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市場調查報告書
商品編碼
1518220
永續(回收和綠色)鋼鐵市場 - 全球和區域分析:按最終用戶應用、按產品類型、按技術、按國家 - 分析和預測(2024-2034)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 |
2023年全球永續(再生/綠色)鋼鐵市場規模為3,298.3億美元。
該市場預計將以 8.52% 的複合年成長率成長,到 2034 年將達到 8,201.4 億美元。這種成長是由對低碳建築材料的需求增加和更嚴格的環境法規所推動的。鋼鐵生產技術的創新,例如氫基還原製程和回收技術的進步,是推動市場向前發展的關鍵因素。此外,策略合作夥伴關係和對綠色基礎設施計劃的投資強調了鋼鐵業永續性和減少碳足跡的重要性,創造了強大的市場環境。
主要市場統計數據 | |
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預測期 | 2024-2034 |
2024年評估 | 3622.2億美元 |
2034 年預測 | 8201.4億美元 |
複合年成長率 | 8.52% |
使用清潔技術生產的鋼鐵可以減少二氧化碳排放和廢棄物,是永續鋼鐵。永續鋼鐵有兩種類型:再生鋼和綠色鋼。再生鋼是以廢鐵為原料生產的鋼材。然而,綠色鋼是採用清潔能源和電爐(ERF)技術製造的鋼,或透過使用氫氣生產直接還原鐵(DRI)並在電爐中加工(ERF)或透過熔融氧化物電解生產的鋼。 )技術。鋼鐵是一種永續材料,無論回收多少次,其性能都保持不變。透過回收鋼鐵和使用可再生能源,我們可以生產更永續的鋼鐵。
該報告調查了全球永續(再生和綠色)鋼鐵市場,提供了市場概述、最終用戶應用、產品類型、技術和國家的趨勢,以及進入市場的公司概況。
Sustainable (Recycled and Green) Steel Market Overview
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.
Introduction of Sustainable Steel
KEY MARKET STATISTICS | |
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Forecast Period | 2024 - 2034 |
2024 Evaluation | $362.22 Billion |
2034 Forecast | $820.14 Billion |
CAGR | 8.52% |
The steel manufactured by using clean technologies to reduce CO? emissions and waste is sustainable steel. It can be of two types including recycled steel and green steel. Recycled steel is steel produced with the help of scrap steel as a raw material. However, green steel is the steel produced with the help of clean energy and electric arc furnace (ERF) technology or hydrogen to produce direct reduced iron (DRI), and then this is processed in an electric arc furnace (ERF), or steel produced with the help of molten oxide electrolysis (MOE) technology. Steel is a sustainable material, and its properties remain unchanged no matter how many times it is recycled. More sustainable steel can be produced through steel recycling and the use of renewable energy sources, which reduces energy and raw material requirements and has a lower environmental impact.
Market Introduction
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 study dwells on various types of end-user applications, including transportation, building and construction, furniture and appliances, mechanical equipment and tools, packaging, and others. Based on the product type, the sustainable steel market has been bifurcated into recycled steel and green steel. The study is further segmented based on technology into electric arc furnace (EAF), blast furnace - basic oxygen furnace (BF-BOF), and others. Additionally, the green steel market has been further divided based on technology into electric arc furnace (EAF) and others. The green steel market based on EAF technology is further bifurcated into renewable - electric arc furnace (R-EAF) and hydrogen direct reduction iron - electric arc furnace (H2 DRI-EAF). The research is based on extensive primary interviews (in-house experts, industry leaders, and market players) and secondary research (a host of paid and unpaid databases), as well as the analytical tools used to build the forecast and the predictive models.
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:
Segmentation 1: by End-User Application
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.
Segmentation 2: by Product Type
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.
Segmentation 3: by Technology
Renewable - Electric Arc Furnace (R-EAF)
Hydrogen Direct Reduced Iron - Electric Arc Furnace (H2 DRI-EAF)
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.
Segmentation 4: by Region
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.
Recent Developments in the Sustainable Steel Market
Demand - Drivers, Limitations, and Opportunities
Market Demand: Construction Industry's Shift toward Sustainable Materials
The construction industry is experiencing a significant shift toward sustainable materials, driven by increasing regulatory pressures, corporate sustainability goals, and consumer demand for environment-friendly building practices. Sustainable steel has emerged as a pivotal material in this transition, offering the durability and strength required for construction while significantly reducing carbon footprints.
Several prominent companies are in charge of integrating sustainable steel into their construction projects. For instance, ArcelorMittal, a global leader in steel production, has developed its XCarb initiative with recycled and renewably produced steel products. These steel products are designed to lower carbon emissions and are increasingly being adopted in construction projects worldwide. This initiative aims to achieve carbon neutrality by 2050. Another instance is SSAB, a Nordic steel manufacturer's HYBRIT initiative in collaboration with LKAB and Vattenfall. This project focuses on producing fossil-free steel using hydrogen instead of coal. The use of SSAB's fossil-free steel in construction projects is expected to scale up the company's production capabilities in green steel. Additionally, in November 2023, Tata Steel launched its Zeremis brand, which includes a range of sustainable steel products designed for the construction sector.
Overall, the construction industry's shift toward sustainable materials is driving significant growth in the sustainable steel market. As companies keep developing innovative products and processes that reduce carbon emissions in the construction sector, the adoption of sustainable steel in construction is expected to accelerate, thereby driving the sustainable steel market.
Market Challenge: Limited Availability of Green Technologies and Infrastructure for Sustainable Steel Production
A significant restraint in the sustainable steel market is the limited availability of advanced green technologies and supporting infrastructure. Transitioning to sustainable steel production requires access to innovative technologies such as hydrogen-based steelmaking and carbon capture and storage (CCS), as well as renewable energy sources. However, these technologies are still in the early stages of development and deployment, making them not widely accessible. Moreover, the infrastructure required to support these technologies, including renewable energy grids and hydrogen production facilities, is also not highly developed. This scarcity poses a challenge for steel producers aiming to adopt sustainable practices, as they face difficulties in sourcing the necessary technology and infrastructure. Consequently, the limited availability affects the market's ability to scale up sustainable steel production, slowing the overall progress toward decarbonization and sustainability goals.
However, ongoing investments and advancements in green technologies are beginning to address these challenges. Governments and private sectors are increasingly funding research and development to accelerate the commercialization of sustainable steel production methods. In 2021, the investments in green technology reached $755 billion. Additionally, collaborations and partnerships are emerging to build the necessary infrastructure and share technological expertise. These efforts are expected to gradually improve the availability of green technologies and infrastructure, enabling the sustainable steel market to overcome current limitations and achieve significant growth in the coming years.
Market Opportunity: Increasing Demand for Sustainable Infrastructure and Green Construction Projects
The growing demand for sustainable infrastructure and green construction projects presents a significant opportunity for the sustainable steel market. As governments and private sectors increasingly prioritize environmental sustainability, the adoption of green building practices is on the rise. Sustainable steel, known for its lower carbon footprint and recyclability, is becoming a preferred material in the construction of eco-friendly buildings, bridges, and infrastructure. This shift is supported by stringent building regulations and standards that mandate the use of sustainable materials, as well as financial incentives for green projects. Consequently, the market for sustainable steel is expanding, driven by the need to meet these environmental standards and support the global push toward a more sustainable future.
For instance, ArcelorMittal's XCarb initiative consolidates the company's efforts toward carbon-neutral steel production, aiming to achieve significant progress by 2050 in line with the Paris Agreement and European Green Deal. XCarb includes three key components, i.e., the XCarb innovation fund, which invests in climate technologies; XCarb green steel certificates, which allow customers to report reduced scope 3 emissions; and XCarb recycled and renewably produced steel, made from recycled materials using renewable energy in an electric arc furnace. Several companies, such as Alfun and Gestamp, are already utilizing XCarb solutions to reduce their carbon footprint and promote sustainability in their operations. Such initiatives set a benchmark in the industry, encouraging steel manufacturers to adopt similar sustainable practices and driving growth in the sustainable steel market through increased demand for eco-friendly steel products.
How can this report add value to an organization?
Product/Innovation Strategy: The product segment helps the reader understand the different applications of the sustainable steel products available based on application (transportation, building and construction, furniture and appliances, mechanical equipment and tools, packaging, and others), product type (recycled steel and green steel), technology type (electric arc furnace (EAF), blast furnace-basic oxygen furnace (BF-BOF), and others. The market is poised for significant expansion with ongoing technological advancements, increased investments, and growing awareness of the importance of sustainable steel. Therefore, the sustainable steel business is a high-investment and high-revenue generating model.
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.
Research Methodology
Factors for Data Prediction and Modeling
Market Estimation and Forecast
This research study involves the usage of extensive secondary sources, such as certified publications, articles from recognized authors, white papers, annual reports of companies, directories, and major databases to collect useful and effective information for an extensive, technical, market-oriented, and commercial study of the sustainable steel market.
The process of market engineering involves the calculation of the market statistics, market size estimation, market forecast, market crackdown, and data triangulation (the methodology for such quantitative data processes is explained in further sections). The primary research study has been undertaken to gather information and validate the market numbers for segmentation types and industry trends of the key players in the market.
Primary Research
The primary sources involve industry experts from the sustainable steel market and various stakeholders in the ecosystem. Respondents such as CEOs, vice presidents, marketing directors, and technology and innovation directors have been interviewed to obtain and verify both qualitative and quantitative aspects of this research study.
The key data points taken from primary sources include:
Secondary Research
This research study of the sustainable steel market involves the usage of extensive secondary research, directories, company websites, and annual reports. It also makes use of databases, such as Hoovers, Bloomberg, Businessweek, and Factiva, to collect useful and effective information for an extensive, technical, market-oriented, and commercial study of the global market. In addition to the aforementioned data sources, the study has been undertaken with the help of other data sources and websites, such as IRENA and IEA.
Secondary research was done in order to obtain crucial information about the industry's value chain, revenue models, the market's monetary chain, the total pool of key players, and the current and potential use cases and applications.
The key data points taken from secondary research include:
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.
Some of the prominent names in the sustainable steel market are:
Companies that are not a part of the aforementioned pool have been well represented across different sections of the report (wherever applicable).
Scope and Definition
Company Profiles