Industria
Green Steel Market to reach 320.67 Bn at a CAGR of 101.23 percent by 2030- Says Stellar Market Research.
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.
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.
size was valued at US$ 1030.69 Billion in 2023 and the Carbon Steel Market revenue is expected to grow at 3.76% from 2024 to 2030, reaching nearly US$ 1334.57 Billion .
was valued at USD 1457.94 billion in 2023. Global Crude Steel Market size is estimated to grow at a CAGR of 2.6 % over the forecast period.
is expected to grow at 9.2% CAGR from 2024 to 2030, from USD 10.31 Billion to 19.10 Billion.
size was valued at USD 23.48 Bn . in 2023 and the total Global Carbon black revenue is expected to grow at a CAGR of 5.1% from 2024 to 2030, reaching nearly USD 33.04 Bn . by 2030.
size was valued at USD 145.1 Bn . in 2023 and is expected to reach USD 229.97 Bn . by 2030, at a CAGR of 6.8%.
size was valued at USD 62.39 Bn . in 2023 and the total Global Hot Dip Galvanizing revenue is expected to grow at a CAGR of 6.15 % from 2024 to 2030, reaching nearly USD 92.59 Bn . by 2030.
size was valued at USD 2.01 Bn . in 2023 and the Graphene Oxide revenue is expected to grow at a CAGR of 32% from 2024 to 2030, reaching nearly USD 14.22 Bn . by 2030.
Stellar Market Research is a multifaceted market research and consulting company with professionals from several industries. Some industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems.
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