Green Steel Market, By Process Type (Electric Arc Furnace (EAF), Basic Oxygen Furnace (BOF), and Direct Reduced Iron), By End-Use Industry (Construction, Automotive, Machinery, and Others), By Geography (North America, Latin America, Asia Pacific, Europe, Middle East, and Africa)

Published In : Jun 2024

Code : CMI7063

Pages :134

Formats :

Excel and PDF

Industry : Advanced Materials

Market Concentration and Competitive Landscape

Green Steel Market Concentration By Players

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Circular Economy Initiatives

Adopting circular economy principles across industries is being increasingly recognized as a crucial step towards achieving sustainability and net-zero emission targets. In the linear "take-make-dispose" model prevalent currently, vast amounts of resources are lost during the production process as steel scraps, slags, or other by-products. A transition towards a circular steel production cycle could help recover and reuse these resources more efficiently. Steelmakers are investing in innovative recycling technologies to establish closed loop recycling systems. Advancements like electric arc furnaces that can directly use steel scrap as a feedstock allow for lower carbon production while increasing the share of recycled content in new steel.

Sourcing scrap as a substitute for raw materials plays a key role in circular manufacturing. Nations and regional trade bodies are outlining plans to boost domestic scrap collection and redistribute scrap between geographic areas to ensure a steady supply of secondary raw material. Enhanced recycling also promotes the development of producer responsibility schemes that encourage designers and manufacturers to optimize products for disassembly and recoverability at the end of use phase.

Key Players Insights