BIS Research, the global leader in providing market intelligence on deep technologies, has released its latest study titled Sustainable Steel Market- A Global and Regional Analysis.

According to this study, the global sustainable steel market was valued at $327.8 billion in 2021 and is projected to reach $233.9 billion by 2031.

The following factors are responsible for the increase in demand for sustainable steel:
• Stringent regulations and carbon neutrality targets
• Energy and cost efficiency owing to the use of recycled steel
• Significant increase in steel demand with scarcity of raw materials and energy


The detailed study is a compilation of 132 market data tables and 15 figures spread through 219 pages.


Check out the detailed table of content here:
https://bisresearch.com/requestsample?id=1428&type=toc


Analyst’s Take on the Market Projection
According to Pooja Tanna, Lead Analyst, BIS Research, "Increasing focus on climate change is driving the transition of energy-intensive and carbon-intensive industries. Although recycled steel is a sustainable option and caters to various end-use applications, green steel is expected to be the best option for the decarbonization of the steel industry in the long term. Stringent regulations and ongoing technological advancements are expected to boost the adoption of sustainable steel in various end-use industries. The growth in the sustainable steel market is estimated to be robust during the forecast period.”

Request a FREE sample of this report here:
https://bisresearch.com/requestsample?id=1428&type=download


China to Dominate the Sustainable Steel Market
China occupied the largest market share in 2021, and the region is expected to lead the market by 2031 as well. China is the major producer and consumer of crude steel and also leads the sustainable steel market.
Europe is the second largest region and major sustainable steel manufacturers, such as ArcelorMittal, Celsa Group, LIBERTY Steel Group, Tata Steel, and Hybrit, are increasing sustainable steel production in the region to cater to the rising demand from various end-use industries.
Stringent environmental regulations and targets for a net zero carbon economy by 2050 are also major factors behind the growth of the sustainable steel market in the region.


Major Existing Industry Leaders in the Sustainable Steel Market
The companies that are profiled have been selected based on input gathered from primary experts and analyzing company coverage, product portfolio, and market penetration. Some of the established names in the market are
• ArcelorMittal
• CMC
• Gerdau S/A
• HBIS GROUP
• LIBERTY Steel Group
• NIPPON STEEL CORPORATION
• NUCOR
• Steel Dynamics
• Pascap Co. Inc.
• POSCO
• Schnitzer Steel Industries, Inc.
• Lech Stahlwerke GmbH
• Tata Steel
• Celsa Group
• Kiliclara Inc.
• Boston Metal
• ScrapBuk
• f3nice SRL
• ElectraSteel Incorporated
• H2 Green Steel


Recent Developments in the Global Sustainable Steel Market
• In October 2022, Tata Steel signed a memorandum of understanding (MoU) with an American multinational automobile manufacturer, Ford, in Europe. Under this agreement, Tata Steel Nederland will supply the carmaker with Zeremis green steel once the IJmuiden steelworks start operating with green hydrogen-based steelmaking. Tata Steel has recently launched a new steel product, Zeremis Carbon Lite, with reduced carbon emissions of up to 100%. Ford has aimed to reach its carbon neutrality target by 2035, and this partnership will secure the future supply of environmentally friendly produced steel.
• In September 2022, NIPPON STEEL CORPORATION announced that it would launch a steel product that is certified and reduces carbon emissions under the brand name NSCarbolex Neutral. The company has a new initiative against climate change, i.e., the Carbon Neutral Vision 2050, and its new product will be featured in the market by the first half of the fiscal year 2023.
• In August 2022, HBIS GROUP signed an agreement with a German multinational manufacturer of performance luxury vehicles and motorcycles, BMW Group, to jointly manufacture green low carbon steel. The company will supply CO2-reduced steel to BMW Group’s plants located in Shenyang from 2023.
• In July 2022, LIBERTY Steel Group announced its plans to invest more than $350 million in two hybrid electric arc furnaces at Ostrava steelworks. These new furnaces will have a capacity of 3.5 million tons per year and will reduce the overall carbon emissions of the Ostrava steelworks by more than 80% by 2027. LIBERTY Ostrava, a subsidiary of LIBERTY Steel Group, signed an agreement with a leading global manufacturer of plant and machinery, Danieli, for the delivery of two state-of-the-art hybrid electric arc furnaces.

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About BIS Research:
BIS Research is a global B2B market intelligence and advisory firm focusing on deep technology and related emerging trends which can disrupt the market dynamics shortly. We publish more than 200 market intelligence studies annually that focus on several deep technology verticals.

Our strategic market analysis emphasizes market estimations, technology analysis, emerging high-growth applications, deeply segmented granular country-level market data, and other important market parameters useful in the strategic decision-making for senior management.

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