Dublin, Dec. 13, 2023 (GLOBE NEWSWIRE) -- The "Asia-Pacific Sustainable Steel Market - Analysis and Forecast, 2022-2031" report has been added to ResearchAndMarkets.com's offering.
The Asia-Pacific sustainable steel market (excluding China) is projected to reach $153.4 billion by 2031 from $68.4 billion in 2022, growing at a CAGR of 9.39% during the forecast period 2022-2031.
Leading the way in the sustainable steel market is the Asia-Pacific area, which places a strong emphasis on the use of low-carbon manufacturing techniques, resource efficiency, and environmentally friendly practices. Many interrelated issues, such as tightening environmental regulations, the increased focus on carbon neutrality, and the need for affordable and efficient steel manufacturing, are driving the industry.
In the Asia-Pacific area, sustainable steel is becoming more and more popular. It meets the needs of a variety of industries, such as infrastructure, automotive, and construction, while also meeting the urgent need to lessen the environmental impact of steel production.
The expansion of the Asia-Pacific sustainable steel market is anticipated to be driven by strict government regulations, carbon neutrality objectives, energy efficiency in the use of recycled steel, and a significant increase in steel demand as a result of finite energy and raw material supplies.
However, challenges like contaminants in recovered steel from improper separation and complex product designs, in addition to high production costs of green steel in the face of significant infrastructure costs and green hydrogen prices, constitute significant market barriers in this area.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 103 |
| Forecast Period | 2022 - 2031 |
| Estimated Market Value (USD) in 2022 | $68.4 Billion |
| Forecasted Market Value (USD) by 2031 | $153.4 Billion |
| Compound Annual Growth Rate | 9.4% |
| Regions Covered | Asia Pacific |
Industry Outlook
- Trends: Current and Future
- Rising Investments in Green Technologies
- Change in Business Models of Companies due to Climate Action
- Supply Chain Analysis
- Impact of COVID-19 on the Sustainable Steel Market
- Impact of Russia and Ukraine War on the Sustainable Steel Market
- Ecosystem/Ongoing Programs
- Associations
Business Dynamics
Business Drivers
- Stringent Regulations and Carbon Neutrality Targets
- Energy and Cost Efficiency owing to the Use of Recycled Steel
- Significant Increase in Steel Demand with Scarcity of Raw Materials and Energy
Business Challenges
- Impurities due to Incomplete Separation and Complex Product Design
- High Infrastructure Cost and Green Hydrogen Prices Curbing the Green Steel Developments
Business Strategies
- Market Developments
- Product Developments
Corporate Strategies
- Partnerships, Acquisitions, Collaborations, and Joint Ventures
Business Opportunity
- Increasing Demand for Green Steel across the Value Chain
- Development of Economic and Environmental Technologies
Start-Up Landscape
- Key Start-Ups in the Ecosystem
Patent Analysis
- Patent Analysis (by Status)
- Patent Analysis (by Leading Countries)
Global and Regional Level: Average Pricing Analysis
Global Green Steel Projects and Developments
Competitive Benchmarking & Company Profiles
- HBIS Group
- NIPPON Steel Corporation
- POSCO
- Tata Steel
- ScrapBuk
Market Segmentation
End-Use Application
- Transportation
- Building and Construction
- Furniture and Appliances
- Packaging
- Others
Technology
- Electric Arc Furnace (EAF)
- Blast Furnace-Basic Oxygen Furnace (BF-BOF)
- Others
Country
- Japan
- India
- South Korea
- Rest-of-Asia Pacific
For more information about this report visit https://www.researchandmarkets.com/r/fx12jo
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