dynamic of the mentioned segments, and it is growing due to new mobility concepts like connected automobiles and ride-sharing.
Figure 1: Green Steel Market, by Application, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Green Steel Regional Insights
By region, the study provides market insights into North America, Europe, Asia-Pacific and the Rest of the World. With a growing middle class, strong manufacturing skills, and rising digital use, the technology industry is the largest market in the Asia Pacific area. Due to its investments in innovation and digital infrastructure, this region has become a leader in technology and experienced significant market growth.
Further, the major countries studied in the market report are the US, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: GREEN STEEL MARKET SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The European Green Steel market accounts for the second-largest market share. The market's second-largest region is Europe. Strong manufacturing, a stable economy, and high consumer demand are some of the things that propel its growth. The region's focus on sustainability and green technology is also encouraging innovation and drawing investments, which is accelerating the expansion of its market. Further, the German Green Steel market held the largest market share, and the UK Green Steel market was the fastest-growing market in the European region.
The Latin America Green Steel Market is expected to grow at the fastest CAGR from 2023 to 2032. Right now, one of the market's fastest-growing regions is Latin America. Rich natural resources, more access to foreign markets, and a rising desire for investments are some of the factors propelling its rise. Recent economic reforms and a growing tech sector are also aiding the region's quick market expansion. Moreover, China’s Green Steel market held the largest market share, and the Indian Green Steel market was the fastest-growing market in the Asia-Pacific region.
Green Steel Key Market Players & Competitive Insights
The leading market players participants are expected to increase their footprint during the forecast period as the demand for green steel is expected to widen. The leading market players are further widening their scope by undertaking important market developments, including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. The forecast period is expected to increase the value of the Green Steel industry by tenfold.
The Green Steel industry is expected to widen its outreach by investing heavily within its manufacturing base. During the forecast period, the Green Steel industry is expected to widen its consumer base further. Major players in the Green Steel market, including Nucor Corporation (Nucor Tubular Products), NIPPON STEEL CORPORATION, H2 Green Steel, Green Steel Group Inc., and others, are attempting to increase market demand by investing in research and development operations.
As a major competitor in the steel market, Nippon Steel Corporation is able to sustain a significant competitive advantage thanks to its wide range of products, sophisticated manufacturing techniques, and established footprint. The company is a leader in the production of environmentally friendly steel due to its dedication to innovation and sustainability. Nippon Steel continuously adjusts to market demands by utilizing cutting-edge technology, research and development, and strategic collaborations. Its customer-focused strategy and effective supply chain further strengthen its competitive position. Nippon Steel's competitive advantage in the steel industry is bolstered by its capacity to produce high-quality steel products while placing a premium on sustainability and innovation.
A major participant in the green steel industry, Green Steel Group Inc. keeps a competitive advantage thanks to its environmentally friendly steel production processes. The company uses cutting-edge technologies like hydrogen-based direct reduction to reduce carbon emissions and promote a circular economy effectively. Strategic alliances with sources of renewable energy strengthen its green credentials. Growth is further propelled by consumer demand for environmentally friendly steel goods. Green Steel Group is positioned as a leader in the green steel sector, guaranteeing a significant competitive advantage due to its dedication to lowering the carbon footprint in the steel industry and its capacity to satisfy the growing demand for ecologically responsible materials.
Key Companies in the Green Steel market include
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Nucor Corporation (Nucor Tubular Products)
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NIPPON STEEL CORPORATION
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Arcelor Mittal
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Emirates Steel Arkan
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U.S. Steel Corporation
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POSCO International
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JFE Steel Corporation
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Jindal Steel & Power Ltd.
Green Steel Industry Developments
March 2023: With assistance from the SMS group, Düsseldorf, ThyssenKrupp Steel intends to construct the first hydrogen-powered direct reduction plant. More than 3.5 million metric tons of CO2 will not be released into the atmosphere annually as a result of this, initiating one of the biggest industrial decarbonization projects ever.
March 2023: After a rigorous certification process, Aperam South America received certification against the Responsible Steel Standard Version 1.1. AFNOR audit process, which took almost a year to complete. According to Aperam South America CEO Frederico Ayres Lima, the standard is to further reaffirm the company's dedication to sustainability and intended to advance and raise awareness of corporate social responsibility.
Green Steel Market Segmentation
Green Steel Type Outlook
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Electric Arc Furnace (EAF)
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Molten Oxide Electrolysis (MOE)
Green Steel End User Outlook
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Construction
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Automotive
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Electronics
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Others
Green Steel Regional Outlook
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
- Rest of the World
- Middle East
- Africa
- Latin America
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