Sustainable (Recycled and Green) Steel Market is on an Upward Growth Curve

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 (recycled and green) steel is produced using environmentally responsible materials and processes, including the recycling of steel, which significantly reduces the need for raw materials and lowers energy consumption. Market growth is primarily driven by stringent environmental regulations and increasing demand for low-carbon construction materials. The sector is further supported by innovations in steel production techniques, such as hydrogen-based reduction methods and advanced recycling technologies.

Strategic partnerships and investments in green infrastructure projects are fostering a favorable market environment, emphasizing sustainability and carbon footprint reduction in the steel industry. While high production costs and regulatory compliance requirements present challenges, technological advancements such as electric arc furnaces, hydrogen reduction processes, and improved recycling methods have enhanced the economic and ecological feasibility of sustainable steel production. These improvements reduce energy consumption, lower carbon emissions, and increase the use of recycled materials, thereby driving market expansion.

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

Market Dynamics:
Drivers:
The demand for sustainable (recycled and green) steel is rising as industries increasingly prioritize reducing their environmental impact. Companies are adopting environmentally responsible practices in response to stricter regulations and growing pressure from governments and stakeholders to meet sustainability targets. Manufacturing sustainable steel using recycled materials and renewable energy significantly reduces energy consumption and greenhouse gas emissions.

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Challenges:
Market growth is constrained by high production costs, limited infrastructure for renewable energy, and the unpredictability of steel availability. Traditional steel manufacturers may also resist transitioning due to concerns about the costs and risks associated with sustainable production. Additionally, maintaining quality and performance standards comparable to conventional steel, along with regulatory and market uncertainties, continues to pose challenges for the widespread adoption of sustainable steel.

Regional Trends:
North America is expected to hold a significant revenue share in the sustainable (recycled and green) steel market, driven by strong demand from the construction and automotive sectors, substantial investments in green technologies, and stringent environmental regulations. Efforts to reduce carbon emissions further support market growth in the region. Europe also commands a substantial market share, supported by advanced recycling infrastructure, strong government backing for sustainability initiatives, significant investment in eco-friendly technologies, and ongoing technological advancements that continue to propel growth in the global sustainable steel market.

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.

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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

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This release was published on openPR.