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.
Competitive Landscape
Some of the Major Key Players in the Sustainable (Recycled and Green) Steel Market are
- 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
- China Baowu Steel Group Corporation Limited
- Other Prominent Players
Market Segmentation:
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.
Based on the End-user Application, the Building and Construction Segment is Accounted as a Major Contributor to the Market
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.
Recycled Steel Segment Witnessed Growth at a Rapid Rate
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.
In the Region, the North American Sustainable (Recycled and Green) Steel Market Holds a Significant Revenue Share
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
Recent Developments:
- In May 2024, Siemens and HBIS agreed to build a digital green plant in Belgrade for HBIS Serbia. This is a brand-new joint venture for an intelligent green steel project in Serbia that will make it one of the most competitive steel mills in Europe. HBIS Chairman Yu Yong was present when HBIS Vice President Li Yiren and Siemens Advanta Global President Daniel Rui Felicio signed the deal.
- In June 2024, ArcelorMittal bought 65,243,206 shares in Vallourec from funds managed by Apollo Global Management, Inc. for €14.64 each share, for a total of about €955 million. This represents about 28.4 percent of Vallourec’s equity. Regulatory clearances are still pending, but the deal is still projected to be finalized in the summer.
Sustainable (Recycled and Green) Steel Market Report Scope
|
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. |
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