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Introduction to Asia Pacific (APAC) Sustainable Steel Market
The Asia-Pacific sustainable steel market (excluding China) is projected to reach $153.4 billion by 2031 from $68.4 billion in 2022, growing at a CAGR of 9.39% during the forecast period 2022-2031. The expansion of the Asia-Pacific sustainable steel market is anticipated to be driven by strict government regulations, carbon neutrality objectives, energy efficiency in the use of recycled steel, and a significant increase in steel demand as a result of finite energy and raw material supplies. However, challenges like contaminants in recovered steel from improper separation and complex product designs, in addition to high production costs of green steel in the face of significant infrastructure costs and green hydrogen prices, constitute significant market barriers in this area.
Market Introduction
Leading the way in the sustainable steel market is the Asia-Pacific area, which places a strong emphasis on the use of low-carbon manufacturing techniques, resource efficiency, and environmentally friendly practices. Many interrelated issues, such as tightening environmental regulations, the increased focus on carbon neutrality, and the need for affordable and efficient steel manufacturing, are driving the industry. In the Asia-Pacific area, sustainable steel is becoming more and more popular. It meets the needs of a variety of industries, such as infrastructure, automotive, and construction, while also meeting the urgent need to lessen the environmental impact of steel production.
Market Segmentation
Segmentation 1: by End-Use Application
- Transportation
- Building and Construction
- Furniture and Appliances
- Packaging
- Others
Segmentation 2: by Technology
- Electric Arc Furnace (EAF)
- Blast Furnace-Basic Oxygen Furnace (BF-BOF)
- Others
Segmentation 3: by Country
- Japan
- India
- South Korea
- Rest-of-Asia Pacific
How can this report add value to an organization?
Product/Innovation Strategy: The product segment helps the reader understand the different types of sustainable steel available and their potential in the asia-pacific region. Moreover, the study provides the reader with a detailed understanding of the different sustainable steel end-use applications in industries such as transportation, building and construction, furniture and appliances, packaging, and others.
Growth/Marketing Strategy: Business expansions, partnerships, acquisitions, collaborations, and joint ventures are some key strategies adopted by key players operating in the space.
Competitive Strategy: Key players in the APAC sustainable steel market analyzed and profiled in the study involve sustainable steel providers. Moreover, a detailed competitive benchmarking of the players operating in the APAC sustainable steel market has been done to help the reader understand how players stack against each other, presenting a clear market landscape. Additionally, comprehensive competitive strategies such as partnerships, agreements, and collaborations will aid the reader in understanding the untapped revenue pockets in the market.
Key Market Players and Competition Synopsis
The companies that are profiled have been selected based on inputs gathered from primary experts and analysing company coverage, product portfolio, and market penetration.
Some of the prominent names established in this market are:
- HBIS GROUP
- NIPPON STEEL CORPORATION
- POSCO
- Tata Steel
- ScrapBuk