PUNE, India, July 29, 2024 /PRNewswire/ -- Stellar Market Research has published a report on the Green Steel Market stating that the market size was USD 2.4 Bn in 2023 and is expected to grow at a CAGR of 101.23 percent through the forecast period, reaching USD 320.67 Bn by 2030. As the world faces mounting environmental challenges, the steel industry is undergoing a revolutionary transformation with the advent of green steel. This sustainable alternative to traditional steel production reduces carbon emissions and positions itself as a pivotal player in the global transition to a low-carbon economy.

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Key Highlights

• Steelmakers are responsible for 7% to 9% of the world's carbon emissions.
• To meet ambitious climate goals, the steelmaking process will have to decarbonize.
• "Green" hydrogen, renewable electricity, and electric arc furnaces will be critical to the transition.
• Decarbonization will require significant capital investment, but regulatory requirements might make it more costly for companies that fail to transform.

Electric Arc Furnace Segment Revolutionising Green Steel Industry

The global steel industry is undergoing a significant shift towards more environmentally friendly production methods, with Electric Arc Furnaces (EAF) playing a central role in promoting sustainability. EAFs offer numerous advantages compared to the traditional blast furnace-basic oxygen furnace (BF-BOF) route, including greater flexibility to meet varying production needs and the ability to use a wide range of raw materials, such as 100 percent steel scrap. This adaptability not only improves efficiency but also helps in reducing greenhouse gas emissions, which is crucial in the fight against climate change. Tata Steel has revealed its intention to replace two blast furnaces at the Port Talbot plant in the UK with advanced scrap-based EAFs that are expected to decrease CO2 emissions by 5 million tonnes. Similarly, British Steel, JFE Steel in Japan, and Kobe Steel are also making the switch from blast furnaces to EAFs to achieve their decarbonization objectives. Additionally, China has set ambitious targets, aiming to increase EAF-based steel production from less than 10 percent in 2022 to 15 percent by 2025, with further plans to reach 20 percent by 2030. As the green steel sector adapts to this transformation, the EAF sector emerges as a symbol of sustainability and innovation.

Detailed segmentation values for each segment and explanations for growth are provided in the final report.

Asia Pacific to be the Fastest Growing Region during the forecast period

The rapid increase in production capacity, coupled with persistently weak demand in Asia, has put extra pressure on steelmakers to decarbonize the steel industry and develop a low-carbon supply chain. Exporters in Asia are pressed with having to report their greenhouse gas emissions when importing to the European Union due to its Carbon Border Adjustment Mechanism (CBAM). China, the top steel producer globally, has made substantial steps in reducing its carbon footprint. In 2024, China opted to not approve any new coal-based steel projects and instead focused on investing in cleaner, scrap-based electric arc furnace technologies. Additionally, Japan is also making impressive progress in green steel production. Nippon Steel's investment in hydrogen-based direct iron reduction and electric arc furnaces signifies a major step towards decarbonizing the steel industry. The Japanese steel industry, responsible for 40% of the country's industrial CO2 emissions, is taking advantage of substantial government support through the New Energy and Industrial Technology Development Organization (NEDO). The collaboration between governments and private sectors in the Asia-Pacific region is crucial for advancing green steel technologies. The dominance is not only shaping the future of steel manufacturing but also influencing global standards and practices, highlighting the Asia-Pacific's crucial role in the global transition towards a more sustainable and environmentally friendly steel industry.

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Key Player Offerings

• ArcelorMittal is positioning itself as a leader in the green steel revolution with its significant investment in an electric arc furnace (EAF) at its Gijón plant. By transitioning from a fossil fuel-intensive blast furnace to a scrap and direct reduced iron-based EAF, ArcelorMittal is not only reducing its carbon footprint but also demonstrating its commitment to producing low-carbon steel products. The company's focus on high-added-value rails and wire rods, coupled with its emphasis on safety and sustainability, underscores its strategic approach to meeting the growing demand for environmentally friendly steel solutions in sectors such as automotive, construction, and rail infrastructure.
• H2 Green Steel is a key player in the global shift towards sustainable steel production. The company offers a groundbreaking solution to decarbonize the traditionally carbon-intensive steel industry by producing green steel with up to 95% lower CO2 emissions compared to traditional methods. Their core offering includes the construction and operation of a large-scale green steel plant in Northern Sweden, utilizing green hydrogen and renewable electricity.

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SOURCE Stellar Market Research