Product and Technology Development in the Steel Industry in 2024 and beyond

 

Technology changes in the steel industry tend to be incremental rather than radical. Yet product changes based on the use of new raw materials can offer cost competitive substitutes to traditional steel products; and changes in steelmaking production technology also offer investors the ability to attain step changes in cost competitiveness.

This blog post outlines some of the more recent developments in these areas, and reports on some of the recent technologies that are worth watching.

 Product Changes in the Steel Industry

The steel industry is witnessing significant product changes as it adapts to evolving market demands and environmental challenges. There is a growing shift towards developing high-strength, lightweight steel alloys that offer superior performance for automotive, construction, and aerospace applications. These new steel grades provide enhanced durability and resistance to corrosion while reducing overall material weight, contributing to improved fuel efficiency and reduced emissions.

Whilst we discuss substitution issues in more detail at https://www.steelonthenet.com/trends-1.html, we would highlight two more recent product developments.

-           The development of wood-derived cellulose nanofibers (CNF) – a new material developed in Japan – which is set to revolutionise the world of manufacturing.  CNFs are five times stronger than steel, and one fifth of steel’s weight. Although CNF production costs presently remain high, a new ‘supercar’ has already been built in Japan where 70% of the auto body is made from CNF rather than steel, offering benefits of lower vehicle weight and improved fuel efficiency.  

-          The emergence of basalt rebar as a low cost alternative to steel reinforcing bar. Made from volcanic rocks. basalt rebar is corrosion resistant and very lightweight compared to steel, meaning that it can also be transported much more cheaply than steel reinforcing bar. Although basalt rebar is currently more expensive than traditional steel rebar, it may be a more cost-effective option in the long run due to its low maintenance and replacement costs, especially in marine or other chemically hostile environments.

Reports on both of these substitutes can be found on our website at https://www.steelonthenet.com/technology.php.

 Technology Change in the Steel Industry

Technological advancements are alsp slowly revolutionizing the steel industry, driving efficiencies, reducing costs, and enhancing sustainability.

Direct strip casting for example is an innovative technology that is rapidly gaining attention because of its potential to revolutionize the way steel is produced. Unlike traditional steel production methods, which involve multiple stages of rolling and reheating, direct strip casting allows molten steel to be cast directly into thin strips in a single step. This process significantly reduces the need for energy-intensive hot and cold rolling and eliminates several intermediary steps, resulting in substantial energy savings, higher productivity and lower production costs. Moreover, direct strip casting minimizes material waste and reduces the overall carbon footprint of steel manufacturing, aligning with the industry's growing emphasis on sustainability and environmental responsibility.

Production of steel long products has also witnessed much technological change with the advent of the new Danieli MIDA [‘Micro Mill Danieli] process which has proved to be a game-changer in terms of production costs for commodity products such as steel rebar.  Eliminating the need for a billet reheat furnace, the new Danieli MIDA mill uses scrap to produce green steel in an endless casting-rolling process that benefits from lower energy needs, lower labour costs and much better yields than conventional production methods.  

Reports on these new technologies can also be found on our website at https://www.steelonthenet.com/technology.php.

 Conclusion

The steel industry continues to evolve and innovate. Stay informed about the latest trends and insights by visiting Steelonthenet.com.