Dublin, Aug. 26, 2024 (GLOBE NEWSWIRE) -- The "Sustainable (Recycled and Green) Steel Market - A Global and Regional Analysis: Focus on End-User Application, Product Type, Technology, and Country-Level Analysis - Analysis and Forecast, 2024-2034" report has been added to ResearchAndMarkets.com's offering.
The global sustainable (recycled and green) steel market was valued at $329.83 billion in 2023 and is projected to grow at a CAGR of 8.52%, reaching $820.14 billion by 2034
This growth is driven by increasing demand for low-carbon construction materials and stringent environmental regulations. Innovations in steel production technologies, such as hydrogen-based reduction processes and recycling advancements, are key factors driving the market forward. Additionally, strategic partnerships and investments in green infrastructure projects are creating a robust market landscape, emphasizing the importance of sustainability and reducing carbon footprints in the steel industry.
The steel industry is one of the most energy-intensive industries across the globe and accounts for around 8% of global carbon dioxide emissions. However, steel is a critical material in economic development, and thereby, it is time to look for sustainable steel options to incorporate into regular use.
The Asia-Pacific region dominated the global sustainable steel market and is expected to maintain its dominance over the forecast period from 2024 to 2034. The region is home to multiple steel producers, including Baowu Steel Group, Nippon Steel, JFE Steel, Tata Steel, and POSCO, among others. According to the World Steel Association, the Asia-Pacific region accounts for more than 50% of the total global steel production.
Various sustainable steel manufacturers, such as ArcelorMittal, Tata Steel, China Baowu Steel Group, POSCO, and Nippon Steel, have a strong presence in the Asia-Pacific region and are further expanding their production facilities to enhance their market positions in the competitive sustainable steel market. For instance, in October 2023, Tata Steel inaugurated its new manufacturing facility in India to produce green steel using advanced recycling and low-carbon technologies.
Industrial Impact
The sustainable steel market's industrial impact extends across steel manufacturing, technological innovation, and environmental sustainability. Advances in green steel technologies, such as hydrogen-based reduction and electric arc furnaces, drive the development of low-carbon steel production methods. This creates collaborations between steel producers and technology firms, elevating production standards and expanding research and development frontiers. The focus on reducing carbon emissions and increasing energy efficiency aligns with global climate goals, influencing industrial practices and promoting the adoption of eco-friendly steel solutions.
The key players operating in the sustainable steel market include 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, and China Baowu Steel Group Corporation Limited, among others. These companies are focusing on strategic partnerships, collaborations, and acquisitions to enhance their product offerings and expand their market presence.
Market Segmentation:
Building and Construction Segment to Dominate the Sustainable Steel Market (by End-User Application)
The building and construction sector is anticipated to be the largest during the forecast period from 2024 to 2034. This growth is driven by the increasing demand for sustainable steel in numerous construction components. These components include structural elements such as steel beams, ductwork, and stairs, as well as aesthetic and functional fixtures such as handrails and railings. The push toward eco-friendly construction practices, coupled with the need for durable and recyclable materials, has significantly boosted the demand for sustainable steel in this sector. This trend is expected to continue as more construction projects prioritize sustainability and resilience, further driving the growth of sustainable steel usage in building and construction.
Recycled Steel to Dominate the Sustainable Steel Market (by Product Type)
The adoption of recycled steel is on the rise among end users, driven by the increasing demand for sustainable solutions. Utilizing recycled steel offers substantial environmental benefits, saving approximately 1.1 tons of iron ore, 630 kg of coking coal, and 55 kg of limestone per ton of scrap steel used. Additionally, it significantly reduces water consumption by 40% and greenhouse gas (GHG) emissions by 58%. These environmental savings translate into cost efficiencies and enhanced competitiveness by lowering the need for raw materials and associated costs.
The growing emphasis on sustainability and resource efficiency is making recycled steel a preferred choice in various industries, further driving its adoption and integration into supply chains. As more industries prioritize eco-friendly practices, the use of recycled steel is expected to continue expanding, contributing to both environmental protection and economic benefits.
Electric Arc Furnace to be Dominant in the Sustainable Steel Market (by Technology)
The electric arc furnace (EAF) represents a significant advancement in sustainable steel production, becoming a crucial method for large-scale commercial manufacturing. This technology shift from the traditional blast furnace-basic oxygen furnace (BF-BOF) process to EAF is primarily driven by the increased utilization of scrap-based materials and the introduction of green hydrogen-based direct reduced iron (DRI) processes. EAF technology is more environment friendly, as it uses recycled steel and reduces reliance on virgin raw materials, leading to lower greenhouse gas emissions and energy consumption.
Furthermore, the adoption of DRI-EAF technology, which incorporates green hydrogen, is paving the way for even more sustainable steel production practices, aligning with global efforts to reduce carbon footprints and promote eco-friendly industrial processes. This transition is critical for the steel industry as it seeks to meet stricter environmental regulations and cater to the growing demand for sustainable materials.
How can this report add value to an organization?
Growth/Marketing Strategy: The sustainable steel market has been growing at a rapid pace. The market offers enormous opportunities for existing and emerging market players. Some of the strategies covered in this segment are mergers and acquisitions, product launches, partnerships and collaborations, business expansions, and investments. The strategies preferred by companies to maintain and strengthen their market position primarily include product development.
Competitive Strategy: The key players in the sustainable steel market analyzed and profiled in the study include manufacturers and recyclers. Additionally, a comprehensive competitive landscape such as partnerships, agreements, and collaborations are expected to aid the reader in understanding the untapped revenue pockets in the market.
Key Market Players and Competition Synopsis
The companies that are profiled in the sustainable steel market have been selected based on inputs gathered from primary experts and analyzing company coverage, product portfolio, and market penetration.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 183 |
| Forecast Period | 2024 - 2034 |
| Estimated Market Value (USD) in 2024 | $362.22 Billion |
| Forecasted Market Value (USD) by 2034 | $820.14 Billion |
| Compound Annual Growth Rate | 8.5% |
| Regions Covered | Global |
Market Dynamics Overview
Market Drivers
- Construction Industry's Shift toward Sustainable Materials
- Government Regulations and Net-Zero Targets
- Use of Renewable Energy Sources in Steel Production
Trends: Current and Future Impact Assessment
- Circular Economy and Recycling
- Technological Advancements and Rising Research and Developments
- Carbon Capture and Emission Reduction
Market Restraints
- Limited Availability of Green Technologies and Infrastructure for Sustainable Steel Production
- High Cost Associated with Implementing Green Steel Production Methods
Market Opportunities
- Increasing Demand for Sustainable Infrastructure and Green Construction Projects
- Rising Collaborations between Steel Producers and End Users
Supply Chain Overview
- Value Chain Analysis
- Market Map
- Pricing Forecast
Research and Development Review
- Patent Filing Trend (by Number of Patents, Country)
Regulatory Landscape
Impact Analysis for Key Global Events- COVID-19 Pandemic, Russia/Ukraine War, or Middle East Crisis on Sustainable (Recycled and Green) Steel Market
- COVID-19 Pandemic
- Russia/Ukraine War or Middle East Crisis
List of Key Steel Manufacturers and Their Net-Zero Targets
Start-Up Landscape
- Key Start-Ups in the Ecosystem
Global Green Steel Projects and Developments
Competitive Benchmarking & Company Profiles
Next Frontiers
Geographic Assessment
Company Profiles
- ArcelorMittal
- 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
List of Other Key Sustainable Steel Manufacturers
- LIBERTY Steel Group
- Lech-Stahlwerke GmbH
- SAIL
- voestalpine AG
- JSW
- Outokumpu
- Boston Metal
- Ansteel Group Corporation Limited
- United States Steel Corporation
- Cleveland-Cliffs Inc.
- ScrapBuk
- Limelight Steel
- Blastr Green Steel AS
- ElectraSteel Incorporated
- Element Zero
For more information about this report visit https://www.researchandmarkets.com/r/ikvqkp
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