1. | EXECUTIVE SUMMARY |
1.1. | Current state of the iron & steel industry - top producing regions |
1.2. | Top steelmakers globally |
1.3. | Global steel use in finished products |
1.4. | Overview of steel production routes |
1.5. | Why is steel production difficult to decarbonize? |
1.6. | Steel industry emissions are approaching 10% of global emissions |
1.7. | Overview of decarbonization technologies for the steel sector |
1.8. | Green steel - what is it & how is it made? |
1.9. | Green steel regulation & policies - global overview |
1.10. | Overview of the iron ore mining industry |
1.11. | Decarbonization technologies in iron ore agglomeration (pelletizing & sintering) |
1.12. | Overview of strategies to lower emissions of blast furnace sites |
1.13. | Replacing blast furnaces with coal-based smelting reduction alternatives |
1.14. | CCUS will play a limited role in decarbonizing the iron and steel sector |
1.15. | The case for hydrogen in steel decarbonization |
1.16. | Opportunities for integration of H2 technologies into steelmaking |
1.17. | H2-DRI-EAF using green H2 |
1.18. | Notable steelmaker & water electrolyzer OEM partnerships |
1.19. | Players in direct reduction shaft furnace technologies |
1.20. | Fluidized bed vs fixed bed reduction processes |
1.21. | Scrap recycling in EAFs is already a key pathway for steel decarbonization |
1.22. | Major steelmakers are increasing electric arc furnace (EAF) capacity |
1.23. | Electric smelting furnaces (ESFs) - key benefits over EAFs |
1.24. | The case for developing alternative ironmaking technologies |
1.25. | Hydrogen-based ironmaking vs electrified ironmaking |
1.26. | Company landscape for novel ironmaking technologies |
1.27. | TRL comparison |
1.28. | Cost comparison of different green steel production routes |
1.29. | Potential CO₂ reductions & cost of CO₂ abatement comparison |
1.30. | Steelmakers are establishing new low-carbon steel product lines |
1.31. | Automotive is the main application market for green steel |
1.32. | Other sectors adopting green steel |
1.33. | Project announcements for hydrogen-ready DRI capacity (Mt DRI) |
1.34. | Example of a green steel supply chain - Stegra |
1.35. | Global steel production forecast by production route - discussion |
1.36. | Global steel production forecast by region - discussion |
1.37. | Low-carbon steel forecast by technology, 2025-2035 |
1.38. | Hydrogen-based green steel forecast by region - discussion (1) |
1.39. | Hydrogen-based green steel forecast by region - discussion (2) |
1.40. | LCOS & total global cost of hydrogen-based steel production, 2025-2035 |
2. | INTRODUCTION |
2.1. | Overview of the global iron & steel industry |
2.1.1. | Introduction to iron & steel |
2.1.2. | Overview of the iron ore mining industry - top producing regions |
2.1.3. | Overview of the iron ore mining industry - top producing companies |
2.1.4. | Historical growth of the global steel industry |
2.1.5. | Global steelmaking capacity has shifted from the West to East |
2.1.6. | Current state of the iron & steel industry - top producing regions |
2.1.7. | Overview of steel production routes |
2.1.8. | Regional distribution of the iron & steel plants |
2.1.9. | Global ironmaking capacity |
2.1.10. | Global steelmaking capacity |
2.1.11. | Top steelmakers globally |
2.1.12. | Recent trends in the steel market |
2.1.13. | Global steel use in finished products (1) |
2.1.14. | Global steel use in finished products (2) |
2.1.15. | Recent trends in top steel producing countries (1) |
2.1.16. | Recent trends in top steel producing countries (1) |
2.1.17. | Recent trends in top steel producing countries (1) |
2.1.18. | Major market drivers & barriers in the steel sector |
2.2. | Conventional iron & steel production using BF-BOF |
2.2.1. | The steel industry rapidly adopts new technology but still relies on coal |
2.2.2. | BF-BOF process overview |
2.2.3. | Blast furnace operation - overview |
2.2.4. | Blast furnace operation - reactions |
2.2.5. | Blast furnace material balance - inputs & outputs |
2.2.6. | Blast furnace sizes |
2.2.7. | Blast furnace gas management |
2.2.8. | Downstream steelmaking process |
2.2.9. | Alloying elements used in steel |
2.2.10. | Steelmaking - basic oxygen furnace (BOF) vs electric arc furnace (EAF) |
2.3. | The need for green steel |
2.3.1. | Steel industry emissions are approaching 10% of global emissions |
2.3.2. | Why is steel production difficult to decarbonize? |
2.3.3. | Breakdown of CO₂ emissions from the conventional BF-BOF process |
2.3.4. | Main CO₂ reduction focuses for the iron and steel industry |
2.3.5. | Overview of decarbonization technologies for the steel sector |
2.3.6. | Green steel - what is it & how is it made? |
2.3.7. | Main routes to green steel (1) |
2.3.8. | Main routes to green steel (2) |
2.3.9. | Key drivers & barriers for the green steel industry |
2.4. | Stimulating demand for green steel: policies & regulation |
2.4.1. | Green steel regulation & policies - global overview |
2.4.2. | Green steel policy frameworks & decarbonization strategies (1) |
2.4.3. | Green steel policy frameworks & decarbonization strategies (2) |
2.4.4. | Green steel policy frameworks & decarbonization strategies (3) |
2.4.5. | Green steel policy frameworks & decarbonization strategies (4) |
2.4.6. | Green steel policy frameworks & decarbonization strategies (5) |
2.4.7. | Introduction to carbon pricing, carbon markets & emissions trading systems |
2.4.8. | Compliance carbon pricing mechanisms across the globe |
2.4.9. | EU ETS impact on the European steel industry - past, present & future |
2.4.10. | EU Carbon Border Adjustment Mechanism (CBAM) |
2.4.11. | Key definitions for CBAM |
2.4.12. | EU CBAM - compliance & timelines |
2.4.13. | Steel industry criticism of the EU CBAM & proposed reforms |
2.4.14. | How might CBAM impact the steel market? |
2.4.15. | EU regulations driving green steel use in automotive |
2.4.16. | ESPR regulations in Europe & potential impacts on steel |
2.4.17. | Potential impacts of Trump's tariffs on the steel & aluminum sectors |
2.4.18. | US green steel projects face uncertainty under Trump's administration |
3. | DECARBONIZATION OF EXISTING IRON & STEEL FACILITIES |
3.1. | Iron ore mining decarbonization |
3.1.1. | Iron ore types - magnetite is preferred for green steel |
3.1.2. | Iron ore mining & beneficiation |
3.1.3. | Renewable energy use in mining operations |
3.1.4. | Opportunities & challenges for renewable energy use in mining |
3.1.5. | Advantages & barriers to electrification of mining equipment |
3.1.6. | CO₂ emission contribution of mining vehicles |
3.1.7. | Emissions targets of mining industry companies |
3.1.8. | Canada incentivizing decarbonization of mining vehicles |
3.1.9. | Where might mining EVs be adopted? |
3.1.10. | Productivity benefits of electric vehicles |
3.1.11. | Key mining vehicle types for electrification |
3.1.12. | Major electrification activity of OEMs |
3.1.13. | Fortescue goes big on Liebherr mining EVs |
3.1.14. | Electric dump trucks entering full-time use in Europe |
3.2. | Decarbonizing iron ore agglomeration |
3.2.1. | Supply chain overview |
3.2.2. | Processed iron ore - lumps, sinters, pellets |
3.2.3. | Comparison of iron ore lumps, sinters & pellets |
3.2.4. | Additive materials - coke, limestone & others |
3.2.5. | Decarbonization technologies in iron ore agglomeration (pelletizing & sintering) |
3.2.6. | Commercial approaches to emission reductions in agglomeration (1) |
3.2.7. | Commercial approaches to emission reductions in agglomeration (2) |
3.2.8. | Major iron ore agglomeration process technology suppliers |
3.2.9. | Adjusting sinter composition can reduce CO₂ emissions |
3.2.10. | Primetals Technologies' sinter plant improvements |
3.2.11. | Baosteel's microwave sintering technology |
3.2.12. | CO₂ emissions in iron ore pelletizing |
3.2.13. | LKAB's fuel switching tests for pelletizing operations |
3.2.14. | CSIRO's new pelletizing process |
3.2.15. | Metso Outotec's next-gen pelletizing plants |
3.2.16. | Vale's cold iron ore briquetting technology |
3.3. | Blast-furnace decarbonization & other coal-based alternatives |
3.3.1. | Overview of strategies to lower emissions of blast furnace sites |
3.3.2. | Companies using biomass as a reducing agent |
3.3.3. | Hydrogen injection into blast furnaces - Nippon Steel |
3.3.4. | Other companies considering hydrogen injection into blast furnaces |
3.3.5. | Paul Wurth case study - syngas dry reforming for blast furnaces |
3.3.6. | Paul Wurth case study - plasma-based heating & syngas injection |
3.3.7. | University of Queensland - feedstock optimization for low-volume slag |
3.3.8. | University of Queensland - DRI-BF hybrid processes |
3.3.9. | Replacing blast furnaces with coal-based smelting reduction alternatives |
3.3.10. | Tata Steel's Hisarna process |
3.3.11. | POSCO's FINEX process |
3.3.12. | Coal-based rotary kiln DRI & SL/RN process |
3.3.13. | Rotary hearth furnace (RHF) |
3.4. | CCUS in the steel sector |
3.4.1. | CCUS will play a limited role in decarbonizing the iron and steel sector |
3.4.2. | What is carbon capture, utilization and storage (CCUS)? |
3.4.3. | The CCUS value chain |
3.4.4. | Overview of CCUS for iron & steel (1) |
3.4.5. | Overview of CCUS for iron & steel (2) |
3.4.6. | CCUS for BF-BOF (blast furnace-basic oxygen furnace) process |
3.4.7. | How does CO₂ partial pressure influence cost? |
3.4.8. | When should different carbon capture technologies be used? |
3.4.9. | Post combustion capture technologies for BF-BOF process |
3.4.10. | Amine-based post-combustion CO₂ absorption |
3.4.11. | Pre-combustion carbon capture for ironmaking (1) |
3.4.12. | Pre-combustion carbon capture for ironmaking (2) |
3.4.13. | Sorption enhanced water gas shift (SEWGS) |
3.4.14. | Gas recycling and oxyfuel combustion for ironmaking |
3.4.15. | Blast furnace gas CO₂ capture technologies comparison |
3.4.16. | Carbon capture for natural gas-based DRI |
3.4.17. | CCUS project pipeline for the steel sector |
3.4.18. | Development of the CCUS business model |
3.4.19. | Overview of CO₂ storage |
3.4.20. | Storage-type TRL and operator landscape |
3.4.21. | Overview of CO₂ transportation |
3.4.22. | CO₂ utilization for the steel sector |
3.4.23. | Carbon capture costs by industrial sector |
3.4.24. | What is a carbon credit and carbon offsetting? |
3.4.25. | Steelmakers purchasing carbon credits |
3.4.26. | Challenges and opportunities for CCUS in the steel sector |
3.5. | Electric arc furnace (EAF) steelmaking & renewable energy use |
3.5.1. | Scrap recycling in EAFs is already a key pathway for steel decarbonization |
3.5.2. | Ferrous scrap is a key raw material for the steel industry |
3.5.3. | Why are EAFs needed for green steelmaking? |
3.5.4. | Major steelmakers are increasing electric arc furnace (EAF) capacity |
3.5.5. | Electric arc furnace (EAF) design |
3.5.6. | Leading EAF supplier case study - Tenova |
3.5.7. | Ultra-high power (UHP) EAF |
3.5.8. | Major EAF suppliers (1) |
3.5.9. | Major EAF suppliers (2) |
3.5.10. | Scrap-EAF process & the need for net-zero DRI-EAF |
3.5.11. | Renewable energy procurement for EAF steelmaking - key commercial activities |
3.5.12. | Nuclear power for steelmaking - reasons for adoption |
3.5.13. | Nuclear power plans & investments from steelmakers |
3.5.14. | Concentrated solar power & thermal energy storage for steelmaking |
4. | HYDROGEN-BASED STEEL PRODUCTION |
4.1. | Overview of the hydrogen supply chain for steelmaking |
4.1.1. | The case for hydrogen in steel decarbonization |
4.1.2. | Key technology providers for DRI production |
4.1.3. | The colors of hydrogen |
4.1.4. | State of the hydrogen market today |
4.1.5. | Why is green hydrogen needed? |
4.1.6. | Typical green hydrogen plant layout |
4.1.7. | Typical green hydrogen plant layout |
4.1.8. | Electrolyzer cells, stacks and balance of plant (BOP) |
4.1.9. | Green hydrogen: main electrolyzer technologies |
4.1.10. | Commercial progress of green hydrogen |
4.1.11. | Hydrogen Value Chain Overview |
4.1.12. | LCOH forecast for different types of hydrogen (grey, blue & green) |
4.1.13. | Opportunities for integration of H2 technologies into steelmaking |
4.1.14. | H2-DRI-EAF using green H2 |
4.1.15. | Notable steelmaker & water electrolyzer OEM partnerships |
4.1.16. | Salzgitter using solid oxide electrolyzers (SOECs) for DRI |
4.1.17. | Potential integration of methane pyrolysis into iron & steel processes |
4.1.18. | Hydrogen used in steel rolling - Ovako |
4.1.19. | SWOT analysis for low-carbon hydrogen use in green steel |
4.2. | Hydrogen-based direct reduction of iron (DRI) & EAF steelmaking |
4.2.1. | Current state of the global direct reduced iron (DRI) production |
4.2.2. | DRI-EAF process overview |
4.2.3. | Direct reduction shaft furnaces |
4.2.4. | DR shaft furnaces vs blast furnaces |
4.2.5. | H2-DRI-EAF process inputs & outputs |
4.2.6. | Players in direct reduction shaft furnace technologies |
4.2.7. | Midrex process |
4.2.8. | Energiron process |
4.2.9. | Replacing natural gas with hydrogen in DRI-EAF (1) |
4.2.10. | Replacing natural gas with hydrogen in DRI-EAF (2) |
4.2.11. | Fluidized bed vs fixed bed reduction processes |
4.2.12. | POSCO FINEX & HyREX processes |
4.2.13. | Circored process |
4.2.14. | Challenges in commercializing the Circored process |
4.2.15. | HYFOR process |
4.2.16. | Direct reduced iron (DRI) output |
4.2.17. | Comparison of DRI outputs |
4.2.18. | Steelmaking process |
4.2.19. | Major steelmakers are increasing electric arc furnace (EAF) capacity |
4.2.20. | Steelmaking - basic oxygen furnace (BOF) vs electric arc furnace (EAF) |
4.2.21. | EAF energy & material consumption |
4.2.22. | Challenges for zero-carbon EAF operation |
4.2.23. | Replacing coke and coal with biochar in the EAF |
4.3. | Electric smelting furnaces (ESF) |
4.3.1. | EAF limitations & comparison to ESF |
4.3.2. | Electric smelting furnaces (ESFs) - key benefits over EAFs |
4.3.3. | Electric smelting furnaces (ESFs) - integration opportunity with existing plants |
4.3.4. | Commercial ESF design examples & technology suppliers |
4.3.5. | Companies leading electric smelting furnace development |
4.3.6. | Companies leading electric smelting furnace development |
5. | NOVEL IRONMAKING TECHNOLOGIES |
5.1. | Overview of novel iron & steel technologies |
5.1.1. | The case for developing alternative ironmaking technologies |
5.1.2. | Hydrogen-based ironmaking vs electrified ironmaking |
5.1.3. | Company landscape for novel ironmaking technologies |
5.2. | Electrochemical ironmaking |
5.2.1. | SIDERWIN - electrowinning technology (1) |
5.2.2. | SIDERWIN - electrowinning technology (2) |
5.2.3. | ArcelorMittal & John Cockerill - Volteron electrowinning |
5.2.4. | Electra - electrowinning technology (1) |
5.2.5. | Electra - electrowinning technology (2) |
5.2.6. | Fortescue's direct electrochemical reduction (DER) |
5.2.7. | Element Zero - medium-temperature electrolysis |
5.2.8. | Boston Metal - molten oxide electrolysis (1) |
5.2.9. | Boston Metal - molten oxide electrolysis (2) |
5.2.10. | Metalysis - solid-state electrolysis (1) |
5.2.11. | Metalysis - solid-state electrolysis (2) |
5.3. | Thermochemical & hydrogen plasma-based ironmaking |
5.3.1. | HyIron - direct reduction using H2 in rotary kilns (1) |
5.3.2. | HyIron - direct reduction using H2 in rotary kilns (2) |
5.3.3. | Flash ironmaking technology |
5.3.4. | Helios - novel sodium-based thermal process (1) |
5.3.5. | Helios - novel sodium-based thermal process (2) |
5.3.6. | Hydrogen plasma smelting reduction (HSPR) (1) |
5.3.7. | Hydrogen plasma smelting reduction (HSPR) (2) |
5.3.8. | HSPR startups - Hertha Metals & Ferrum Technologies |
5.4. | Electrified heating for ironmaking |
5.4.1. | Calix's ZESTY process - electrified heating |
5.4.2. | Microwave-based iron reduction initiatives |
5.4.3. | Rio Tinto BioIron - reduction with microwaves & biomass (1) |
5.4.4. | Rio Tinto BioIron - reduction with microwaves & biomass (2) |
5.4.5. | Laser heating for ironmaking - Limelight Steel |
6. | TECHNO-ECONOMIC COMPARISON OF STEEL PROCESSES |
6.1. | TRL comparison |
6.2. | Iron feedstock requirements for different steelmaking routes |
6.3. | Energy consumption of different steel production routes |
6.4. | Levelized cost of steel (LCOS) overview |
6.5. | Cost comparison of different green steel production routes |
6.6. | CAPEX, OPEX and fuel costs of different steel production routes |
6.7. | Carbon footprint comparison of different steel production routes |
6.8. | Potential CO₂ reductions & cost of CO₂ abatement comparison |
6.9. | Emission variations due to source of electricity |
6.10. | Regional variations in LCOS for hydrogen-based steelmaking |
6.11. | Impact of natural gas replacement with green hydrogen in DRI-EAF |
7. | GREEN STEEL MARKET ANALYSIS |
7.1. | Green steel projects announcements & players |
7.1.1. | Steelmakers' decarbonization targets |
7.1.2. | Project announcements for hydrogen-ready DRI capacity (Mt DRI) |
7.1.3. | Hydrogen-ready DRI project announcements - Europe |
7.1.4. | Hydrogen-ready DRI project announcements - Asia-Pacific |
7.1.5. | Hydrogen-ready DRI project announcements - Rest of the World |
7.1.6. | Green iron & steel create opportunities for new production hubs globally |
7.1.7. | Green iron & steel corridors - potential to reshape global supply chains |
7.1.8. | HYBRIT project - SSAB, LKAB & Vattenfall |
7.1.9. | SSAB's low-carbon steel |
7.1.10. | Stegra (H2 Green Steel) |
7.1.11. | Example of a green steel supply chain - Stegra |
7.1.12. | Steelmakers are establishing new low-carbon steel product lines |
7.1.13. | Steelmakers using mass balance allocation |
7.1.14. | Green steel certificates used for reinvestment for new technologies |
7.1.15. | SSAB's low-emission steel use case example |
7.1.16. | JFE Steel's low-emission steel use cases |
7.1.17. | HBIS Group's hydrogen DRI project in China |
7.1.18. | ArcelorMittal's freeze on green hydrogen DRI projects (1) |
7.1.19. | ArcelorMittal's freeze on green hydrogen DRI projects (2) |
7.1.20. | US green steel projects & uncertainty under Trump's administration |
7.2. | Green steel in application sectors |
7.2.1. | Steel prices - key trends since 2020 |
7.2.2. | Steel HRC prices in 2024-2025 |
7.2.3. | Steel market trends & effect on green steel |
7.2.4. | Sustainable Steel Buyers Platform |
7.2.5. | Automotive is the main application market for green steel |
7.2.6. | Other sectors adopting green steel |
7.2.7. | Steel is vital for the energy transition |
7.2.8. | ESPR regulations in Europe & potential impacts on steel |
7.2.9. | Green steel premiums in automotive |
7.2.10. | Green steel premiums in construction |
7.2.11. | Green steel premiums in other sectors |
7.2.12. | Example of a green steel supply chain - Stegra |
7.2.13. | Automotive off-takers for green steel & low-carbon steel (Europe) |
7.2.14. | Automotive off-takers for green steel & low-carbon steel (USA & Asia) |
7.2.15. | Tier 1 & 2 automotive off-takers for green steel & low-carbon steel (Europe) |
7.2.16. | Off-takers in other application markets for green steel (equipment & machinery) |
7.2.17. | Off-takers in other application markets for green steel (construction-related) |
7.2.18. | Tech companies' interest in green steel |
7.2.19. | Role of steel in data centers |
7.3. | Regional trends in the steel market |
7.3.1. | Regional overview & market dynamics (1) |
7.3.2. | Regional overview & market dynamics (2) |
7.3.3. | Expectations for evolution of steelmaking routes in different countries (1) |
7.3.4. | Expectations for evolution of steelmaking in different countries (2) |
8. | MARKET FORECASTS |
8.1. | Global steel market forecasts |
8.1.1. | Regional segmentation of forecasts for steel |
8.1.2. | Forecasting methodology & assumptions |
8.1.3. | Global steel production forecast by production route, 2025-2035 |
8.1.4. | Global steel production forecast by production route - discussion |
8.1.5. | Global steel production forecast by region, 2025-2035 |
8.1.6. | Global steel production forecast by region - discussion |
8.1.7. | Regional trends in production technologies (1) |
8.1.8. | Regional trends in production technologies (2) |
8.2. | Green steel market forecasts |
8.2.1. | Low-carbon steel forecast by technology, 2025-2035 |
8.2.2. | Fossil fuel-based DRI-EAF steel forecast by region, 2025-2035 |
8.2.3. | Hydrogen-based green steel forecast by region, 2025-2035 |
8.2.4. | Hydrogen-based green steel forecast by region - discussion (1) |
8.2.5. | Hydrogen-based green steel forecast by region - discussion (2) |
8.2.6. | Levelized cost of hydrogen-based steel forecast, 2025-2050 |
8.2.7. | Total global cost of hydrogen-based steel production, 2025-2035 |
8.2.8. | Hydrogen demand forecast for green steel |
8.2.9. | Carbon capture for steel forecast, 2024-2035 |
9. | COMPANY PROFILES |