Key Highlights
• The direct elimination of iron ore using hydrogen is the green steel method of production. To create sponge iron, a byproduct of the process, solid iron ore is chemically reduced using green hydrogen. Green steel is anticipated to be used by numerous nations in the future to cut carbon footprints and accomplish sustainable development objectives. Green hydrogen produced without the use of fossil fuels is used to make it. The preference for sustainable products among consumers and manufacturers, as well as growing international government initiatives, have considerably supported the expansion of the worldwide green steel market. Sustainable construction with green steel has many benefits, including short building times, high strength, strong seismic performance, good weight distribution, high industrialisation, and high residential yield. Standardisation, modularization, factorization, mechanised, and assembly building production can all be accomplished most easily this way. Public structures like extremely high-rise workplaces, large-span spatially frameworks, manufacturing facilities, airport terminals, etc. frequently use steel structure buildings.
• The global green steel market size was estimated at USD 203.22 million in 2022 and it is projected to hit around USD 631.11 billion by 2032, growing at a CAGR of 132.21% between 2023 and 2032.
• Jan’23 - In order to hasten the decarbonization of steel, ResponsibleSteel and international banks have collaborated to an agreement.
• Globally, achieving sustainable development goals and lowering carbon footprints are expected to be made easier with the help of green steel. In order to protect the environment, reduce reliance on energy imports, and supply the world's expanding energy demands, green steel is essential. Furthermore, using novel methods like electricity-based manufacturing, hydrogen use, and CCUS will be necessary due to the major shifts in emissions intensity. Initiatives are taken by governments to promote utilisation of green steel are expected to lower risks of carbon dioxide emissions. As an outcome, governments worldwide are extending decarbonization programmes and encouraging green steel, especially in areas like automobile and infrastructure.
Scope of the Industry Profile
Key Players
• Deutsche Edelstahlwerke
• SSAB
• Salzgitter AG
• JSW Steel
• ArcelorMittal
• Tata Steel
• H2GreenSteel
• Hesteel Group
• Liberty Steel Group
• Nucor
• Voestalpine
Segmentation
By Production Technology
• Molten Oxide Electrolysis
• Electric Arc Furnace
By Energy Source
• Wind Energy
• Solar Energy
By End-User
• Automotive & Transportation
• Building And Construction
• Electronic Industrial Equipment
What To Expect from Industry Profile
1. Save time carrying out entry-level research by identifying the size, growth, major segments, and leading players in the Green Steel market in the world.
2. Use the PORTER’s Five Forces analysis to determine the competitive intensity and therefore market attractiveness of the Global Green Steel market.
3. Leading company profiles reveal details of key Green Steel market players’ global operations, strategies, financial performance & their recent developments.
4. Add weight to presentations and pitches by understanding the future growth prospects of the Global Green Steel market with forecast for decade by both market share (%) & revenue (USD Million).
Recent Developments
• Jan’23 - ArcelorMittal invested $36 million in a green steel manufacturing business, Boston Metal, which raised $120 million.
• The American steel juggernaut Nucor Corporation declared that Econiq would be made available to General Motors by 2022.
• Tata Steel Europe revealed plans to develop green steel for the Netherlands utilising EAF (Electric Arc Furnace) manufacturing methods in 2020.
• ArcelorMittal funded USD100 million on green steel technologies in 2022 to expedite the steel sector's carbon reduction. In Hamburg, Germany, ArcelorMittal and Tata Steel unveiled their plan to produce steel devoid of fossil fuels using EAF technology.
Segment Insights
• The automotive and transportation sector is anticipated to dominate the global market during the projection period due to te Automakers' increased preference for adopting sustainable materials, including green steel, in the production of automobiles & spare parts is primarily a result of their rising awareness of their recently increasing carbon footprints.
• In 2022, the building & construction industry is going to expand. A prefabricated building that greatly reduces pollution throughout the course of its life cycle is the green steel building, which also safeguards the environment and conserves resources. Due to the practical, effective, and healthful use of space, this enables people to coexist with nature.
• Depending on the source, worldwide manufacturing of green steel is anticipated to be significantly influenced by wind energy. Wind energy is used in green hydrogen production facilities to produce hydrogen. In the near future, it is anticipated that higher expenditures in energy from renewable sources to reduce carbon emissions will grow the market for the production of green steel.
• The sector for electric arc furnaces is expected to expand at the greatest CAGR during 2023 to 2032 based on production technology as it effectively decreases the energy required to produce green steel, clearing the way for its widespread adoption for the purpose of producing steel without carbon particles.
Regional Insights
• The highest CAGR is expected to be experienced in Europe between 2023 and 2032. In order to reach carbon emission objectives, it is imperative to address the steel industry, which the European Commission estimates is responsible for 5% of regional CO2 emissions and 7% of worldwide CO2 emissions. The European Union is putting into action a long-term plan to reach a carbon-neutral Europe by 2050 to address this, which will benefit the area's green steel industry.
• Additionally, the market for green steel in North America is very lucrative. As a result of increased investments and offtake agreements among new enterprises to fulfil new business strategies, the green steel sector within the UK has been growing recently.
1 INTRODUCTION
1.1 Study Objectives
1.2 Market Definitions
1.2.1 Inclusions & Exclusions
1.2.2 Region: Inclusions & Exclusions
1.2.3 Study Scope
1.2.3.1 Markets Covered
1.2.3.2 Regional Scope
1.2.3.3 Years Considered
1.2.4 Currency Considered
1.2.5 Limitations
1.2.6 Summary Of Report (Chapter Wise Summary)
2 RESEARCH METHODOLOGY
2.1 Research Data
2.1.1 Secondary & Primary Research
2.1.2 Secondary Data
2.1.2.1 Secondary Sources
2.1.3 Primary Data
2.1.3.1 Primary Sources
2.2 Market Breakdown & Data Triangulation
2.3 Market Size Estimation
2.3.1 Bottom-Up Approach
2.3.2 Top-Down Approach
2.4 Research Assumptions & Limitations
2.4.1 Assumptions
2.4.2 Limitations
3 EXECUTIVE SUMMARY
4 ACROSS THE GLOBE
4.1 Upcoming Attractive Market Opportunities
4.2 Country Wise Market Growth
4.3 Segment Wise Market Growth
5 MARKET OVERVIEW
5.1 Market Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.2 Restraints
5.2.3 Opportunities
5.2.4 Challenges
5.3 PORTOR’S Five Forces Analysis
5.3.1 Threat of New Entrants
5.3.2 Threat of Substitutes
5.3.3 Bargaining Power of Suppliers
5.3.4 Bargaining Power of Buyers
5.3.5 Intensity of Competitive Rivalry
5.4 Market Premium insights (Enterprise license)
5.4.1 Case Study Analysis
5.4.2 Country Wise Import & Export Data (If
Applicable)
5.4.3 Regulatory Bodies & Authorization
Across the Globe
5.4.4 Key Conferences & Events: 2022 &
2023
5.4.5 Top Patents for The Market: 2022
6 GREEN STEEL MARKET OVERVIEW, BY
PRODUCTION TECHNOLOGY
6.1 Global Market Revenue & Share Analysis, By Production
Technology
6.1.1 Molten Oxide Electrolysis
6.1.2 Electric Arc Furnace
6.2 Global Market Revenue & Share Analysis, 2018 – 2022
6.3 Global Market Revenue & Share Forecast Analysis, 2023 –
2032
6.4 Key Takeaways
7 GREEN STEEL MARKET OVERVIEW, BY
ENERGY SOURCE
7.1 Global Market Revenue & Share Analysis, By Energy Source
7.1.1 Wind Energy
7.1.2 Solar Energy
7.2 Global Market Revenue & Share Analysis, 2018 – 2022
7.3 Global Market Revenue & Share Forecast Analysis, 2023 –
2032
7.4 Key Takeaways
8 GREEN STEEL MARKET OVERVIEW, BY
END-USER
8.1 Global Market Revenue & Share Analysis, By End-User
8.1.1 Automotive & Transportation
8.1.2 Building And Construction
8.1.3 Electronic Industrial Equipment
8.2 Global Market Revenue & Share Analysis, 2018 – 2022
8.3 Global Market Revenue & Share Forecast Analysis, 2023 –
2032
8.4 Key Takeaways
9 GREEN STEEL MARKET OVERVIEW, BY
REGION
9.1 Global Market Revenue & Share Analysis, By Region
9.1.1 North America
9.1.2 Europe
9.1.3 Asia Pacific
9.1.4 Middle East & Africa
9.1.5 South America
9.2 Global Market Revenue & Share Analysis, 2018 – 2022
9.3 Global Market Revenue & Share Forecast Analysis, 2023 –
2032
9.4 Key Takeaways
10 NORTH AMERICA MARKET
ANALYSIS
10.1 North America Market Revenue & Share Analysis, By
Production Technology
10.2 North America Market Revenue & Share Analysis, By Energy
Source
10.3 North America Market Revenue & Share Analysis, By End-User
10.4 North America Market Revenue & Share Analysis, By Country
10.4.1 US
10.4.2 Canada
10.4.3 Mexico
10.5 Key Takeaways
11 EUROPE MARKET ANALYSIS
11.1 Europe Market Revenue & Share Analysis, By Production
Technology
11.2 Europe Market Revenue & Share Analysis, By Energy Source
11.3 Europe Market Revenue & Share Analysis, By End-User
11.4 Europe Market Revenue & Share Analysis, By Country
11.4.1 UK
11.4.2 Italy
11.4.3 Spain
11.4.4 Germany
11.4.5 France
11.4.6 Rest of Europe
11.5 Key Takeaways
12 ASIA PACIFIC MARKET ANALYSIS
12.1 APAC Market Revenue & Share Analysis, By Production
Technology
12.2 APAC Market Revenue & Share Analysis, By Energy Source
12.3 APAC Market Revenue & Share Analysis, By End-User
12.4 APAC Market Revenue & Share Analysis, By Country
12.4.1 China
12.4.2 Japan
12.4.3 India
12.4.4 South Korea
12.4.5 Rest of APAC
12.5 Key Takeaways
13 MIDDLE EAST & AFRICA MARKET
ANALYSIS
13.1 MEA Market Revenue & Share Analysis, By Production
Technology
13.2 MEA Market Revenue & Share Analysis, By Energy Source
13.3 MEA Market Revenue & Share Analysis, By End-User
13.4 MEA Market Revenue & Share Analysis, By Country
13.4.1 GCC
13.4.2 South Africa
13.4.3 Rest of MEA
13.5 Key Takeaways
14 SOUTH AMERICA MARKET ANALYSIS
14.1 SA Market Revenue & Share Analysis, By Production
Technology
14.2 SA Market Revenue & Share Analysis, By Energy Source
14.3 SA Market Revenue & Share Analysis, By End-User
14.4 SA Market Revenue & Share Analysis, By Country
14.4.1 Brazil
14.4.2 Argentina
14.4.3 Rest of SA
14.5 Key Takeaways
15 COMPETITIVE SCENARIO
15.1 Overview
15.2 Key Players Market Share Analysis
15.3 Recent Developments & Product Launches
15.4 Mergers & Acquisitions
15.5 Partnerships, Agreements & Collaborations
16 COMPANY PROFILES
16.1 Overview
16.2 Key players
16.2.1 Deutsche Edelstahlwerke
16.2.1.1 Business Overview
16.2.1.2 Products Offered
16.2.1.3 Financial Insights
16.2.1.4 Strategic Developments
16.2.1.4.1 New Product Launches
16.2.1.4.2 Agreements & Collaborations
16.2.1.5 Business Aspects (NOISE Analysis)
16.2.1.5.1 Key Strengths
16.2.1.5.2 Opportunities
16.2.1.5.3 Weaknesses & Competitive Threats
16.2.1.5.4 Needs & Improvements
16.2.2 SSAB
16.2.3 Salzgitter AG
16.2.4 JSW Steel
16.2.5 ArcelorMittal
16.2.6 Tata Steel
16.2.7 H2GreenSteel
16.2.8 Hesteel Group
16.2.9 Liberty Steel Group
16.2.10 Nucor
17 DISCLAIMER
18 APPENDIX
