Global steel demand will continue to grow by 202

 At present, some countries have pledged to achieve ambitious carbon reduction targets in the coming decades. In April of this year, the United States announced a new carbon emission reduction target, which is to reduce greenhouse gas emissions by 50%-52% by 2030 compared with 2005. Previously, other major steel producing countries, such as the European Union (reducing carbon emissions by 55% in 2030 compared to 1990), China (to be "carbon neutral" in 2060), and Japan (reducing carbon emissions by 46% in 2030 compared to 2013), etc.?

As an energy-intensive industry, the steel industry will be directly affected by economic transformation. However, driven by the recovery of economic activity after the new crown pneumonia epidemic, steel demand will continue to grow in the short term. As a key participant in the clean energy transition, the steel industry may also benefit from plans or major infrastructure projects in progress in major economies. These infrastructures include upgrading transmission and distribution infrastructure, wind turbines, hydroelectric power and nuclear power plants.

The US government’s $2.2 trillion US employment plan puts great emphasis on investment in new infrastructure, clean technology, and renewable energy. If the plan is passed in Congress, the proposed spending of $1.7 trillion will be spent on infrastructure, including repairing roads and bridges, new public transportation, rebuilding public utility infrastructure, and developing the domestic electric vehicle market. The European Union and Japan are also planning or introducing similar infrastructure "green" fiscal stimulus measures.

Therefore, during the outlook period, global crude steel production is expected to grow steadily by 2.8% annually, reaching 2.1 billion tons by 2023.

In the long run, the steel industry is expected to need to make significant progress in technology development and material efficiency in order to achieve the goal of carbon emission reduction. This includes the application of process automation and artificial intelligence, the shift to natural gas and other energy sources, the development and application of new technologies such as carbon capture, utilization and storage (CCUS), and the exploration of hydrogen-based production. As more and more companies adopt carbon emission reduction measures, in the long run (in the coming decades), global steel demand is expected to be at the same level or decline at the current level. Although the priorities of various countries are economic recovery and fiscal stimulus, it is expected that the total global crude steel production will not decline during the outlook period.

We Changxing Refractory Material Co.,LTD is professional manufacturer and supplier of refractory materials for more than 30 years. Our high quality refractory products are good sold to many countries say South Africa, Bangladesh, Indonesia, Malaysia, etc. Shall any interests, welcome to contact us. Our team would make best to be your reliable partner!

Article Source:Global steel demand will continue to grow by 2023
Company name: Henan Changxing Refractory Materials Co.,Ltd
More refractory products:https://www.cxrefractories.com/en-product-solution
Email:info@cxrefractories.com
Website:https://www.cxrefractories.com