Green Steel Market: Current Analysis and Forecast (2023-2030)
Emphasis on Technology (HDR (Hydrogen-Based Direct Reduction of Iron Ore), and EAF (Electric Arc Furnace)); Application (Construction, Transportation, Energy, And Power, Consumers, and Others); and Region/Country
The Green Steel Market is expected to reach USD 15412.5 Million in 2030 by growing at a CAGR of 28.6%. Recently, there has been a growing recognition of the steel industry’s significant contribution to global carbon emissions. Traditional steel production is heavily reliant on coal, a carbon-intensive energy source. However, the emergence of green steel technologies presents a game-changing opportunity to reduce the industry’s carbon footprint.
Several countries have been at the forefront of driving the demand for green steel. One notable example is Sweden, where the world’s first fossil fuel-free steelmaking plant is being constructed by the Swedish steel company SSAB and energy company Vattenfall. This project aims to replace coal with hydrogen in the steel production process, significantly reducing carbon emissions. Similarly, Other countries such as Japan, South Korea, and Australia have also shown a strong interest in green steel production. For instance, Japan’s Nippon Steel Corporation has announced plans to utilize hydrogen-based technology to produce steel with significantly reduced emissions.
Tata Steel, Arcelor Mittal, Salzgitter, Thyssenkrupp, H2 Green Steel, Deutsche Edelstahlwerke Services, Jindal Steel and Power, United States Steel Corp, Tenaris Hydnum Steel are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst technology, HDR segment to witness higher CAGR during the forecast period.”
Based on the technology, the green steel market is bifurcated into HDR (Hydrogen-Based Direct Reduction of Iron Ore), and EAF (Electric Arc Furnace). The HDR segment caters to significant demand in 2022. Hydrogen direct reduction (H-DR) technology is a promising way to reduce carbon emissions in the steel industry. Unlike conventional natural gas, it uses 100% green H2 in the process. By applying H-DR technology, it is possible to avoid 80-90% of carbon emissions in the long term. Therefore, the widespread application of this technology is expected to be a milestone in the transition of the steel industry towards cleaner production.
“Amongst application, the construction segment to hold a significant share in the market in 2022.”
Based on application, the green steel market is categorized into construction, transportation, energy and power, consumers, and others. The construction segment holds a major share of this market. To reduce carbon emissions the demand for green steel is propelling in the construction sector. As 52% of steel is used in the construction sector which raises the need to decarbonize it which is accentuating the need for green steel adoption.
“Europe to hold a considerable share in the market.”
Europe is expected to experience the highest share in the Green Steel market. The primary factor driving this growth is that European steel manufacturers have become leaders in producing green steel. Firstly, the European Union (EU) has implemented stringent environmental regulations and carbon reduction targets that have pushed steel companies in the EU to adopt cleaner and sustainable production practices. These regulations have incentivized manufacturers to invest in innovative technologies and sustainable processes to minimize environmental impacts and carbon emissions. Secondly, European steel manufacturers recognize the increasing global demand for greener products driven by rising environmental awareness. By transitioning to green steel production, these companies have differentiated themselves in the market and gained a competitive edge. The shift towards sustainability has helped them to attract environmentally conscious customers who prioritize products with lower carbon footprints.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The global Green Steel market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Green Steel Market Analysis (2023-2030)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global Green Steel market were the three major steps undertaken to create and analyze the adoption of Green Steel in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global Green Steel market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the Green Steel market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the Green Steel market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as technology and application. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Green Steel market. Further, we conducted factor analysis using dependent and independent variables such as technology and application of Green Steel. A thorough analysis was conducted of demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Green Steel market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Green Steel market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2030 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the Green Steel market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global Green Steel market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global Green Steel market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of technology and application in the global Green Steel market.
The main objective of the Global Green Steel Market Study
The current & future market trends of the global Green Steel market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the Green Steel market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments.
- Segments in the study include areas of technology and application.
- Define and analyze the regulatory framework for the Green Steel
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the Green Steel market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
- Company profiles of the Green Steel market and the growth strategies adopted by the market players to sustain in the fast-growing market.
- Deep dive regional level analysis of the industry
Frequently Asked Questions FAQs
Q1: What is the current market size and growth potential of the global Green Steel market?
Q2: What are the driving factors for the growth of the global Green Steel Market?
Q3: Which segment has the largest share of the global Green Steel market by Type?
Q4: What are the emerging technologies and trends in the global Green Steel market?
Q5: Which region will dominate the global Green Steel market?
Q6: Who are the key players operating in the global Green Steel market?
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