Green Steel Market to 2035 - Scope and Research Methodology

 The global green steel market size was valued at USD 2.62 billion in 2023 and is projected to grow from USD 3.75 billion in 2024 to USD 129.08 billion by 2032, exhibiting a CAGR of 55.6% during the forecast period. North America dominated the green steel market with a market share of 58.02% in 2023.

Essentially, the steel produced without using any fossil fuel is called green steel. It is produced through a process that does not emit any greenhouse gases and is carbon neutral. Steel production's main carbon emission occurs during the reduction of iron ore in blast furnaces. In the current scenario, coal is a primary energy source to fuel these furnaces. As per the World Steel Association, the steel industry accounts for nearly 9% of global CO2 emissions, and in China, it accounts for about 15% of national emissions. Thus, it triggers the call for action and creates a necessity for sustainable solutions.


Recent Developments

•            Jan’23 - ArcelorMittal invested $36 million in a green steel manufacturing business, Boston Metal, which raised $120 million.

•            The American steel juggernaut Nucor Corporation declared that Econiq would be made available to General Motors by 2022.

•            Tata Steel Europe revealed plans to develop green steel for the Netherlands utilising EAF (Electric Arc Furnace) manufacturing methods in 2020.

•            ArcelorMittal funded USD100 million on green steel technologies in 2022 to expedite the steel sector's carbon reduction. In Hamburg, Germany, ArcelorMittal and Tata Steel unveiled their plan to produce steel devoid of fossil fuels using EAF technology.

 

Read More - https://medium.com/@nikitastalwartresearchinsights/green-steel-market-to-2035-scope-and-research-methodology-80f5391f8c1a

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