Green Steel Market is driven by sustainable manufacturing practices...

Green Steel Market is driven by sustainable manufacturing practices

Posted 2024-06-24 11:31:24

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Green steel refers to steel produced using sustainable manufacturing practices that emit lower carbon and use renewable energy sources. It is emerging as an environmentally friendly alternative to traditionally produced steel. Green steel is manufactured using innovative low-carbon production methods like replacing coal with hydrogen as the reducing agent or using electric arc furnaces (EAF) powered by renewable energy instead of blast furnaces. The advantages of green steel include a significantly lower carbon footprint compared to traditional steelmaking. Green steel production could potentially reduce carbon emissions from the steel industry by 20% or more.

The Global Green Steel Market is estimated to be valued at US$ 117.13 Bn in 2024 and is expected to exhibit a CAGR of 60% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the Green Steel Market are Ansteel Group, ArcelorMittal, Boston Metal, China Baowu Steel Group, H2Green Steel, HY-LION, and SSAB AB.

Growing environmental concerns and stringent emission norms are driving the demand for Green Steel Market Demand globally. Manufacturers are investing in low-carbon production technologies to transition to sustainable steelmaking and meet the increasing customer demand for eco-friendly steel products.

Leading steel producers are expanding their production capabilities of Green Steel Market Analysis and establishing manufacturing hubs across key regions. Rapid industrialization in Asia Pacific and Latin America is anticipated to boost the adoption of green steel in developing economies over the coming years.