Asia-Pacific Sustainable Steel Market Expected to Reach $153.4 billion by 2031 - BIS Research

The global emphasis on eco-friendly, high-quality, recyclable materials is driving a rising demand for sustainable steel. This trend is particularly notable in the construction and transportation sectors, with a significant shift towards green and recycled steel, especially in China, Europe, and North America.  

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 rising demand for green steel throughout the value chain and the ongoing development of economic and environmental technologies will contribute to further market expansion in the years ahead. 

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Market Analysis: Trends, Data, and Growth Projections 

BIS Research, a leading market research firm, has released a report titled Asia-Pacific Sustainable Steel Market which discusses the challenges, growth factors, and future opportunities driving the remarkable growth of the sustainable steel market.   

The Asia-Pacific sustainable steel market report focuses on several segments, such as End-Use Applications, technology, and country   

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 Key Players and Market Shares: 

Sustainable steel is gaining increasing popularity in the Asia-Pacific region, catering to diverse industries like infrastructure, automotive, and construction. It addresses the pressing need to reduce the environmental impact associated with steel production.  

Some major companies operating in the global report title are:   

• HBIS GROUP  
• NIPPON STEEL CORPORATION  
• POSCO  
• Tata Steel  
• ScrapBuk 

Market Drivers, Challenges, and Opportunities: 

Regulatory advancements, ongoing research, and collaboration between industry leaders are contributing factors in the growth of the APAC sustainable steel market.  

The Asia-Pacific sustainable steel market's growth is expected to be propelled by stringent government regulations, carbon neutrality goals, the efficient use of recycled steel for energy conservation, and a notable surge in steel demand due to limited energy and raw material resources.  

However, market challenges include impurities in reclaimed steel due to inadequate separation and intricate product designs. Additionally, high production costs of green steel, coupled with substantial infrastructure expenses and elevated green hydrogen prices, present significant barriers in this region. 

Related Report:   

Global Sustainable Steel Market 

Sustainable Mining Solutions Market 

Sustainable Tire Materials Market 

Sustainable Films for Packaging Market 

Global Construction Sustainable Materials Market 

Conclusion/ Analyst Note 

BIS principal analyst suggests: Increasing focus on climate change is driving the transition of energy-intensive and carbon-intensive industries. Although recycled steel is a sustainable option and caters to various end-use applications, green steel is expected to be the best option for the decarbonization of the steel industry in the long term. Stringent regulations and ongoing technological advancements are expected to boost the adoption of sustainable steel in various end-use industries. The growth in the sustainable steel market is expected to be robust during the forecast period.   

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BIS Research is a global B2B market intelligence and advisory firm focusing on deep technology and related emerging trends, which can disrupt the market dynamics in the near future. We publish over 200 market intelligence studies annually, focusing on several deep technology verticals.   

Our strategic market analysis emphasizes market estimations, technology analysis, emerging high-growth applications, deeply segmented granular country-level market data, and other important market parameters useful in the strategic decision-making for senior management.   

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