Sustainable (Recycled and Green) Steel Market Witnesses Surge in Green Steel Production Through Hydrogen Reduction and Electric Arc Furnace Technologies

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.

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Sustainable steel refers to steel produced through environmentally responsible methods and materials, with an emphasis on minimizing carbon emissions and optimizing resource efficiency. The process primarily relies on recycling steel to reduce dependence on virgin raw materials and significantly decrease overall energy consumption. Market expansion is being driven by the enforcement of stringent environmental regulations, coupled with rising global demand for low-carbon construction materials.

Furthermore, technological innovations-such as hydrogen-based reduction techniques and advancements in steel recycling-are accelerating the market's growth trajectory. Strategic collaborations, along with increased investments in green infrastructure projects that prioritize sustainability and carbon neutrality within the steel industry, are further supporting market development.

However, the sector continues to face notable challenges, including elevated production costs and the complexities associated with meeting rigorous environmental compliance standards. Despite these constraints, ongoing technological progress-particularly the increasing use of electric arc furnaces, refinement of hydrogen reduction technologies, and advancements in recycling efficiency-is enhancing the economic and environmental feasibility of sustainable steel production. These innovations are crucial in reducing energy requirements, cutting carbon emissions, and optimizing utilization, thereby reinforcing the long-term growth prospects of the sustainable steel market.

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 steel-encompassing both recycled and green steel variants-is primarily driven by increasing industry awareness of the need to minimize environmental impact. Organizations are under mounting pressure from regulatory authorities and environmental agencies to meet sustainability objectives and comply with strict environmental standards. The integration of renewable energy sources and recycled materials into steel manufacturing processes significantly reduces energy consumption and greenhouse gas emissions, thereby fostering market adoption.

Additionally, the rising preference among consumers and corporations for environmentally responsible materials is contributing to heightened demand. Major end-use industries, including construction, automotive, and home appliances, are progressively incorporating sustainable steel to meet regulatory requirements and advance their sustainability commitments, collectively supporting the market's growth trajectory.

Challenges:
Despite strong growth potential, the sustainable steel market faces several challenges that may constrain its expansion. High production costs and limited access to renewable energy infrastructure remain major impediments. Variability in steel supply also presents challenges to consistent production output.

Moreover, traditional steel manufacturers often demonstrate hesitancy in transitioning to sustainable production models due to the financial risks and technological uncertainties involved. Market volatility, evolving regulatory frameworks, and the necessity to maintain the same quality and performance standards as conventional steel further compound the industry's challenges.

Regional Trends:
The North American sustainable steel market is expected to capture a significant share of global revenue, supported by robust demand from the construction and automotive sectors, substantial investments in green technologies, and stringent environmental policies. The region's proactive initiatives aimed at reducing carbon emissions continue to reinforce market expansion.

Likewise, Europe retains a leading market position, underpinned by a well-developed recycling infrastructure, strong governmental backing for sustainability programs, considerable investments in clean technologies, and ongoing advancements designed to enhance the efficiency and viability of sustainable steel production.

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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
o Electric Arc Furnace (EAF)
o Blast Furnace-Basic Oxygen Furnace (BF-BOF)
o Others
• Green Steel
o Electric Arc Furnace (EAF)
o Renewable - Electric Arc Furnace (R-EAF)
o Hydrogen Direct Reduced Iron - Electric Arc Furnace (H2 DRI-EAF)
o 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

Read Overview Report- https://www.insightaceanalytic.com/report/sustainable-recycled-and-green-steel-market/2674

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This release was published on openPR.