Green Steel Market 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) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2031
The global green steel market size was estimated at USD 196.84 million in 2022 and it is projected to hit around USD 6,24,415.85 million by 2031, growing at a CAGR of 124% between 2023 and 2031.
Green steel industry demand has risen in the last year as a result of innovative branded products launched by steelmakers in Europe and the United States that provide consumers with a carbon-efficient alternative while utilizing available capacities. Green steel is being purchased by public and private steel buyers in the construction, automotive, and metal products sectors. This includes the First Movers Coalition and CEM Industrial Deep Decarbonization initiatives.
According to the World Steel Association, the production of 1860 million tonnes of steel released approximately 1.85 tonnes of CO2 into the atmosphere. Green steel production has increased as a result of rising industrial emissions from various steel products, prompting organizations to form alliances and strategies with private steelmakers.
Furthermore, because green steel is produced entirely from renewable sources such as green hydrogen, the burgeoning R&D in Fuel Cell Electric Vehicles (FCEVs) and hydrogen-powered automobiles has a positive impact on green steel technological advancement. Furthermore, some Asian countries, such as China, South Korea, New Zealand, and others, are currently using FCEVs made by Toyota, Hyundai, and others. They also plan to use green hydrogen in their vehicles in the coming years, fueling global green steel growth.
Impact of COVID-19:
COVID-19 has harmed the global green steel industry, particularly in the power and energy sectors. The pandemic also had an impact on steel product export and import in all regions, resulting in a decrease in green steel supply. Green steel demand fell by about 12%-14% during the COVID-19 period.
Steel consumption has decreased during the pandemic, according to current green steel demand conditions in the majority of developing countries. Several large industries involved in green steel manufacturing have faced numerous challenges.
The post-pandemic scenario, on the other hand, has already increased both technological advancement and the green transition. Following COVID-19, developing economies like China are expected to accelerate the normalization of economic activity across sectors. This will increase demand for green steel products as well as imports of green steel.
Green Steel Market REPORT SCOPE & SEGMENTATION
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Report Attribute |
Details |
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Estimated Market Value (2022) |
196.84 million |
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Projected Market Value (2031) |
6,24,415.85 million |
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Base Year |
2022 |
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Forecast Years |
2023 - 2031 |
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Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- By Production Technology, By Energy Source, By End-User & By Region |
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Segments Covered |
By Production Technology, By Energy Source, By End-User & By Region |
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Forecast Units |
Value (USD Billion), and Volume (Units) |
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Quantitative Units |
Revenue in USD million/billion and CAGR from 2023 to 2031 |
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Regions Covered |
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World |
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Countries Covered |
U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
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Report Coverage |
Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
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Delivery Format |
Delivered as an attached PDF and Excel through email, according to the purchase option. |
Market Dynamics:
Market Drivers
Increasing CO2 emissions Over the last decade, total carbon dioxide emissions from the steel and iron sector have increased, owing primarily to increases in steel consumption and the energy required for production. Significant CO2 emissions reductions are required to achieve the Net Zero Scenario. Carbon dioxide emissions can be reduced in the short term primarily through increased energy efficiency and scrap collection, allowing for more scrap-based production.
Significant reductions in emissions intensity will necessitate the implementation of new technologies such as electricity-based production, hydrogen utilization, and CCUS. Green Steel initiatives are expected to reduce CO2 emissions.
Green steel is expected to play an important role in assisting nations around the world in meeting their long-term development goals and lowering their carbon footprints. Green steel is essential for reducing countries' reliance on energy imports, protecting the environment, and meeting the world's growing energy demands. Furthermore, the production of steel emits a significant amount of CO2. As a result, governments around the world are expanding decarbonization strategies and promoting green steel, particularly in industries such as automotive and construction.
Market Restraints
The primary challenge in the global green steel market has been a lack of understanding of carbon accounting calculations, as forecasting the levels of carbon tax during the manufacturing process is extremely difficult. This, in turn, is delaying the process of recognizing green steel, despite the fact that only a small percentage of Northern European companies will be producing fossil-fuel-free steel by 2022.
SMS groups and other industries have developed a few digital tools. Nonetheless, companies have found it difficult in recent years to quantify the number of CO2 emissions from various processes of a complete manufacturing unit. As a result, market development is hampered when original equipment manufacturers are unable to demonstrate emission-free products.
Market opportunities
Regional Analysis
Europe is expected to grow at the fastest CAGR between 2023 and 2032. The steel industry, according to the European Commission, accounts for approximately 5% of CO2 emissions in the region and 7% globally, which is a significant concern that must be addressed in order to meet carbon emission targets. To address this, the European Union is implementing a long-term strategy aimed at achieving a climate-neutral Europe by 2050, which will benefit the region's green steel market.
In accordance with this, many steel manufacturers in Germany, Sweden, the United Kingdom, Norway, and other countries are implementing effective clean steel-making solutions to support carbon-neutral targets.
North America is also a hugely profitable market for green steel in the region. In recent years, the green steel industry in the United Kingdom has grown as a result of increased investments and offtake partnerships among new companies to meet new business strategies.
Competitive Landscape
Some of the main manufacturers of Green Steel Market are:
Key Benefits of the Report
Green Steel Market Report Segmentation
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ATTRIBUTE |
DETAILS |
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By Production Technology |
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By Energy Source |
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By End-User |
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By Geography |
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Customization Scope |
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Pricing |
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The Report Answers Questions Such As:
Research Methodology
Our research methodology has always been the key differentiating reason which sets us apart in comparison from the competing organizations in the industry. Our organization believes in consistency along with quality and establishing a new level with every new report we generate; our methods are acclaimed and the data/information inside the report is coveted. Our research methodology involves a combination of primary and secondary research methods. Data procurement is one of the most extensive stages in our research process. Our organization helps in assisting the clients to find the opportunities by examining the market across the globe coupled with providing economic statistics for each and every region. The reports generated and published are based on primary & secondary research. In secondary research, we gather data for global Market through white papers, case studies, blogs, reference customers, news, articles, press releases, white papers, and research studies. We also have our paid data applications which includes hoovers, Bloomberg business week, Avention, and others.
Data Collection
Data collection is the process of gathering, measuring, and analyzing accurate and relevant data from a variety of sources to analyze market and forecast trends. Raw market data is obtained on a broad front. Data is continuously extracted and filtered to ensure only validated and authenticated sources are considered. Data is mined from a varied host of sources including secondary and primary sources.
Primary Research
After the secondary research process, we initiate the primary research phase in which we interact with companies operating within the market space. We interact with related industries to understand the factors that can drive or hamper a market. Exhaustive primary interviews are conducted. Various sources from both the supply and demand sides are interviewed to obtain qualitative and quantitative information for a report which includes suppliers, product providers, domain experts, CEOs, vice presidents, marketing & sales directors, Type & innovation directors, and related key executives from various key companies to ensure a holistic and unbiased picture of the market.
Secondary Research
A secondary research process is conducted to identify and collect information useful for the extensive, technical, market-oriented, and comprehensive study of the market. Secondary sources include published market studies, competitive information, white papers, analyst reports, government agencies, industry and trade associations, media sources, chambers of commerce, newsletters, trade publications, magazines, Bloomberg BusinessWeek, Factiva, D&B, annual reports, company house documents, investor presentations, articles, journals, blogs, and SEC filings of companies, newspapers, and so on. We have assigned weights to these parameters and quantified their market impacts using the weighted average analysis to derive the expected market growth rate.
Top-Down Approach & Bottom-Up Approach
In the top – down approach, the Global Batteries for Solar Energy Storage Market was further divided into various segments on the basis of the percentage share of each segment. This approach helped in arriving at the market size of each segment globally. The segments market size was further broken down in the regional market size of each segment and sub-segments. The sub-segments were further broken down to country level market. The market size arrived using this approach was then crosschecked with the market size arrived by using bottom-up approach.
In the bottom-up approach, we arrived at the country market size by identifying the revenues and market shares of the key market players. The country market sizes then were added up to arrive at regional market size of the decorated apparel, which eventually added up to arrive at global market size.
This is one of the most reliable methods as the information is directly obtained from the key players in the market and is based on the primary interviews from the key opinion leaders associated with the firms considered in the research. Furthermore, the data obtained from the company sources and the primary respondents was validated through secondary sources including government publications and Bloomberg.
Market Analysis & size Estimation
Post the data mining stage, we gather our findings and analyze them, filtering out relevant insights. These are evaluated across research teams and industry experts. All this data is collected and evaluated by our analysts. The key players in the industry or markets are identified through extensive primary and secondary research. All percentage share splits, and breakdowns have been determined using secondary sources and verified through primary sources. The market size, in terms of value and volume, is determined through primary and secondary research processes, and forecasting models including the time series model, econometric model, judgmental forecasting model, the Delphi method, among Flywheel Energy Storage. Gathered information for market analysis, competitive landscape, growth trends, product development, and pricing trends is fed into the model and analyzed simultaneously.
Quality Checking & Final Review
The analysis done by the research team is further reviewed to check for the accuracy of the data provided to ensure the clients’ requirements. This approach provides essential checks and balances which facilitate the production of quality data. This Type of revision was done in two phases for the authenticity of the data and negligible errors in the report. After quality checking, the report is reviewed to look after the presentation, Type and to recheck if all the requirements of the clients were addressed.
