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Global Sustainable Steel Market Outlook 2032: Global Opportunity and Demand Analysis, Market Forecast To 2032
- Published :
Report ID: CHM0028
Pages: 152
Base Year: 2023
Format: PDF
Historical Date: 2019-2022
Market Research Report
Summary At A Glance
Description
Table of Contents
List Of Tables
List Of Figures
Research Methodology
Description
MARKET SCOPE:
The global sustainable steel market is projected to grow significantly, registering a CAGR of 9.1% during the forecast period (2024 – 2032).
Steel is the most widely utilized metal in the contemporary world, plays a pivotal role in various aspects of daily life, ranging from automobiles, airplanes, and ships to household appliances like washing machines. Nevertheless, as global governments and industries strive to curtail carbon emissions to meet ambitious net-zero targets, steel is garnering increased attention. Despite its ubiquitous use, approximately 75% of steel is still manufactured in coal-fired blast furnaces, contributing significantly to CO2 emissions. The process demands substantial energy, requiring furnaces to reach temperatures exceeding 1,000 degrees Celsius. According to the World Economic Forum, steel production is responsible for approximately 8% of global emissions, making it a focal point for sustainability initiatives worldwide.
MARKET OVERVIEW:
Driver: Growing usage of recycled steel and increased government regulations about carbon neutrality targets are predicted to bolster the market expansion.
The expansion of the sustainable steel industry is fueled by several factors, such as heightened government regulations aimed at achieving carbon neutrality targets. Additionally, the growing acceptance of recycled steel, driven by its potential for energy and cost efficiency, contributes to market growth. The increasing demand for steel, propelled by the scarcity of raw materials and energy resources, is another significant driver. As the global sustainable steel market is in its developmental phase, there is a surge in investments in green technologies. This trend is further amplified by a rising demand for green steel across the value chain. Companies are adapting their business models in response to climate change, emphasizing environmental considerations. This shift is not only fostering the development of environmental sustainability but also contributing to economic growth in the industry.
Different end-use sectors, including automotive and building & construction, are expected to boost their need for low-carbon steel due to their commitment to incorporating sustainable products. The worldwide market is expected to witness significant impetus, primarily propelled by governments in key countries like the United States, Canada, Germany, France, and the United Kingdom. These governments are actively pursuing initiatives to decrease carbon emissions and promote the adoption of sustainable products and manufacturing practices across various end-use industries, such as construction, electronics, and industrial equipment.
Opportunities: As automotive companies are shifting toward electric vehicles to make their supply chain green. It offers significant opportunities for manufacturers.
Electric vehicles are regarded as environmentally preferable compared to traditional internal combustion engine vehicles, mainly owing to reduced carbon emissions during operation. The transition to EVs corresponds with the overarching objective of diminishing the carbon footprint within the automotive industry. Consequently, automotive manufacturers are investigating strategies to enhance the sustainability of their entire supply chains, encompassing the materials employed in vehicle manufacturing. Electric vehicles are regarded as environmentally preferable compared to traditional internal combustion engine vehicles, mainly owing to reduced carbon emissions during operation. The transition to EVs corresponds with the overarching objective of diminishing the carbon footprint within the automotive industry. Consequently, automotive manufacturers are investigating strategies to enhance the sustainability of their entire supply chains, encompassing the materials employed in vehicle manufacturing.
COVID IMPACT:
The metal and mining industries, like many others, faced significant disruptions during the COVID-19 pandemic. The outbreak led to a decline in metal and metal product prices owing to reduced demand from various end-use industries. Mine closures resulted in delays for both short-term and long-term contracts. However, in the aftermath of the pandemic, there was a swift surge in demand for metals like copper and iron ore, propelling their prices to unprecedented levels. Additionally, the COVID-19 outbreak underscored the alarming realization that disturbances in ecosystems can be a potential source of numerous pandemics. Amid this, carbon-free steel is viewed as an optimal solution to address the substantial emissions stemming from traditional steel production. The market is currently in its early stages, marked by only a handful of pilot plants in operation. Consequently, the global market experienced minimal to no impact from the COVID-19 outbreak. Nevertheless, the favorable sentiment fostered towards environmental sustainability is poised to serve as a gradual catalyst for market growth.
SEGMENTATION ANALYSIS:
The Hydrogen DRI – EAF is anticipated to grow significantly during the forecast period.
The Hydrogen DRI – EAF segment is anticipated to take a lead in the global market, emerging as a pivotal technology for environmentally conscious steel manufacturing. This production method utilizes hydrogen to replace carbon, the current primary reduction agent in the iron ore reduction stage. If the hydrogen used in this process is generated through green technology, the resulting steel is deemed as green steel. Due to its environmentally friendly attributes, this approach has garnered significant attention from steel manufacturers, prompting substantial investments in its development. The Renewable – EAF production technology stands out as a predominant approach for manufacturing this category of steel until 2024. Given that EAF production technology is extensively employed worldwide, it is considered more viable to render this process environmentally friendly compared to blast oxygen furnaces. Currently, this method exhibits nearly 75% lower greenhouse gas (GHG) emission intensity in both Scope 1 and Scope 2 categories. Utilizing renewable electricity can further reduce its GHG footprint, making it a more pragmatic solution for steel manufacturers to adopt at the present time.
REGIONAL ANALYSIS:
The Europe region is set to witness significant growth during the forecast period.
Europe is poised to secure the leading share in the sustainable steel market, attributed to heightened efforts by the European Union to curtail carbon emissions within the steel industry. The surge in construction activities across Europe has led to a notable upswing in the demand for sustainable steel within the European market. Anticipated growth is expected to stem from increased residential and non-residential building endeavors, coupled with a rise in home improvement expenditures, particularly evident in Eastern European nations. Notably, Bulgaria, Romania, and Slovakia are expected to experience substantial market impact, given the projected growth in infrastructure construction investments. Moreover, escalating building costs are serving as a catalyst for market expansion. Russia plays a pivotal role in this growth, contributing nearly 50% of the total construction spending in Eastern Europe. The ongoing and anticipated expenditure on the construction of infrastructure and various structures like stadiums, hotels, and retail buildings in Russia is expected to significantly accelerate the sustainable steel market.
COMPETITIVE ANALYSIS
The global sustainable steel market is reasonably competitive with mergers, acquisitions, and product launches. See some of the major key players in the market.
- Nippon Steel Corporation
- In September 2022, Nippon Steel Corporation had introduced a steel product that is certified and diminishes carbon emissions under the brand name NSCarbolex Neutral.
- HBIS Group
- In August 2022, The HBIS Group had partnered with BMW Group, a German multinational manufacturer renowned for luxury vehicles and motorcycles. Both companies have entered into partnership to collaboratively produce eco-friendly, low-carbon steel. Starting in 2023, the company will provide BMW Group’s Shenyang plants with steel that boasts reduced CO2 emissions.
- Tata Steel
- ArcelorMittal
- Gerdau S/A
- LIBERTY Steel Group
- Steel Dynamics, Inc.
- H2 green steel
- United Tata Steel
- Jindal Steel & Power Limited
Scope of the Report
- By Production Technology
- Electric Arc Furnace
- Molten Oxide Electrolysis
- By Product Type
- Recycled Steel
- Green Steel
- By End User
- Building & Construction
- Electronics
- Industrial Equipment,
- Automotive & Transportation
- Others
- By Region
- North America (the United States & Canada)
- Europe (Germany, UK, France, Spain, Italy, and the Rest of Europe)
- Asia Pacific (China, Japan, India, and Rest of Asia Pacific)
- Rest of the World (the Middle East & Africa, Latin America, and Rest of The World)
Keys reasons to purchasing this report
- It provides a technological development map over time to understand the industry’s growth rate and indicates how the Sustainable Steel market is evolving.
- The report offers a dynamic method to various factors that drive or restrain the growth of the market and specifies which Sustainable Steel submarket will be the main driver of the overall market from 2023 to 2032.
- It renders a definite analysis of changing competitive dynamics and stipulates the leading players and what are their prospects over the forecast period.
- It builds a nine-year estimate based on how the market is predicted to grow and shows what will market shares of the global region change by 2032 and which country will lead the market in 2032.
Table of Contents
- Executive Summary
- Market Snapshot
- Regional Analysis
- Segment Analysis
- Overview and scope
- Market Vision
- Market Definition
- Market Segmentation
- Market Vision
- Global SUSTAINABLE STEEL Market Overview By Region: 2018 VS 2023 VS 2032
- Global Sustainable Steel Market Size by Regions (2019-2023) (USD Million)
- North America Sustainable Steel Market Size by Country (2019-2023) (USD Million)
- Europe Sustainable Steel Market Size by Country (2019-2023) (USD Million)
- Asia Pacific America Sustainable Steel Market Size by Country (2019-2023) (USD Million)
- Rest of the World Sustainable Steel Market Size by Country (2019-2023) (USD Million)
- Global Sustainable Steel Market Size by Regions (2024-2032) (USD Million)
- North America Sustainable Steel Market Size by Country (2024-2032) (USD Million)
- Europe Sustainable Steel Market Size by Country (2024-2032) (USD Million)
- Asia Pacific Sustainable Steel Market Size by Country (2024-2032) (USD Million)
- Rest of the World Sustainable Steel Market Size by Country (2024-2032) (USD Million)
- Global Sustainable Steel Market Size by Regions (2019-2023) (USD Million)
- Global SUSTAINABLE STEEL Market Dynamics
- Market Overview
- Market Drivers
- Market Restraints/ Challenges Analysis
- Market Opportunities
- PESTLE Analysis
- Porter’s Five Forces Model
- Bargaining Power of Suppliers
- Bargaining Power of Buyers
- The threat of New Entrants
- Threat of Substitutes
- Intensity of Rivalry
- Value Chain Analysis/Supply Chain Analysis
- Covid-19 Impact Analysis on Global Sustainable Steel Market
- Market Overview
** In – depth qualitative analysis will be provided in the final report subject to market
- Global SUSTAINABLE STEEL Market, By PRODUCTION TECHNOLOGY
- Overview
- Global Sustainable Steel Market Size By Production Technology
- Key Findings for Sustainable Steel Market – By Production Technology
- Electric Arc Furnace
- Molten Oxide Electrolysis
- Global SUSTAINABLE STEEL Market, By PRODUCT TYPE
- Overview
- Key Findings for Sustainable Steel Market – By Product Type
- Recycled Steel
- Green Steel
- Global SUSTAINABLE STEEL Market, By END USER
- Overview
- Key Findings for Sustainable Steel Market – By End User
- Building & Construction
- Electronics
- Industrial Equipment,
- Automotive & Transportation
- Others
- Global SUSTAINABLE STEEL Market, by region
- Key Findings For Sustainable Steel Market- By Region
- Overview
- Global Sustainable Steel Market, By Production Technology
- Global Sustainable Steel Market, By Product Type
- Global Sustainable Steel Market, By End User
- Global SUSTAINABLE STEEL Market- North America
- Overview
- North America Sustainable Steel Market Size (2019 – 2032) (USD Million)
- North America Sustainable Steel Market, By Production Technology
- North America Sustainable Steel Market, By Product Type
- North America Sustainable Steel Market, By End User
- North America Sustainable Steel Market Size by Countries
- United States
- Canada
- Global SUSTAINABLE STEEL Market- Europe
- Overview
- Europe Sustainable Steel Market Size (2019 – 2032) (USD Million)
- Europe Sustainable Steel Market, By Production Technology
- Europe Sustainable Steel Market, By Product Type
- Europe Sustainable Steel Market, By End User
- Europe Sustainable Steel Market Size by Countries
- Germany
- UK
- France
- Spain
- Italy
- Rest of Europe
- Global SUSTAINABLE STEEL Market – Asia Pacific
- Overview
- Asia Pacific Sustainable Steel Market Size (2019 – 2032) (USD Million)
- Asia Pacific Sustainable Steel Market, By Production Technology
- Asia Pacific Sustainable Steel Market, By Product Type
- Asia Pacific Sustainable Steel Market, By End User
- Asia Pacific Sustainable Steel Market Size by Countries
- China
- Japan
- India
- Rest of Asia Pacific
- Global SUSTAINABLE STEEL Market- Rest of World
- Overview
- Rest of World Sustainable Steel Market Size (2019 – 2032) (USD Million)
- Rest of World Sustainable Steel Market, By Production Technology
- Rest of World Sustainable Steel Market, By Product Type
- Rest of World Sustainable Steel Market, By End User
- Rest of World Sustainable Steel Market Size by Regions
- Middle East & Africa
- Latin America
- Rest Of The World
- GLOBAL SUSTAINABLE STEEL MARKET- Competitive Landscape
- Key Strategies Adopted by the Leading Players
- Recent Developments
- Investments & Expansions
- New End-User Launches
- Mergers & Acquisitions
- Agreements, Joint Ventures, and Partnerships
- GLOBAL SUSTAINABLE STEEL MARKET- Company Profiles
- Nippon Steel Corporation
- Company Overview
- Financial Overview
- Product Offered
- Key Developments
- HBIS Group
- Tata Steel
- ArcelorMittal
- Gerdau S/A
- LIBERTY Steel Group
- Steel Dynamics, Inc.
- H2 green steel
- United Tata Steel
- Nippon Steel Corporation
- Our Research Methodology
- Data Triangulation
- Data Sources
- Secondary Sources
- Primary Sources
- Assumptions/ Limitations For The Study
- Research & Forecasting Methodology
- Appendix
- Disclaimer
- Contact Us
List Of Tables
- Global Sustainable Steel Historic Market Size By Regions (2019 – 2023) (USD Million)
- Global Sustainable Steel Forecasted Market Size By Regions (2024-2032) (USD Million)
- Global Sustainable Steel Market- Drivers
- Global Sustainable Steel Market- Restraint /Challenges
- Global Sustainable Steel Market- Opportunity Analysis
- Global Sustainable Steel Market Size By Production Technology (2019 – 2032) (USD Million)
- Global Sustainable Steel Market Size By Electric Arc Furnace (2019 – 2032) (USD Million)
- Global Sustainable Steel Market Size By Molten Oxide Electrolysis (2019 – 2032) (USD Million)
- Global Sustainable Steel Market Size By Product Type (2019 – 2032) (USD Million)
- Global Sustainable Steel Market Size By Recycled Steel (2019 – 2032) (USD Million)
- Global Sustainable Steel Market Size By Green Steel (2019 – 2032) (USD Million)
- Global Sustainable Steel Market Size By End User (2019 – 2032) (USD Million)
- Global Sustainable Steel Market Size By Building & Construction (2019 – 2032) (USD Million)
- Global Sustainable Steel Market Size By Electronics (2019 – 2032) (USD Million)
- Global Sustainable Steel Market Size By Industrial Equipment (2019 – 2032) (USD Million)
- Global Sustainable Steel Market Size By Automotive & Transportation (2019 – 2032) (USD Million)
- Global Sustainable Steel Market Size By Other (2019 – 2032) (USD Million)
- North America Sustainable Steel Market Size By Production Technology (2019 – 2032) (USD Million)
- North America Sustainable Steel Market Size By Electric Arc Furnace (2019 – 2032) (USD Million)
- North America Sustainable Steel Market Size By Molten Oxide Electrolysis (2019 – 2032) (USD Million)
- North America Sustainable Steel Market Size By Product Type (2019 – 2032) (USD Million)
- North America Sustainable Steel Market Size By Recycled Steel (2019 – 2032) (USD Million)
- North America Sustainable Steel Market Size By Green Steel (2019 – 2032) (USD Million)
- North America Sustainable Steel Market Size By End User (2019 – 2032) (USD Million)
- North America Sustainable Steel Market Size By Building & Construction (2019 – 2032) (USD Million)
- North America Sustainable Steel Market Size By Electronics (2019 – 2032) (USD Million)
- North America Sustainable Steel Market Size By Industrial Equipment (2019 – 2032) (USD Million)
- North America Sustainable Steel Market Size By Automotive & Transportation (2019 – 2032) (USD Million)
- North America Sustainable Steel Market Size By Other (2019 – 2032) (USD Million)
- Europe Sustainable Steel Market Size By Production Technology (2019 – 2032) (USD Million)
- Europe Sustainable Steel Market Size By Electric Arc Furnace (2019 – 2032) (USD Million)
- Europe Sustainable Steel Market Size By Molten Oxide Electrolysis (2019 – 2032) (USD Million)
- Europe Sustainable Steel Market Size By Product Type (2019 – 2032) (USD Million)
- Europe Sustainable Steel Market Size By Recycled Steel (2019 – 2032) (USD Million)
- Europe Sustainable Steel Market Size By Green Steel (2019 – 2032) (USD Million)
- Europe Sustainable Steel Market Size By End User (2019 – 2032) (USD Million)
- Europe Sustainable Steel Market Size By Building & Construction (2019 – 2032) (USD Million)
- Europe Sustainable Steel Market Size By Electronics (2019 – 2032) (USD Million)
- Europe Sustainable Steel Market Size By Industrial Equipment (2019 – 2032) (USD Million)
- Europe Sustainable Steel Market Size By Automotive & Transportation (2019 – 2032) (USD Million)
- Europe Sustainable Steel Market Size By Other (2019 – 2032) (USD Million)
- Asia Pacific Sustainable Steel Market Size By Production Technology (2019 – 2032) (USD Million)
- Asia Pacific Sustainable Steel Market Size By Electric Arc Furnace (2019 – 2032) (USD Million)
- Asia Pacific Sustainable Steel Market Size By Molten Oxide Electrolysis (2019 – 2032) (USD Million)
- Asia Pacific Sustainable Steel Market Size By Product Type (2019 – 2032) (USD Million)
- Asia Pacific Sustainable Steel Market Size By Recycled Steel (2019 – 2032) (USD Million)
- Asia Pacific Sustainable Steel Market Size By Green Steel (2019 – 2032) (USD Million)
- Asia Pacific Sustainable Steel Market Size By End User (2019 – 2032) (USD Million)
- Asia Pacific Sustainable Steel Market Size By Building & Construction (2019 – 2032) (USD Million)
- Asia Pacific Sustainable Steel Market Size By Electronics (2019 – 2032) (USD Million)
- Asia Pacific Sustainable Steel Market Size By Industrial Equipment (2019 – 2032) (USD Million)
- Asia Pacific Sustainable Steel Market Size By Automotive & Transportation (2019 – 2032) (USD Million)
- Asia Pacific Sustainable Steel Market Size By Other (2019 – 2032) (USD Million)
- Rest of World Sustainable Steel Market Size By Production Technology (2019 – 2032) (USD Million)
- Rest of World Sustainable Steel Market Size By Electric Arc Furnace (2019 – 2032) (USD Million)
- Rest of World Sustainable Steel Market Size By Molten Oxide Electrolysis (2019 – 2032) (USD Million)
- Rest of World Sustainable Steel Market Size By Product Type (2019 – 2032) (USD Million)
- Rest of World Sustainable Steel Market Size By Recycled Steel (2019 – 2032) (USD Million)
- Rest of World Sustainable Steel Market Size By Green Steel (2019 – 2032) (USD Million)
- Rest of World Sustainable Steel Market Size By End User (2019 – 2032) (USD Million)
- Rest of World Sustainable Steel Market Size By Building & Construction (2019 – 2032) (USD Million)
- Rest of World Sustainable Steel Market Size By Electronics (2019 – 2032) (USD Million)
- Rest of World Sustainable Steel Market Size By Industrial Equipment (2019 – 2032) (USD Million)
- Rest of World Sustainable Steel Market Size By Automotive & Transportation (2019 – 2032) (USD Million)
- Rest of World Sustainable Steel Market Size By Other (2019 – 2032) (USD Million)
- Data Triangulation
List Of Figures
- Market Highlights
- Market Highlights By Region
- Global Sustainable Steel Market Size By Production Technology: 2023 VS 2032
- Global Sustainable Steel Market Size by Product Type: 2023 VS 2032
- Global Sustainable Steel Market Size by End User: 2023 VS 2032
- Global Sustainable Steel Market Size By Production Technology (2019 – 2032) (USD Million)
- Global Sustainable Steel Market Size By Electric Arc Furnace (2019 – 2032) (USD Million)
- Global Sustainable Steel Market Size By Molten Oxide Electrolysis (2019 – 2032) (USD Million)
- Global Sustainable Steel Market Size By Product Type (2019 – 2032) (USD Million)
- Global Sustainable Steel Market Size By Recycled Steel (2019 – 2032) (USD Million)
- Global Sustainable Steel Market Size By Green Steel (2019 – 2032) (USD Million)
- Global Sustainable Steel Market Size By End User (2019 – 2032) (USD Million)
- Global Sustainable Steel Market Size By Building & Construction (2019 – 2032) (USD Million)
- Global Sustainable Steel Market Size By Electronics (2019 – 2032) (USD Million)
- Global Sustainable Steel Market Size By Industrial Equipment (2019 – 2032) (USD Million)
- Global Sustainable Steel Market Size By Automotive & Transportation (2019 – 2032) (USD Million)
- Global Sustainable Steel Market Size By Other (2019 – 2032) (USD Million)
- Market By Region
- North America Sustainable Steel Market Size (2019 – 2032) (USD Million)
- North America Sustainable Steel By United States Revenue (USD Million) (2019 – 2032)
- North America Sustainable Steel By Canada Revenue (USD Million 2019 – 2032)
- Europe Sustainable Steel Market Size (2019 – 2032) (USD Million)
- Europe Sustainable Steel By United Kingdom Revenue (USD Million) (2019 – 2032)
- Europe Sustainable Steel By Germany Revenue (USD Million 2019 – 2032)
- Europe Sustainable Steel By France Revenue (USD Million 2019 – 2032)
- Europe Sustainable Steel By Italy Revenue (USD Million 2019 – 2032)
- Europe Sustainable Steel By Spain Revenue (USD Million 2019 – 2032)
- Europe Sustainable Steel By Rest Of Europe Revenue (USD Million 2019 – 2032)
- Asia Pacific Sustainable Steel Market Size (2019 – 2032) (USD Million)
- Asia Pacific Sustainable Steel By China Revenue (USD Million) (2019 – 2032)
- Asia Pacific Sustainable Steel By Japan Revenue (USD Million 2019 – 2032)
- Asia Pacific Sustainable Steel By India Revenue (USD Million 2019 – 2032)
- Asia Pacific Sustainable Steel By Rest Of APAC Revenue (USD Million 2019 – 2032)
- Rest Of World Sustainable Steel Market Size (2019 – 2032) (USD Million)
- Rest of World Sustainable Steel By the Middle East & Africa Revenue (USD Million) (2019 – 2032)
- Rest of World Sustainable Steel By Latin America Revenue (USD Million 2019 – 2032)
- Rest of World Sustainable Steel By Rest Of The World Revenue (USD Million 2019 – 2032)
- Key Strategies Adopted By The Leading Players
- Secondary Sources
- Primary Research
- Global Sustainable Steel Market – Research Methodology
Research Methodology
Primary and Secondary Research
In order to understand the market in detail we conduct primary and secondary research. We collect as much information as we can from the market experts through primary research. We contact the experts from both demand and supply side and conduct interviews to understand the actual market scenario. In secondary research, we study and gather the data from various secondary sources such as company annual reports, press releases, whitepapers, paid databases, journals, and many other online sources. With the help of the primary interviews, we validate the data collected from secondary sources and get a deep understanding on the subject matter. Post this our team uses statistical tools to analyses the data to arrive at a conclusion and draft it in presentable manner.
Market Size Estimations
Understanding and presenting the data collected is a crucial task. Market sizing is a critical part of the data analysis and this task is performed by using Top-down and bottom-up approaches. In this process, we place different data points, market information and industry trends at a suitable space. This placement helps us presume the estimated & forecast values for coming few years. We use several mathematical and statistical models to estimate the market sizes of different countries and segments. Each of this is further added up to outline the total market. These approaches are individually done on regional/country and segment level.
Data Triangulation
As we arrive at the total market sizes, the market is again broken down into segments and subsegments. This process is called as data triangulation and is implementable wherever applicable. This step not only helps us conclude the overall market engineering process, but also gives an assurance on accuracy of the data generated. The data is triangulated based on studying the market trends, various growth factors, and aspects of both demand and supply side.
