InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the “Global Sustainable (Recycled and Green) Steel Market– (By Product Type (Recycled Steel, and Green Steel); By Technology (Sustainable Steel, Green Steel)), By End-user, By Region, Trends, Industry Competition Analysis, Revenue and Forecast To 2031.”
According to the latest research by InsightAce Analytic, the Global Sustainable (Recycled and Green) Steel Market is valued at US$ 335.4 Bn in 2023, and it is expected to reach US$ 604.3 Bn by 2031, with a CAGR of 7.8% during the forecast period of 2024-2031.
Sustainable (recycled and green) steel is made with materials and methods that are good for the earth. This includes using old steel to create new things, which cuts down on the need for raw materials and energy use by a significant amount. Strict environmental restrictions and the rising demand for low-carbon building materials are the primary forces behind this expansion. The industry is being propelled forward by innovations in steel production methods, including reduction techniques based on hydrogen and developments in recycling. A robust market environment is emerging due to strategic alliances and investments in green infrastructure projects, highlighting the significance of sustainability and reducing carbon footprints in the steel industry. However, high production costs and strict environmental regulations could have helped the market growth. In addition, the manufacture of sustainable (recycled and green) steel has become more feasible and efficient because of technological improvements in the industry. These include electric arc furnaces, hydrogen reduction, and enhanced recycling processes. Sustainable (recycled and green) steel production is now more feasible financially and ecologically due to these improvements, which decrease energy usage and carbon emissions and increase the utilization of scrap steel, thereby boosting market growth.
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List of Prominent Players in the Sustainable (Recycled and Green) Steel Market:
- 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
- China Baowu Steel Group Corporation Limited
- Other Prominent Players
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Market Dynamics:
Drivers:
The growing demand for sustainable (recycled and green) steel is becoming increasingly popular as more and more sectors realize they need to lessen their environmental impact. Companies are becoming more environmentally conscious due to increased pressure from governments and other groups to meet sustainability targets and create more stringent rules. Additionally, by using renewable energy sources and recycled materials, the manufacturing of sustainable steel considerably decreases energy consumption and the emissions of greenhouse gases. Furthermore, the demand for sustainable (recycled and green) steel is being driven up by consumers and companies’ increasing emphasis on eco-friendly products. A growing number of industries, including building, transportation, and home appliances, are embracing sustainable (recycled and green) steel to reach beyond sustainability goals and satisfy regulations, driving market growth.
Challenges:
Several obstacles limit the growth of the sustainable (recycled and green) steel industry. These include expensive manufacturing processes, a lack of suitable infrastructure for renewable energy, and high production prices overall. Another factor affecting production levels is the unpredictability of scrap steel availability. Additionally, many conventional steel producers are reluctant to change because they fear the unknown costs and hazards of becoming green. Furthermore, sustainable (recycled and green) steel has several obstacles that prevent its market expansion, including regulatory and market uncertainty and the difficulty of keeping its quality and performance at a level comparable to conventional steel.
Regional Trends:
The North American sustainable (recycled and green) steel market is anticipated to register a significant market share in revenue. It is projected to grow at a high CAGR in the near future because of rising demand in sectors like construction and automotive, heavy investment in environmentally friendly technologies, and stringent environmental rules. Additional factors fueling industry expansion include the region’s will to decrease carbon emissions, which are factors expected to increase the growth of the region’s sustainable (recycled and green) steel market. Besides, Europe had a substantial share in the market because of the region’s sophisticated recycling infrastructure, powerful government backing for green initiatives, heavy spending on environmentally friendly technology, and the constant technical advances to grow the global sustainable (recycled and green) steel market.
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Recent Developments:
- In May 2024, Siemens and HBIS agreed to build a digital green plant in Belgrade for HBIS Serbia. This is a brand-new joint venture for an intelligent green steel project in Serbia that will make it one of the most competitive steel mills in Europe. HBIS Chairman Yu Yong was present when HBIS Vice President Li Yiren and Siemens Advanta Global President Daniel Rui Felicio signed the deal.
- In June 2024, ArcelorMittal bought 65,243,206 shares in Vallourec from funds managed by Apollo Global Management, Inc. for €14.64 each share, for a total of about €955 million. This represents about 28.4 percent of Vallourec’s equity. Regulatory clearances are still pending, but the deal is still projected to be finalized in the summer.
Segmentation of Sustainable (Recycled and Green) Steel Market-
Sustainable (Recycled and Green) Steel Market-By End-User Application
- Transportation
- Building and Construction
- Furniture and Appliances
- Mechanical Equipment and Tools
- Packaging
- Others
Sustainable (Recycled and Green) Steel Market-By Product Type
- Recycled Steel
- Green Steel
Sustainable (Recycled and Green) Steel Market-By Technology
- Sustainable Steel
- Electric Arc Furnace (EAF)
- Blast Furnace-Basic Oxygen Furnace (BF-BOF)
- Others
- Green Steel
- Electric Arc Furnace (EAF)
- Renewable – Electric Arc Furnace (R-EAF)
- Hydrogen Direct Reduced Iron – Electric Arc Furnace (H2 DRI-EAF)
- Electric Arc Furnace (EAF)
- Others
Sustainable (Recycled and Green) Steel Market-By Region
North America-
- The US
- Canada
- Mexico
Europe-
- Germany
- The UK
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific-
- China
- Japan
- India
- South Korea
- South East Asia
- Rest of Asia Pacific
Latin America-
- Brazil
- Argentina
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
- Rest of the Middle East and Africa
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