Published August 2023 | 128 pages, 32 tables, 26 figures | Download table of contents
Green steel refers to sustainable, low-carbon steel production through methods like hydrogen direct reduced iron, renewable energy, and carbon capture. Driven by net-zero emissions targets, green steel aims to lower the 7-9% of global emissions from traditional steelmaking. The market is growing as costs decrease and companies like Thyssenkrupp, ArcelorMittal and SSAB invest billions in large-scale green steel production. This report analyzes production processes, advanced materials, market trends, SWOT analysis, prices, global revenues, and profiles of key players shaping the future of green steel.
Market Outlook and Growth Factors
Surging demand from construction, automotive and manufacturing along with favorable regulations are propelling market growth. This section analyzes prices, plants, SWOT factors, recent industry developments, and innovations.
Challenges for Widespread Adoption
Transitioning to green steel faces barriers like high costs, technological limitations, lack of infrastructure, and policy incentives. This section examines the key challenges that must be overcome.
With mounting pressure to decarbonize steel production, green steel represents the future through technologies like hydrogen DRI, electrolysis, renewables, and carbon capture. The industry stands poised for massive growth driven by market demand and favorable policy.
The Global Market for Green Steel 2023-2033 includes 44 company profiles. Company profiles include production processes, planned capacities, collaborations and agreements, future strategies. Companies profiled include ArcelorMittal, Blastr, Boston Metal, GravitHy, H2 Green Steel, Nippon Steel, SSAB and Thyssenkrupp.
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1 RESEARCH METHODOLOGY 10
2 LIST OF ACRONYMS 11
3 INTRODUCTION 12
- 3.1 Current Steelmaking processes 12
- 3.2 What is green steel? 14
- 3.2.1 Decarbonization target and policies 15
- 3.2.1.1 EU Carbon Border Adjustment Mechanism (CBAM) 17
- 3.2.2 Advances in clean production technologies 18
- 3.2.3 Production technologies 18
- 3.2.3.1 The role of hydrogen 18
- 3.2.3.2 Comparative analysis 20
- 3.2.3.3 Hydrogen Direct Reduced Iron (DRI) 21
- 3.2.3.4 Electrolysis 22
- 3.2.3.5 Carbon Capture, Utilization and Storage (CCUS) 23
- 3.2.3.6 Biochar replacing coke 25
- 3.2.3.7 Hydrogen Blast Furnace 26
- 3.2.3.8 Renewable energy powered processes 28
- 3.2.3.9 Flash ironmaking 28
- 3.2.3.10 Hydrogen Plasma Iron Ore Reduction 29
- 3.2.3.11 Ferrous Bioprocessing 31
- 3.2.3.12 Microwave Processing 31
- 3.2.3.13 Additive Manufacturing 32
- 3.2.3.14 Technology readiness level (TRL) 33
- 3.2.4 Properties 33
- 3.2.1 Decarbonization target and policies 15
- 3.3 Advanced materials in green steel 34
- 3.3.1 Composite electrodes 34
- 3.3.2 Solid oxide materials 35
- 3.3.3 Hydrogen storage metals 35
- 3.3.4 Carbon composite steels 36
- 3.3.5 Coatings and membranes 36
- 3.3.6 Sustainable binders 37
- 3.3.7 Iron ore catalysts 37
- 3.3.8 Carbon capture materials 38
- 3.3.9 Waste gas utilization 39
- 3.4 Advantages and disadvantages of green steel 39
- 3.5 Markets and applications 40
4 THE GLOBAL MARKET FOR GREEN STEEL 41
- 4.1 Global steel production 41
- 4.1.1 Steel prices 41
- 4.1.2 Green steel prices 41
- 4.2 Green steel plants and production, current and planned 42
- 4.3 Market map 43
- 4.4 SWOT analysis 44
- 4.5 Market trends and opportunities 45
- 4.6 Industry developments, funding and innovation 2022-2023 45
- 4.7 Market growth drivers 53
- 4.8 Market challenges 54
- 4.9 End-use industries 55
- 4.9.1 Automotive 55
- 4.9.1.1 Market overview 55
- 4.9.1.2 Applications 57
- 4.9.2 Construction 59
- 4.9.2.1 Market overview 59
- 4.9.2.2 Applications 59
- 4.9.3 Consumer appliances 61
- 4.9.3.1 Market overview 61
- 4.9.3.2 Applications 61
- 4.9.4 Machinery 63
- 4.9.4.1 Market overview 63
- 4.9.4.2 Applications 63
- 4.9.5 Rail 64
- 4.9.5.1 Market overview 64
- 4.9.5.2 Applications 64
- 4.9.6 Packaging 66
- 4.9.6.1 Market overview 66
- 4.9.6.2 Applications 66
- 4.9.7 Electronics 68
- 4.9.7.1 Market overview 68
- 4.9.7.2 Applications 68
- 4.9.1 Automotive 55
- 4.10 Global market for demand and revenues 2018-2033 70
- 4.10.1 Total market 2018-2033 70
- 4.10.1.1 Tons 70
- 4.10.1.2 Revenues 71
- 4.10.2 By end-use industry 73
- 4.10.3 By region 75
- 4.10.3.1 North America 77
- 4.10.3.2 Europe 77
- 4.10.3.3 China 78
- 4.10.3.4 India 79
- 4.10.3.5 Asia-Pacific (excl. China) 80
- 4.10.3.6 Middle East & Africa 81
- 4.10.3.7 South America 81
- 4.10.1 Total market 2018-2033 70
- 4.11 Competitive landscape 83
- 4.12 Future market outlook 84
5 COMPANY PROFILES 85 (44 company profiles)
6 REFERENCES 126
List of Tables
- Table 1. Global Decarbonization Targets and Policies related to Green Steel. 15
- Table 2. Estimated cost for iron and steel industry under the Carbon Border Adjustment Mechanism (CBAM). 17
- Table 3. Hydrogen-based steelmaking technologies. 19
- Table 4. Comparison of green steel production technologies. 20
- Table 5. Advantages and disadvantages of each potential hydrogen carrier. 21
- Table 6. CCUS in green steel production. 23
- Table 7. Biochar in steel and metal. 26
- Table 8. Hydrogen blast furnace schematic. 27
- Table 9. Applications of microwave processing in green steelmaking. 31
- Table 10. Applications of additive manufacturing (AM) in steelmaking. 32
- Table 11. Technology readiness level (TRL) for key green steel production technologies. 33
- Table 12. Properties of Green steels. 33
- Table 13. Coatings and membranes in green steel production. 36
- Table 14. Advantages and disadvantages of green steel. 39
- Table 15. Markets and applications: green steel. 40
- Table 16. Green steel plants, current and planned. 42
- Table 17. Industry developments and innovation in Green steel, 2022-2023. 45
- Table 18. Summary of market growth drivers for Green steel. 53
- Table 19. Market challenges in Green steel. 54
- Table 20. Supply agreements between green steel producers and automakers. 55
- Table 21. Applications of green steel in the automotive industry. 57
- Table 22. Applications of green steel in the construction industry. 59
- Table 23. Applications of green steel in the consumer appliances industry. 62
- Table 24. Applications of green steel in machinery. 63
- Table 25. Applications of green steel in the rail industry. 64
- Table 26. Applications of green steel in the packaging industry. 66
- Table 27. Applications of green steel in the electronics industry. 68
- Table 28. Global market revenues for Green steel, 2018-2033 (Million Metric Tons). 70
- Table 29. Global market revenues for Green steel, 2018-2033 (Billions USD). 71
- Table 30. Global market revenues for Green steel, by end-use industry, 2018-2033 (Billions USD). 73
- Table 31. Global market revenues for Green steel, by region, 2018-2033 (Billions USD). 75
- Table 32. Key players in Green steel, location and production methods. 83
List of Figures
- Figure 1. Share of (a) production, (b) energy consumption and (c) CO2 emissions from different steel making routes. 13
- Figure 2. Transition to hydrogen-based production. 13
- Figure 3. CO2 emissions from steelmaking (tCO2/ton crude steel). 14
- Figure 4. CO2 emissions of different process routes for liquid steel. 17
- Figure 5. Hydrogen Direct Reduced Iron (DRI) process. 21
- Figure 6. Molten oxide electrolysis process. 23
- Figure 7. Steelmaking with CCS. 25
- Figure 8. Flash ironmaking process. 29
- Figure 9. Hydrogen Plasma Iron Ore Reduction process. 30
- Figure 10. Green steel market map. 43
- Figure 11. SWOT analysis: Green steel. 44
- Figure 12. Global market revenues for Green steel, 2018-2033 (Million Metric Tons). 71
- Figure 13. Global market revenues for Green steel, 2018-2033 (Billions USD). 72
- Figure 14. Global market revenues for Green steel, by end-use industry, 2018-2033 (Billions USD). 74
- Figure 15. Global market revenues for Green steel, by region, 2018-2033 (Billions USD). 76
- Figure 16. Global market revenues for Green steel, in North America, 2018-2033 (Billions USD). 77
- Figure 17. Global market revenues for Green steel, in Europe, 2018-2033 (Billions USD). 78
- Figure 18. Global market revenues for Green steel, in China, 2018-2033 (Billions USD). 79
- Figure 19. Global market revenues for Green steel, in India, 2018-2033 (Billions USD). 80
- Figure 20. Global market revenues for Green steel, in Asia-Pacific, 2018-2033 (Billions USD). 81
- Figure 21. Global market revenues for Green steel, in Middle East and Africa, 2018-2033 (Billions USD). 81
- Figure 22. Global market revenues for Green steel, in South America, 2018-2033 (Billions USD). 82
- Figure 23. ArcelorMittal decarbonization strategy. 87
- Figure 24. HYBRIT process schematic. 98
- Figure 25. Schematic of HyREX technology. 112
- Figure 26. EAF Quantum. 114
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