The Sustainable (Recycled and Green) Steel Market Size was valued at USD 335.4 Bn in 2023 and is predicted to reach USD 604.3 Bn by 2031 at a 7.8% CAGR during the forecast period for 2024-2031.
Sustainable (recycled and green) steel describes a type of steel that is made without harming the environment. Among these measures is the repurposing of scrap steel into new goods, which reduces energy usage and the demand for raw materials. Several industries are driving market expansion due to more stringent environmental regulations and pushing for more eco-friendly steel-making methods. Also, subsidies and financial incentives for environmentally friendly production processes help businesses expand their customer base by lowering the entry barrier to sustainable operations and increasing demand for sustainable (recycled and green) steel. In addition to promoting sustainability and cost savings, resource efficiency in recycled steel production minimizes the use of raw materials and energy. As a result, sustainable (recycled and green) steel becomes more appealing to producers due to it decreasing production costs while simultaneously reducing environmental effects. It is expected to boost market expansion in the coming years.
However, market expansion is hindered by substantial expenditure on cutting-edge technology and renewable energy infrastructure, scarce scrap steel supplies, and excessive manufacturing costs of sustainable (recycled and green) steel. Furthermore, sustainable (recycled and green) steel has a lot of possibilities because of recent innovations in the material, more substantial government incentives for green manufacturing, and rising consumer demand for environmentally friendly goods. Another factor driving demand is the growing number of sustainable construction projects and green building methods. This market is growing because of rising corporate sustainability initiatives and international attempts to cut carbon emissions, which will increase the demand for the market in the coming years.
The sustainable (recycled and green) steel market is segmented based on end-user application, product type, and technology. Based on end-user application, the market is segmented into transportation, building and construction, furniture and appliances, mechanical equipment and tools, packaging, and others. The market is segmented by product type into recycled and green steel. By technology, the market is segmented into sustainable steel and green steel.
The building and construction category is expected to hold a major share of the global sustainable (recycled and green) steel market in 2023. This is attributed to the fact that green building practices are becoming more popular, and there is a growing need for environmentally friendly building materials. Additionally, in order to comply with strict environmental requirements, sustainable (recycled and green) steel is a must-have. The expanding consciousness of sustainable development and the push to lessen the environmental impact of building and construction projects are additional factors fueling the industry’s need for sustainable (recycled and green) steel.
The recycled steel segment is projected to grow rapidly in the global sustainable (recycled and green) steel market because of the growing concern for the environment, strict rules for garbage disposal, and the drive to lower carbon emissions. Moreover, recycling steel is more cost-effective than making new steel from raw materials, and innovations in recycling technology are driving this market segment’s growth.
The North American sustainable (recycled and green) steel market is expected to register the highest market share in revenue in the near future. It can be attributed to the region’s stringent environmental regulations, strong government support for green initiatives, and advanced recycling infrastructure. In addition to committing substantial funds to green technologies, the US has also promised to reduce carbon emissions and advances in technology. In addition, Asia Pacific is projected to grow rapidly in the global sustainable (recycled and green) steel market due to growing demand in industries such as construction and automotive; substantial investment in eco-friendly technologies, stringent environmental regulations, and reduced carbon emissions are driving industry
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Report Attribute |
Specifications |
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Market Size Value In 2023 |
USD 335.4 Bn |
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Revenue Forecast In 2031 |
USD 604.3 Bn |
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Growth Rate CAGR |
CAGR of 7.8% from 2024 to 2031 |
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Quantitative Units |
Representation of revenue in US$ Bn and CAGR from 2024 to 2031 |
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Historic Year |
2019 to 2023 |
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Forecast Year |
2024-2031 |
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Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
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Segments Covered |
By Product Type, By Technology, By End-User and By Region |
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Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South East Asia; South Korea |
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Competitive Landscape |
ArcelorMittal, Commercial Metals Company (CMC), Gerdau S/A, HBIS GROUP, NIPPON STEEL CORPORATION, Nucor Corporation, Steel Dynamics, Pascap Co. Inc., POSCO, Radius Recycling, Inc., Tata Steel, H2 green steel, SSAB AB, ThyssenKrupp Steel Europe, and China Baowu Steel Group Corporation Limited. |
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Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
Chapter 1. Methodology and Scope
1.1. Research Methodology
1.2. Research Scope & Assumptions
Chapter 2. Executive Summary
Chapter 3. Global Sustainable (Recycled and Green) Steel Market Snapshot
Chapter 4. Global Sustainable (Recycled and Green) Steel Market Variables, Trends & Scope
4.1. Market Segmentation & Scope
4.2. Drivers
4.3. Challenges
4.4. Trends
4.5. Investment and Funding Analysis
4.6. Industry Analysis – Porter’s Five Forces Analysis
4.7. Competitive Landscape & Market Share Analysis
4.8. Impact of Covid-19 Analysis
Chapter 5. Market Segmentation 1: By Product Type Estimates & Trend Analysis
5.1. By Product Type & Market Share, 2023 & 2031
5.2. Market Size (Value (US$ Mn)) & Forecasts and Trend Analyses, 2019 to 2031 for the following By Product Type:
5.2.1. Recycled Steel
5.2.2. Green Steel
Chapter 6. Market Segmentation 2: By End-User Application Estimates & Trend Analysis
6.1. By End-User Application & Market Share, 2023 & 2031
6.2. Market Size (Value (US$ Mn)) & Forecasts and Trend Analyses, 2019 to 2031 for the following By End-User Application:
6.2.1. Transportation
6.2.2. Building and Construction
6.2.3. Furniture and Appliances
6.2.4. Mechanical Equipment and Tools
6.2.5. Packaging
6.2.6. Others
Chapter 7. Market Segmentation 3: By Technology Estimates & Trend Analysis
7.1. By Technology & Market Share, 2023 & 2031
7.2. Market Size (Value (US$ Mn)) & Forecasts and Trend Analyses, 2019 to 2031 for the following By Technology:
7.2.1. Sustainable Steel
7.2.1.1. Electric Arc Furnace (EAF)
7.2.1.2. Blast Furnace-Basic Oxygen Furnace (BF-BOF)
7.2.1.3. Others
7.2.2. Green Steel
7.2.2.1. Electric Arc Furnace (EAF)
7.2.2.1.1. Renewable – Electric Arc Furnace (R-EAF)
7.2.2.1.2. Hydrogen Direct Reduced Iron – Electric Arc Furnace (H2 DRI-EAF)
7.2.2.2. Others
Chapter 8. Sustainable (Recycled and Green) Steel Market Segmentation 4: Regional Estimates & Trend Analysis
8.1. North America
8.1.1. North America Sustainable (Recycled and Green) Steel Market Revenue (US$ Million) Estimates and Forecasts by Product Type, 2024-2031
8.1.2. North America Sustainable (Recycled and Green) Steel Market Revenue (US$ Million) Estimates and Forecasts by End-User Application, 2024-2031
8.1.3. North America Sustainable (Recycled and Green) Steel Market Revenue (US$ Million) Estimates and Forecasts by Technology, 2024-2031
8.1.4. North America Sustainable (Recycled and Green) Steel Market Revenue (US$ Million) Estimates and Forecasts by country, 2024-2031.
8.2. Europe
8.2.1. Europe Sustainable (Recycled and Green) Steel Market Revenue (US$ Million) Estimates and Forecasts by Product Type, 2024-2031
8.2.2. Europe Sustainable (Recycled and Green) Steel Market Revenue (US$ Million) Estimates and Forecasts by End-User Application, 2024-2031
8.2.3. Europe Sustainable (Recycled and Green) Steel Market Revenue (US$ Million) Estimates and Forecasts by Technology, 2024-2031
8.2.4. Europe Sustainable (Recycled and Green) Steel Market Revenue (US$ Million) Estimates and Forecasts by country, 2024-2031
8.3. Asia Pacific
8.3.1. Asia Pacific Sustainable (Recycled and Green) Steel Market Revenue (US$ Million) Estimates and Forecasts by Product Type, 2024-2031
8.3.2. Asia Pacific Sustainable (Recycled and Green) Steel Market Revenue (US$ Million) Estimates and Forecasts by End-User Application, 2024-2031
8.3.3. Asia Pacific Sustainable (Recycled and Green) Steel Market Revenue (US$ Million) Estimates and Forecasts by Technology, 2024-2031
8.3.4. Asia Pacific Sustainable (Recycled and Green) Steel Market Revenue (US$ Million) Estimates and Forecasts by country, 2024-2031
8.4. Latin America
8.4.1. Asia Pacific Sustainable (Recycled and Green) Steel Market Revenue (US$ Million) Estimates and Forecasts by Product Type, 2024-2031
8.4.2. Latin America Sustainable (Recycled and Green) Steel Market Revenue (US$ Million) Estimates and Forecasts by End-User Application, 2024-2031
8.4.3. Latin America Sustainable (Recycled and Green) Steel Market Revenue (US$ Million) Estimates and Forecasts by Technology, 2024-2031
8.4.4. Latin America Sustainable (Recycled and Green) Steel Market Revenue (US$ Million) Estimates and Forecasts by country, 2024-2031.
8.5. Middle East & Africa
8.5.1. Middle East & Africa Sustainable (Recycled and Green) Steel Market Revenue (US$ Million) Estimates and Forecasts by Product Type, 2024-2031
8.5.2. Middle East & Africa Sustainable (Recycled and Green) Steel Market Revenue (US$ Million) Estimates and Forecasts by End-User Application, 2024-2031
8.5.3. Middle East & Africa Sustainable (Recycled and Green) Steel Market Revenue (US$ Million) Estimates and Forecasts by Technology, 2024-2031
8.5.4. Middle East & Africa Sustainable (Recycled and Green) Steel Market Revenue (US$ Million) Estimates and Forecasts by country, 2024-2031
Chapter 9. Competitive Landscape
9.1. Major Mergers and Acquisitions/Strategic Alliances
9.2. Company Profiles
9.2.1. ArcelorMittal
9.2.2. Commercial Metals Company (CMC)
9.2.3. Gerdau S/A
9.2.4. HBIS GROUP
9.2.5. NIPPON STEEL CORPORATION
9.2.6. Nucor Corporation
9.2.7. Steel Dynamics
9.2.8. Pascap Co. Inc.
9.2.9. POSCO
9.2.10. Radius Recycling, Inc.
9.2.11. Tata Steel
9.2.12. H2 green steel
9.2.13. SSAB AB
9.2.14. thyssenkrupp Steel Europe
9.2.15. China Baowu Steel Group Corporation Limited
9.2.16. Other Prominent Players
Sustainable (Recycled and Green) Steel Market- By End-User Application
Sustainable (Recycled and Green) Steel Market- By Product Type
Sustainable (Recycled and Green) Steel Market- By Technology
Sustainable (Recycled and Green) Steel Market- By Region
North America-
Europe-
Asia-Pacific-
Latin America-
Middle East & Africa-
InsightAce Analytic follows a standard and comprehensive market research methodology focused on offering the most accurate and precise market insights. The methods followed for all our market research studies include three significant steps – primary research, secondary research, and data modeling and analysis - to derive the current market size and forecast it over the forecast period. In this study, these three steps were used iteratively to generate valid data points (minimum deviation), which were cross-validated through multiple approaches mentioned below in the data modeling section.
Through secondary research methods, information on the market under study, its peer, and the parent market was collected. This information was then entered into data models. The resulted data points and insights were then validated by primary participants.
Based on additional insights from these primary participants, more directional efforts were put into doing secondary research and optimize data models. This process was repeated till all data models used in the study produced similar results (with minimum deviation). This way, this iterative process was able to generate the most accurate market numbers and qualitative insights.
Secondary research
The secondary research sources that are typically mentioned to include, but are not limited to:
The paid sources for secondary research like Factiva, OneSource, Hoovers, and Statista
Primary Research:
Primary research involves telephonic interviews, e-mail interactions, as well as face-to-face interviews for each market, category, segment, and subsegment across geographies
The contributors who typically take part in such a course include, but are not limited to:
Data Modeling and Analysis:
In the iterative process (mentioned above), data models received inputs from primary as well as secondary sources. But analysts working on these models were the key. They used their extensive knowledge and experience about industry and topic to make changes and fine-tuning these models as per the product/service under study.
The standard data models used while studying this market were the top-down and bottom-up approaches and the company shares analysis model. However, other methods were also used along with these – which were specific to the industry and product/service under study.
