Green Steel Market Forecast: on track to reach $56.6 billion by 2031

Meticulous Research®—a leading global market research company, has released an in-depth report titled, ‘Green Steel Market by Process (Electric Arc Furnace (EAF), Molten Oxide Electrolysis (MOE), Others), End-use Industry (Buildings & Construction, Automotive, Electronics, Manufacturing, Aerospace, Others), and Geography—Forecasts to 2031.’

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According to this report, the global green steel market is expected to reach $88.4 billion by 2031, with a CAGR of 56.6% from 2024 to 2031. The primary drivers of this growth include increasing concerns regarding GHG emissions associated with traditional steel production, robust governmental support for green steel initiatives, and a significant rise in investments in sustainable manufacturing practices. However, the high costs involved in producing green steel may inhibit market expansion. Additionally, the growing demand for low-carbon steel from the automotive industry and ongoing advancements in green steel production technologies present lucrative opportunities for market growth. However, challenges arise from the limited access to renewable energy sources.

The green steel market is segmented by process and end-use industry, along with analyses of the competitive landscape.

By process, the green steel market is categorized into electric arc furnace (EAF), molten oxide electrolysis (MOE), and other techniques. By 2024, the electric arc furnace (EAF) segment is expected to dominate the market, capturing more than 57.0% of the total share. This growth is largely due to the increasing adoption of the EAF method, which is renowned for its ability to significantly reduce carbon emissions in steel production. The flexibility of electric arc furnaces in responding to production demands and their capacity to utilize up to 100% scrap steel enhances their competitiveness. Additionally, the EAF segment is projected to exhibit the highest growth rate during the forecast period.

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In terms of end-use industries, the green steel market includes sectors such as buildings & construction, automotive, electronics, manufacturing, aerospace, agriculture, energy & power, oil & gas, and others. By 2024, the automotive segment is anticipated to hold the largest share, exceeding 23.0% of the global market. This increase is driven by the automotive industry’s heightened focus on sustainability and its strategic incorporation of green steel into manufacturing processes. Meanwhile, the buildings & construction segment is expected to grow at the highest CAGR during the forecast period, driven by the rising demand for sustainable construction materials.

Geographically, the green steel market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. By 2024, Europe is projected to capture the largest market share, accounting for over 41.0% of the total. This is primarily due to significant investments in green steel production facilities, the development of infrastructure projects, and a strong focus by European steelmakers on implementing decarbonization strategies. Moreover, government support for green steel initiatives further solidifies the region’s dominance. In contrast, the Asia-Pacific region is expected to grow at the highest CAGR of 59.0% during the forecast period, driven by rapid industrialization, investments in sustainable technologies, and favorable government policies.

Key Players:

The key players operating in the green steel market are H2 Green Steel (Sweden), Thyssenkrupp AG (Germany), Tata Steel Ltd. (India), ArcelorMittal S.A. (Luxembourg), Emirates Steel (UAE), Green Steel Group (Italy), Jindal Steel and Power (India), Swiss Steel Group (Switzerland), Nippon Steel Corporation (Japan), Cleveland-Cliffs Inc. (U.S.), Nucor Corporation (U.S.), JFE Steel Corporation (Japan), among others.

To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/green-steel-market-5979

Key questions answered in the report-

• Which are the high-growth market segments based on process and end-use industry?
• What was the historical market for green steel?
• What are the market forecasts and estimates for the period 2024–2031?
• What are the major drivers, restraints, and opportunities in the green steel market?
• Who are the major players, and what shares do they hold in the green steel market?
• How is the competitive landscape in the green steel market?
• What are the recent developments in the green steel market?
• What are the different strategies adopted by the major players in the green steel market?
• What are the key geographic trends, and which are the high-growth countries?
• Who are the local emerging players in the global green steel market, and how do they compete with the other players?

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