In practically everything, including household appliances, washing machines, ships, machinery, and structures, steel is the most commonly utilized metal. However, roughly 75% of the steel produced globally is made in coal-fired blast furnaces, which contribute significantly to atmospheric carbon dioxide emissions.
According to Markntel Advisors, the “Middle East and Africa Green Steel Market Size is projected to reach at a CAGR of around 38% during the forecast period 2025-2030.” High levels of carbon emissions from the steel industry combined with government initiatives to transition to a green and clean economy by reducing the carbon footprint of industries that are difficult to reduce, like cement, steel, and automotive, will become a major factor for the growth of the green steel market throughout the GCC countries in the ensuing years.
Due to its lower carbon footprint, Green Steel is regarded as “green” or ecologically benign. By using alternative technology, the carbon impact can be decreased. Typically, the carbon footprint standard is based on blast furnace steel production from iron ore. The most effective process for producing green steel is the direct reduction of iron ore using hydrogen. Solid iron rock is chemically reduced with hydrogen to produce sponge iron as a byproduct of this process. After that, the scrap iron is melted in an electric arc furnace to produce steel. Compared to burning coking coal in a traditional blast furnace, the main energy input during this process is electricity, which reduces air emissions.
Impact of Covid-19 On MEA Green Steel Market:
The global green steel industry has suffered as a result of COVID-19, especially in the power and energy industries. The epidemic also affected the export and import of steel goods, which reduced the availability of green steel worldwide. The demand for green steel decreased by roughly 12%–14% during the COVID-19 era.
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Middle East and Africa Green Steel Market Key Players:
The Key Players of Middle East Green Steel Market are Emirates Steel Arkan, Jindal Shaheed Iron & Steel LLC, Arcelor Mittal South Africa, Arab Steel Co., Essar Group, Qatar Steel, ThyssenKrupp AG, Voestalpine AG, EZZ Steel, Outokumpu Oyj Middle East FZCO, Others.
Middle East and Africa Green Steel Market Segmentation:
The MarkNtel Advisors report on the Middle East and Africa Green Steel Market Analysis, identifies, and highlights the key trends and drivers that are affecting each segment. The report has further segmented the market into the following categories:
Based on Energy Source: Based on Energy Source, Middle East and Africa Green Steel Market is Segmented as: Solar, Wind, Others (Hydro, Biomass, etc.).
Based on End User: Based on End User, Middle East and Africa Green Steel Market is Segmented as: Buildings & Construction, Automotive & Transportation, Others (Industrial Equipment, FMCG, Defence, etc.).
Based on Region: The study also include data for The Saudi Arabia, Oman, Egypt, South Africa, Morocco, Rest of Middle East and Africa.
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MEA Green Steel Market Future Outlook
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