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The Global Market for Green (Low-Carbon) Steel 2025-2035

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  • Published: January 2025
  • Pages: 107
  • Tables: 40
  • Figures: 16 

 

Green steel refers to steel produced using technologies and processes that result in significantly lower CO2 emissions compared to conventional production methods. As countries around the world set ambitious decarbonization targets, the steel sector is under increasing pressure to adopt cleaner technologies and processes. This shift is driving rapid advancements in low-carbon steelmaking, with a focus on hydrogen-based production, carbon capture utilization and storage (CCUS), and electrification using renewable energy.

Many major steel producers have announced plans to invest billions of dollars in low-carbon production capacity over the coming years. Europe is currently leading the charge, with companies like ArcelorMittal, SSAB, and Thyssenkrupp all pursuing green steel initiatives. China, the world's largest steel producer, has also set targets to peak carbon emissions by 2030 and achieve carbon neutrality by 2060, which is expected to drive significant investments in low-carbon steelmaking.

Looking ahead, the green steel market is projected to grow rapidly as more companies adopt clean production technologies and governments implement supportive policies. This growth will be driven by increasing demand from key end-use industries such as automotive, construction, and consumer appliances, as well as rising carbon prices and stricter emissions regulations. In terms of regional demand, Europe is expected to be a key market for green steel over the next decade, driven by the EU's ambitious climate targets and the implementation of a carbon border adjustment mechanism (CBAM) that will put a price on imported steel based on its carbon content. 

Despite the positive outlook, the green steel market faces several challenges that could impact its growth trajectory. One of the biggest barriers is the high cost of low-carbon production technologies compared to conventional steelmaking processes. While costs are expected to come down over time as technologies mature and scale up, green steel is likely to remain more expensive than traditional steel in the near term. Other challenges include limited availability of renewable energy and green hydrogen, regulatory uncertainty, and technical limitations of some low-carbon production processes. Overall, the market for green steel is expected to grow significantly over the next decade as the industry transitions towards more sustainable production methods. With major investments planned by steel producers around the world and increasing demand from key end-use sectors, low-carbon steel is poised to play a critical role in the global decarbonization effort. However, the industry will need to overcome several challenges related to costs, infrastructure, and technology readiness in order to fully realize the potential of green steel.

The Global Market for Green (Low-Carbon) Steel 2025-2035 is a comprehensive market report analyzing the rapidly evolving green steel industry, focusing on current and emerging low-carbon production technologies, key players, market trends, challenges, and opportunities. 

The report provides an in-depth look at the global green steel market, starting with an introduction to current steelmaking processes and the industry's decarbonization targets and policies. It explores the properties of green steel, and analyzes various clean production technologies including their advantages, limitations and technology readiness levels (TRLs). Key technologies covered include hydrogen DRI, molten oxide electrolysis, CCUS, biochar, hydrogen plasma reduction, and more.

The market for green steel is segmented by major end-use industries such as automotive, construction, consumer appliances, machinery, rail, packaging and electronics. For each industry, the report provides an overview, green steel applications, and case studies. Profiles of more than 40 producers and technology providers are included.

Current and planned green steel production capacity is mapped globally, with a focus on key players and projects in regions including Europe, North America, China, India, Asia-Pacific, Middle East & Africa, and South America. The competitive landscape is analyzed, highlighting major steel producers, technology providers, and partnerships across the value chain.

The report includes market forecasts to 2035, with projections for green steel production capacity, volumes, market value, and regional demand. Granular data is provided for production versus demand through 2035, as well as forecast revenues by end-use industry and region. This enables industry stakeholders to identify target markets and applications where green steel demand is predicted to surge over the coming decade.

Beyond an analysis of market drivers and trends, the report delves into the challenges facing the green steel industry as it scales up novel technologies and competes with incumbent production processes. Regulatory and cost barriers are examined, as well as issues around technology readiness and raw material availability.

The report serves as an essential resource for companies across the green steel value chain, including iron and steel producers, hydrogen and renewable energy providers, technology developers, plant equipment suppliers, end-users, investors, and government stakeholders. It provides the data and insights needed to make informed decisions as the green steel market grows from a niche to the mainstream over the next decade.

Key topics covered in the report include:

  • Introduction to green steel, its properties and emissions reduction potential
  • Decarbonization targets, policies and carbon pricing impacting the steel industry
  • Analysis of low-carbon production technologies including hydrogen DRI, CCUS, electrolysis, etc.
  • Segmentation of the green steel market by end-use industry
  • Profiles of major green steel producers and clean technology providers. Companies profiled include Algoma Steel, Aperam BioEnergia, ArcelorMittal SA, Blastr Green Steel, Boston Metal, China Baowu Steel Group, Compañía de Aceros del Pacífico (CAP), Electra Steel, Emirates Steel Arkan, GravitHy, Georgsmarienhütte Holding GmbH, Greeniron H2 AB, HBIS Group, Helios, Hybrit Development AB, Hybar LLC, Hydnum Steel, Hyundai Steel, JFE Steel, Jindal Shadeed Group, JSW Steel, Kobe Steel, Ltd., Liberty Steel Group, Limelight Steel, Magsort Oy, Meranti Green Steel, Mitsui, Nippon Steel Corporation and more....
  • Global mapping of low-carbon steel production capacity and investments to 2035
  • Challenges and barriers to market growth
  • Granular market forecasts for green steel supply, demand and revenues by end-use and region
  • Future green steel market outlook to 2035

 

The green steel revolution is just beginning, and this report is an invaluable guide to help navigate the rapidly evolving market landscape through 2035. It is a must-read for anyone looking to understand and capitalize on the sustainable transformation of one of the world's most carbon-intensive industries.

1             INTRODUCTION          9

  • 1.1        Current Steelmaking processes        9
  • 1.2        "Double carbon" (carbon peak and carbon neutrality) goals and ultra-low emissions requirements 10
  • 1.3        What is green steel?  12
    • 1.3.1    Properties         13
    • 1.3.2    Decarbonization target and policies               14
      • 1.3.2.1 EU Carbon Border Adjustment Mechanism (CBAM)            16
    • 1.3.3    Advances in clean production technologies             16
  • 1.4        Production technologies        17
    • 1.4.1    The role of hydrogen  17
    • 1.4.2    Comparative analysis              18
    • 1.4.3    Hydrogen Direct Reduced Iron (DRI)              19
    • 1.4.4    Electrolysis      20
    • 1.4.5    Carbon Capture, Utilization and Storage (CCUS)  21
    • 1.4.6    Biochar replacing coke            23
    • 1.4.7    Hydrogen Blast Furnace         23
    • 1.4.8    Renewable energy powered processes        24
    • 1.4.9    Flash ironmaking        25
    • 1.4.10 Hydrogen Plasma Iron Ore Reduction           26
    • 1.4.11 Ferrous Bioprocessing            27
    • 1.4.12 Microwave Processing             28
    • 1.4.13 Additive Manufacturing          28
    • 1.4.14 Technology readiness level (TRL)      29
  • 1.5        Advanced materials in green steel   29
    • 1.5.1    Composite electrodes             29
    • 1.5.2    Solid oxide materials 30
    • 1.5.3    Hydrogen storage metals       30
    • 1.5.4    Carbon composite steels      31
    • 1.5.5    Coatings and membranes     31
    • 1.5.6    Sustainable binders  31
    • 1.5.7    Iron ore catalysts         32
    • 1.5.8    Carbon capture materials     32
    • 1.5.9    Waste gas utilization 33
  • 1.6        Advantages and disadvantages of green steel         33
  • 1.7        Markets and applications      34
  • 1.8        Energy Savings and Cost Reduction in Steel Production   35
  • 1.9        Digitalization  35
  • 1.10     Biomass Steel Production and Sustainable Green Steel Production Chai            35

 

2             THE GLOBAL MARKET FOR GREEN STEEL  37

  • 2.1        Global steel production          37
    • 2.1.1    Steel prices     37
    • 2.1.2    Green steel prices       37
  • 2.2        Green steel plants and production, current and planned 38
  • 2.3        Market map    39
  • 2.4        SWOT analysis              40
  • 2.5        Market trends and opportunities      40
  • 2.6        Industry developments, funding and innovation 2022-2025          41
  • 2.7        Market growth drivers               47
  • 2.8        Market challenges      48
  • 2.9        End-use industries     49
    • 2.9.1    Automotive      49
      • 2.9.1.1 Market overview           49
      • 2.9.1.2 Applications   51
    • 2.9.2    Construction  52
      • 2.9.2.1 Market overview           52
      • 2.9.2.2 Applications   52
    • 2.9.3    Consumer appliances             53
      • 2.9.3.1 Market overview           53
      • 2.9.3.2 Applications   53
    • 2.9.4    Machinery        54
      • 2.9.4.1 Market overview           54
      • 2.9.4.2 Applications   55
    • 2.9.5    Rail       55
      • 2.9.5.1 Market overview           55
      • 2.9.5.2 Applications   56
    • 2.9.6    Packaging        56
      • 2.9.6.1 Market overview           56
      • 2.9.6.2 Applications   57
    • 2.9.7    Electronics      57
      • 2.9.7.1 Market overview           57
      • 2.9.7.2 Applications   58

 

3             GLOBAL MARKET PRODUCTION AND DEMAND     59

  • 3.1        Production Capacity 2020-2035      59
  • 3.2        Production vs. Demand 2020-2035 60
  • 3.3        Revenues 2020-2035               61
    • 3.3.1    By end-use industry  61
    • 3.3.2    By region           61
      • 3.3.2.1 North America              62
      • 3.3.2.2 Europe                62
      • 3.3.2.3 China  63
      • 3.3.2.4 India    63
      • 3.3.2.5 Asia-Pacific (excl. China)       64
      • 3.3.2.6 Middle East & Africa  64
      • 3.3.2.7 South America              64
  • 3.4        Competitive landscape          65
  • 3.5        Future market outlook             65

 

4             COMPANY PROFILES                67 (46 company profiles)

 

5             RESEARCH METHODOLOGY              103

 

6             LIST OF ACRONYMS  104

 

7             REFERENCES 105

 

List of Tables

  • Table 1. Properties of Green steels. 13
  • Table 2. Global Decarbonization Targets and Policies related to Green Steel.     14
  • Table 3. Estimated cost for iron and steel industry under the Carbon Border Adjustment Mechanism (CBAM).             16
  • Table 4. Hydrogen-based steelmaking technologies.          17
  • Table 5. Comparison of green steel production technologies.      18
  • Table 6. Advantages and disadvantages of each potential hydrogen carrier.       20
  • Table 7. CCUS in green steel production.    21
  • Table 8. Biochar in steel and metal. 23
  • Table 9. Hydrogen blast furnace schematic.             24
  • Table 10. Applications of microwave processing in green steelmaking. 28
  • Table 11. Applications of additive manufacturing (AM) in steelmaking.  28
  • Table 12.  Technology readiness level (TRL) for key green steel production technologies.          29
  • Table 13. Coatings and membranes in green steel production.    31
  • Table 14. Advantages and disadvantages of green steel.  33
  • Table 15. Markets and applications: green steel.   34
  • Table 16. Green Steel Plants - Current and Planned Production  38
  • Table 17. Industry developments and innovation in Green steel, 2022-2025.    41
  • Table 18. Summary of market growth drivers for Green steel.        47
  • Table 19. Market challenges in Green steel.              48
  • Table 20. Supply agreements between green steel producers and automakers.              49
  • Table 21. Applications of green steel in the automotive industry.               51
  • Table 22. Applications of green steel in the construction industry.            52
  • Table 23. Applications of green steel in the consumer appliances industry.        54
  • Table 24. Applications of green steel in machinery.             55
  • Table 25. Applications of green steel in the rail industry.  56
  • Table 26. Applications of green steel in the packaging industry.  57
  • Table 27. Applications of green steel in the electronics industry. 58
  • Table 28. Low-Emissions Steel Production Capacity 2020-2035 (Million Metric Tons). 59
  • Table 29. Low-Emissions Steel Production vs. Demand 2020-2035 (Million Metric Tons)           60
  • Table 30. Low-Emissions Steel Market Revenues 2020-2035.      61
  • Table 31. Demand for Low-Emissions Steel by End-Use Industry 2020-2035 (Million Metric Tons).     61
  • Table 32. Regional Demand for Low-Emissions Steel 2020-2035 (Million Metric Tons).               62
  • Table 33. Regional Demand for Low-Emissions Steel 2020-2035, NORTH AMERICA (Million Metric Tons)                62
  • Table 34. Regional Demand for Low-Emissions Steel 2020-2035, EUROPE (Million Metric Tons).         62
  • Table 35. Regional Demand for Low-Emissions Steel 2020-2035, CHINA (Million Metric Tons).             63
  • Table 36. Regional Demand for Low-Emissions Steel 2020-2035, INDIA (Million Metric Tons).               63
  • Table 37. Regional Demand for Low-Emissions Steel 2020-2035, ASIA-PACIFIC (excluding China) (Million Metric Tons). 64
  • Table 38. Regional Demand for Low-Emissions Steel 2020-2035, MIDDLE EAST & AFRICA (Million Metric Tons).  64
  • Table 39. Regional Demand for Low-Emissions Steel 2020-2035, SOUTH AMERICA (Million Metric Tons).                64
  • Table 40. Key players in Green steel, location and production methods.               65

 

List of Figures

  • Figure 1. Share of (a) production, (b) energy consumption and (c) CO2 emissions from different steel making routes.              10
  • Figure 2. Transition to hydrogen-based production.             11
  • Figure 3. CO2 emissions from steelmaking (tCO2/ton crude steel).          13
  • Figure 4. CO2 emissions of different process routes for liquid steel.        15
  • Figure 5. Hydrogen Direct Reduced Iron (DRI) process.     19
  • Figure 6. Molten oxide electrolysis process.              21
  • Figure 7. Steelmaking with CCS.       22
  • Figure 8. Flash ironmaking process.               26
  • Figure 9. Hydrogen Plasma Iron Ore Reduction process.  27
  • Figure 10. Green steel market map. 39
  • Figure 11. SWOT analysis: Green steel.        40
  • Figure 12. Low-Emissions Steel Production Capacity 2020-2035 (Million Metric Tons).              59
  • Figure 13. ArcelorMittal decarbonization strategy.                69
  • Figure 14. HYBRIT process schematic.         78
  • Figure 15. Schematic of HyREX technology.              90
  • Figure 16. EAF Quantum.       92

 

 

The Global Market for Green (Low-Carbon) Steel 2025-2035
The Global Market for Green (Low-Carbon) Steel 2025-2035
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The Global Market for Green (Low-Carbon) Steel 2025-2035
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