Green steel is manufactured using cleaner production technologies to significantly reduce carbon emissions and utilizes renewable energy sources. It offers various advantages such as reduced carbon footprint, minimization of environmental pollution, and energy conservation. Rising environmental concerns pertaining to carbon emissions from conventional steel production are driving the demand for eco-friendly steelmaking methods.

The global green steel market is estimated to be valued at US$ 117.13 billion in 2024 and is expected to exhibit a CAGR of 60% over the forecast period of 2024-2031.

Key Takeaways

Key players operating in the green steel market are Ansteel Group, ArcelorMittal, Boston Metal, China Baowu Group, Cleveland-Cliffs, H2 Green Steel, Nippon Steel Corporation, Nucor Corporation, Steel Dynamics, Inc., United States Steel Corporation, Jindal Stainless Limited, and Swiss Steel Group.

The Green Steel Market Trends investments in carbon capture technologies by major players to reduce emissions, and preferential government policies supporting green investments.

Rapid automation and digitalization adoption in steel plants allow for optimization of production processes, energy usage monitoring, and predictive maintenance. Technologies such as electric arc furnaces, hydrogen reduction, and carbon capture can help reduce the carbon footprint of steel manufacturing significantly.

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