The Middle East and Africa Green Steel Market is projected to grow at a CAGR of around 38% during the forecast period, i.e., 2025-30 owing to the growing inclination towards sustainable and environment friendly products in the region.
Middle East and Africa Green Steel Market Driver:
Surging Proclivity Towards the Use of Green Steel in the Automotive Industry to Propel the Market Growth – The automotive sector is one of the major users of steel, hence providing an enormous opportunity for implementing green steel as an alternative to conventional steel in the production process to reduce their carbon footprint. According to World Steel Association, an average vehicle uses approximately 2000 pounds of steel, making the automobile sector a significant consumer of steel.
Automotive companies aim to clean every step of the entire production process of vehicles. Various automotive companies, like General Motors (GM), Honda, and Volvo, among various others, have shown keen interest in integrating green steel during the production of vehicles in the coming years. Therefore, green steel is expected to play a vital role in this transition which would strongly contribute to the growth of the Green Steel market in the forthcoming period. Along with this, several firms like Volvo, BMW, and Mercedes-Benz committed to reducing CO2 emissions per vehicle by 50% by 2030 compared to 2019, which is, projected to open an opportunity for providers of green steel. Therefore, the automotive industry holds immense opportunities for green steel & would become a lucrative area of investment for automakers in the coming years.
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Key Market Reports Highlights
- Market Dimensions & Projections
- Pricing Evaluation
- Recent Strategic Moves by Companies
- Primary Stakeholders
- Import/Export Trend Analysis
- Competitive Landscape Assessment
- Emerging Opportunities
- Market Trends and Indicators
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Middle East and Africa Green Steel Market Segmentation:
The market report categorizes the market based on different segments and geographical analysis.
Study Timeline:
-Base Year: 2024
-Historical Period: 2020 to 2023
-Forecast Period: 2025 to 2030
- Middle East and Africa Green Steel Market Development, By Production Technology
- Electric Arc Furnace
- Basic Oxygen Furnace
- Molten Oxide Electrolysis
- Middle East and Africa Green Steel Market Development, By Energy Source
- Solar
- Wind
- Others (Hydro, Biomass, etc.)
- Middle East and Africa Green Steel Market Development, By End User
- Buildings & Construction
- Automotive & Transportation
- Others (Industrial Equipment, FMCG, Defence, etc.)
Competitive Landscape
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market companies, including – Emirates Steel Arkan, Jindal Shaheed Iron & Steel LLC, Arcelor Mittal South Africa, Essar Group, Arab Steel Co., ThyssenKrupp AG, Qatar Steel, Voestalpine AG, Outokumpu Oyj Middle East FZCO, EZZ Steel, Others
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