Press Release Description
International Efforts toward Carbon Neutrality to Boost Global Green Steel Market in the Future
The Global Green Steel Market is presently in its elementary stage, cites MarkNtel Advisors in their recent research report. The steel industry is one of the largest CO2 emitters, contributing around 6-7% of Green House Gas (GHG) emissions worldwide. It is making it crucial to find a low-carbon process for primary steelmaking to adhere to a 1.5°C pathway, the target set under Paris Climate Change Agreement, 2015. As part of the prescribed roadmap, all economies would work together to keep global temperature rise below 2?C above pre-industrial levels, and limit it even further to 1.5?C by the end of the 21st century to prevent the worst of climate impacts. Several organizations are opting for greener options in the steel industry. For instance:
- In April 2021, the Swedish automaker, Volvo, announced its partnership with high-strength steel pioneer SSAB to develop & commercialize the world’s first vehicle made from fossil-free steel.
- Also, Mercedes-Benz AG announced its target to launch vehicles made using CO2-free steel by as early as 2025. As a result, increasing pressure to reduce carbon emissions while manufacturing steel would propel the Global Green Steel Market during the forecast period.
Abundant Solar Energy Worldwide to Contribute Substantially to the Green Steel Market
The abundant solar energy worldwide can be used extensively for green hydrogen production and, later, for manufacturing green steel. Earlier, there have been well-established green hydrogen production plants through the help of solar energy in Europe, Asia-Pacific, and North America. Hence, the significant usage of solar energy for the production of green hydrogen would result in the considerable growth of the global green steel market in the coming years.
Besides, the abundant availability of solar energy in Australia is also a remunerative growth opportunity for the green steel market. As a result, many companies worldwide are massively investing in solar power plants. For example:
- Lately, in 2021, H2 Green Steel announced the establishment of its green steel plant in the Norrbotten region, Sweden, which would be supported by nearly 800 Megawatt of Green Hydrogen plant alongside the green steel manufacturing facility.
- In 2020, CleanTechnica welcomed the plan for a new solar array at the longstanding Rocky Mountain steel mill in Pueblo, Colorado. The North American branch of Russia’s leading steel & coal producer EVRAZ owns the mill, and the project has been developed by Lightsource BP, a joint venture between BP and the solar firm Lightsource.
Building & Construction Sector to acquire a Significant Share in Global Green Steel Market
More & more infrastructure constructions have taken place in recent decades, and high-rise buildings have sprung up everywhere. With rapid urbanization, the real estate industry has been in full swing. Using green steel in buildings has many advantages, such as high strength, lightweight, high degree of industrialization, fast construction speed, high housing yield, etc. The primary building materials of traditional concrete buildings are still non-recyclable materials like cement, sand, and gravel. Their demolition would produce some difficult-to-degrade construction waste, which would increase the pressure on the environment caused by waste disposal. Hence, the increasing focus on building energy conservation would transform architecture & building materials in the coming years. The world is gradually transiting from conventional concrete buildings to prefabricated steel structures.
- According to the World Steel Association, the steel industry of the United States consumes approximately 2% of all domestic energy each year.
However, the Steel industry needs to adopt environmentally friendly options in order to reduce carbon footprints to cope with the burgeoning pressure of rising environmental risks & government concerns over decarbonization. The automakers in Europe are also gradually moving toward utilizing green steel in vehicle manufacturing. For instance:
- In 2021, Volvo began the trial run of green steel for developing prototypes of vehicles & components.
- BMW has planned to use green steel for auto production by 2025.
Several other auto OEMs are planning to enter the green steel ecosystem in the coming years, further reveals MarkNtel Advisors in their research report, "Global Green Steel Market Analysis, 2022."
According to MarkNtel Advisors, the leading players in the Global Green Steel Market Are Green Steel Group, H2 Green Steel, Deutsche Edelstahlwerke, Tata Steel, HYBRIT, ArcelorMittal, Emirates Steel, Others (Jindal Steel, Thyssenkrupp, Baowu Group, etc.).
Key Questions Answered in the Study
- What are the current & future trends in the Global Green Steel Market?
- How has the industry been evolving in terms of geography & product adoption?
- How has the competition been shaping across various countries, followed by their comparative factorial indexing?
- What are the key growth drivers & challenges for the Global Green Steel Market?
- What are the customer orientation, purchase behavior, and expectations from the potential green steel manufacturers across various regions?
- By Energy Source: (Solar Energy, Wind Energy)
- By Production Technology: (Electric Arc Furnace, Molten Oxide Electrolysis)
- By End User: (Buildings & Construction, Automotive & Transportation, Electronics Industrial Equipment)
- By Region (Americas, Europe, Middle East & Africa, Asia-Pacific)
- By Companies (Green Steel Group, H2 Green Steel, Deutsche Edelstahlwerke, Tata Steel, HYBRIT, Arcelor Mittal, Emirates Steel, Others (Jindal Steel, Thyssenkrupp, Baowu Group, etc.))
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