Govt Enforces ‘Melt and Pour’ Rule for All Steel in Public Projects Nippon Steel expected to finalize U.S. Steel acquisition at $55 per share NMDC Limited reports a 38% drop in Q4 FY24 consolidated net profit RINL to Raise $23 Million Through Land Sales Amid Crisis
The global green steel market is projected to reach USD 1,302.58 billion by 2032, fueled by a growing demand for sustainable manufacturing solutions. Green steel, produced through low-carbon or carbon-neutral processes, is rapidly gaining traction as industries seek to reduce their environmental footprint. This market growth is primarily driven by the increasing adoption of sustainable practices in sectors such as automotive, construction, and energy, where steel is a critical material.
Traditional steel production methods are carbon-intensive, contributing significantly to global emissions. In contrast, green steel uses innovative technologies such as hydrogen-based reduction and electric arc furnaces, which can substantially lower carbon emissions. With climate change concerns becoming more pressing, companies and governments are under mounting pressure to adopt eco-friendly alternatives. The green steel market’s expansion is supported by stringent environmental regulations, government incentives, and rising awareness about the environmental impact of steel manufacturing.
The automotive sector is one of the leading consumers of green steel, driven by the shift toward electric vehicles (EVs) that demand lighter and more sustainable materials. Additionally, the construction industry is focusing on greener building materials, further contributing to the demand for green steel.
North America and Europe are expected to be key markets, supported by initiatives like the European Union’s Green Deal and various national decarbonization goals. As technological advancements make green steel production more feasible, the market is set for exponential growth, presenting significant opportunities for manufacturers and investors in the coming years.
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