GREEN STEEL MARKET

INTRODUCTION

Steel manufacturing is the foundation of today's contemporary economy. Human-made metals are employed with just about everything, from bridges and buildings to automobiles and basic commodities.

Nevertheless, the process of creating steel necessitates a significant amount of energy, which is normally created by the combustion of fossil fuels, which emit copious amounts of carbon and contribute to the climate catastrophe.

There is now an eco-friendly technique for producing these metals that uses a combination procedure fuelled by hydrogen.

Inside an experimental operation, a Swedish metal-making business created the very first fossil-fuel-free steel. The steel was created with HYBRID (Hydrogen Breakthrough Ironmaking Technology), which uses sustainable power to make highly clean-burning gases.

In this technology, hydrogen substitutes fossil fuels both in the production of iron and steel. Also because the steel sector has become one of the main CO2 producers, accounting for 6%–7% of global greenhouse gas emissions, it is critical to develop a low-carbon method for secondary steel production in order to conform to a 1.5°C trajectory.

Green steel emits the fewest pollutants. Hydrogen-based straightforward decrease employs hydrogen as a reagent rather than coal to reduce iron ore to pig iron, hence avoiding CO2 emissions from the equivalent process in a standard electric arc furnace.

Nevertheless, immediate reducing necessitates the use of an EAF to reheat the decreased ferrous for further process stages, as well as the creation of hydrogen necessitates a large quantity of power, which may generate CO2 dependent upon that nature of the grid supplying the electricity.

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GREEN STEEL MARKET DEVELOPMENTS AND INNOVATIONS

GREEN STEEL MARKET DYNAMICS

Steel is a vital component of our contemporary society, included to construct everything including flatware to bridges and wind turbines.

However, the method of production, which involves the use of coal, is exacerbating anthropogenic global warming. For each and every tonnage of steel produced, about two tonnes of carbon dioxide are released.

This contributes to around 7% to 10% of global carbon dioxide emissions. Steel manufacturing must be cleaned up if the planet is to have a low-carbon economy.

Throughout the last 30 years, there seems to be a growing importance on reducing greenhouse gas emissions in the government discourse. Renewable energy generation needs continual cost reductions have reached a tipping point when new wind and solar assets are competitive even with existing coal and natural gas facilities.

The electric utility industry faces structural issues as a result of this. However, it is also altering the global energy market landscape away from fossil fuel reserves as little more than a strategic asset and toward advantageous circumstances for renewable power generation.

This should make room for new industrial footprints and has the ability to radically alter socio-political equilibrium. One of the reasons decarbonization of steel is difficult is that CO2-free primary steelmaking is seen as a high-cost product.

This implies that, in comparison to the existing regulatory and market climate, creating a net-zero industry necessitates continual subsidies. It is crucial to highlight that, because of the high capex/low structure, the cash cost of these steel assets would be much lower, making them extremely competitive in the market.

It is widely acknowledged that a regional steel industry is a driving force behind downstream innovation and economic growth inside technical, manufacturing, and investing.

GREEN STEEL MARKET SEGMENTATION

The Global Green Steel Market can be segmented into following categories for further analysis.

Green Steel Market By Type

• Hydrogen Direct Reduction Steel
• Molten Oxygen Electrolysis Steel

Green Steel Market By Usage Classification Type

• Commercial Usage
• Industrial Usage
• Residential Usage

Green Steel Market By Strength Classification Type

• High Tensile Steel
• Medium Tensile Steel
• Low Tensile Steel

Green Steel Market By Regional Classification

• Asia Pacific Region - APAC
• Middle East and Gulf Region
• Africa Region
• North America Region
• Europe Region
• Latin America and Caribbean Region

RECENT TECHNOLOGICAL TRENDS IN GREEN STEEL MARKET

Low-carbon operations are beginning to make financial sense in a worldwide climate of ongoing cost reductions for renewable energy, stricter limits on carbon emissions, and new, promising technologies entering the commercial pilot stage at just a 20%–30% higher cost.

Nevertheless, the magnitude of the transformation is intimidating. Currently, the global economy utilises approximately 1,700 million tonnes of steel annually, with consumption predicted to gradually increase to 2,150 million metric tons by 2050.

Both hydrogen direct reduction and molten oxygen electrolysis employ electricity as their primary additional energy rather than coking coal, their cost structures are vulnerable to vastly different electricity industries.

At power rates of $15–$30/MWh, these approaches are comparable with current blast furnace reduction without a carbon tax.

The hydrogen production consumes 2,633 kWh of electricity for one tonne of crude steel produced from iron ore, while the immediate reductions and EAF facilities demand an additional 816 kWh. With a global average CO2 intensity of 0.48 tCO2/MWh for power, every tonne of basic steel emits 1,713 kgCO2.

When contrasted to a blast furnace, which generates 1,714 kgCO2 per tonne of crude steel, this really is significant. Methane gas is frequently utilized in straightforward reduced iron technologies to create hydrogen and carbon monoxide, which are subsequently used to convert iron ore producing iron.

This process nevertheless emits CO2 and consumes more power than the blast furnace approach. Conversely, the overall emission intensity can be far reduced.

GREEN STEEL MARKETCOMPETITIVE LANDSCAPE

Electric fuses linkages have been used for transmission and distribution or telegram safeguarding since early days of something like the telegraph system.

Electric fuses linkages have undergone continuous evolution throughout early inception to fulfil the ever-changing industrial applications, such as cable protection, transformer protection to switches, batteries, photovoltaic (PV), or railway tracks.

The introduction of HEV applications introduces a new variety of design difficulties for fusible interconnections.

Because each implementation has different requirements, an in-depth comprehension of the environmental parameters and typical drive cycle profile is critical to choosing an appropriate fusible connection with such a difficult environment.

ArcelorMittal is one of the largest producers of steel in the global market and has now focused on development and production of green steel within the market.

The facility will cut carbon emissions two critical carbon-emitting processes inside the steelmaking process: ferrous reductions, which is generally done using cooked coal classified as coke, and blast furnace, which is typically coal-fired.

Green hydrogen will indeed be utilised as such a reduction agent inside a massive 2.3 million-tonne directly reduced iron plant, as well as the business will build a 1.1 million-tonne hybrid electric arc furnace driven by electricity production for the second phase.

ArcelorMittal would rely largely on the public coffers in the amount of 500 million Euros, and also a variety of other government-backed efforts, to construct large-scale solar-to-hydrogen and hydrogen pipeline projects in the area.

If green hydrogen is not accessible at competitive cost by the end of 2025, natural gas will take its place for DRI based Green Steel Technology production in the market.

POSCO has been part of the development towards green steel marking and production technology focusing on better carbon reduction program progress.

POSCO revealed plans to attain decarbonisation by 2050 by dramatically decreasing carbon emissions with a hydrogen reduction steelmaking technique. This means that the corporation would produce steel using hydrogen rather than coals.

To employ the hydrogen reduction steelmaking technology, a hydrogen supply network must be established. POSCO intends to join up with Australian iron ore company Fortescue Metal Group to manufacture green hydrogen (FMG).

Nevertheless, employing hydrogen to make steel is not without flaws. Because hydrogen is still costly, it has low price competitiveness.

POSCO with BHP additionally plan to collaborate on development into hydrogen-based direct reduction technologies, its use of bioenergy in steel production, as well as the possibility to employ BHP's emissions trading capacities in the production of carbon-neutral iron and steel.

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GREEN STEEL MARKETCOMPANIES PROFILED

• POSCO
• BHP Limited
• ArcelorMittal
• Nippon Steel
• JSW Steel
• Hesteel Group
• Ferro Alloys Corporation

THIS GREEN STEELMARKETREPORT WILL ANSWER FOLLOWING QUESTIONS

1. Green Steel Market size and Forecast, by region, by application
2. Average B-2-B price for Green Steel Market, by region, per user
3. Technology trends and related opportunity for new Green Steel Market tech suppliers
4. Green Steel Market share of leading vendors, by region,
5. Corona virus impact on Green Steel Market earnings