Dublin, Jan. 13, 2023 (GLOBE NEWSWIRE) -- The "Sustainable Steel Market - A Global and Regional Analysis: Focus on Product Type, End-Use Application, Technology, and Region - Analysis and Forecast, 2022-2031" report has been added to ResearchAndMarkets.com's offering.
The global sustainable steel market is projected to reach $795.8 billion by 2031 from $367.3 billion in 2022, growing at a CAGR of 8.97% during the forecast period 2022-2031.
The growth in the global sustainable steel market is expected to be driven by stringent government regulations, carbon neutrality targets, energy and cost efficiency owing to the use of recycled steel, and a significant increase in steel demand with the scarcity of raw materials and energy.
However, impurities in recycled steel due to incomplete separation and complex product design and the high cost of production for green steel amid high infrastructure costs and green hydrogen prices are some key restraining factors for the market.
Market Lifecycle Stage
The global sustainable steel market is in a growing phase. New trends, such as rising investments in green technologies, change in business models of companies due to climate action, increasing demand for green steel across the value chain, and development of economic and environmental technologies, are further expected to provide opportunities for the market to grow in the coming years.
Industrial Impact
With an increased worldwide focus on environmentally friendly, high-quality, recyclable, and sustainable materials, there is an increasing shift toward green and recycled steel in end-use industries, thereby creating demand for sustainable steel. The shift is more prominent in the building and construction and transportation industries in regions such as China, Europe, and North America.
Market Segmentation
Segmentation 1: by End-Use Application
- Transportation
- Building and Construction
- Furniture and Appliances
- Packaging
- Others
Based on end-use application, the building and construction segment was dominant, accounting for a 38.6% share of the global sustainable steel market in 2021.
Segmentation 2: by Product Type
- Recycled Steel
- Green Steel
Based on product type, the recycled steel segment was dominant, accounting for a 99.97% share of the global sustainable steel market in 2021. It is one of the most significant product types used to reduce carbon footprint, energy consumption, and raw material requirements.
Segmentation 3: by Technology
- Electric Arc Furnace (EAF)
- Blast Furnace-Basic Oxygen Furnace (BF-BOF)
- Others
Based on technology, the electric arc furnace (EAF) segment was dominant, accounting for a 71.9% share of the global sustainable steel market in 2021.
Segmentation 4: by Region
- North America - U.S., Canada, and Mexico
- Europe - Germany, France, Italy, Spain, and Rest-of-Europe
- U.K.
- Asia-Pacific and Japan - Japan, India, South Korea, and Rest-of-Asia Pacific and Japan
- China
- Rest-of-the-World - Middle East and Africa and South America
China occupied the largest market share in 2021, and the region is expected to lead the market by 2031 as well. China is major producer and consumer of the crude steel and also lead the sustainable steel market.
Demand - Drivers and Limitations
The following are the demand drivers for the global sustainable steel market:
- 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
The following are the challenges for the global sustainable steel market:
- Impurities due to Incomplete Separation and Complex Product Design
- High Infrastructure Cost and Green Hydrogen Prices Curbing the Green Steel Developments
Key Market Players
- ArcelorMittal
- CMC
- Gerdau S/A
- HBIS GROUP
- LIBERTY Steel Group
- NIPPON STEEL CORPORATION
- NUCOR
- Steel Dynamics
- Pascap Co. Inc.
- POSCO
- Schnitzer Steel Industries, Inc.
- Lech Stahlwerke GmbH
- Tata Steel
- Celsa Group
- Kiliclara Inc.
- Boston Metal
- ScrapBuk
- f3nice SrL
- ElectraSteel Incorporated
- H2 Green Steel
Key Topics Covered:
1 Markets
1.1 Industry Outlook
1.1.1 Trends: Current and Future
1.1.1.1 Rising Investments in Green Technologies
1.1.1.2 Change in Business Models of Companies due to Climate Action
1.2 Business Dynamics
1.2.1 Business Drivers
1.2.1.1 Stringent Regulations and Carbon Neutrality Targets
1.2.1.2 Energy and Cost Efficiency owing to the Use of Recycled Steel
1.2.1.3 Significant Increase in Steel Demand with Scarcity of Raw Materials and Energy
1.2.2 Business Challenges
1.2.2.1 Impurities due to Incomplete Separation and Complex Product Design
1.2.2.2 High Infrastructure Cost and Green Hydrogen Prices Curbing the Green Steel Developments
2 Application
3 Products
4 Region
5 Markets - Competitive Benchmarking & Company Profiles
6 Research Methodology
For more information about this report visit https://www.researchandmarkets.com/r/2snpkl
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