Meticulous Research®—a distinguished global market research company, has published its latest research 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 latest report from Meticulous Research®, the global green steel market is projected to achieve $88.4 billion by 2031, growing at a CAGR of 56.6% from 2024 to 2031. This market growth is driven by a multitude of factors, including increasing awareness regarding GHG emissions from steel production, strong governmental backing for green steel manufacturing, and a surge in investments in sustainable steel production. However, the high costs related to the production of green steel may pose a challenge. Moreover, the rising demand for low-carbon steel, especially in the automotive industry, and advancements in green steel production techniques provide promising growth opportunities. On the other hand, challenges such as the reliance on renewable energy sources could restrict market expansion.

The green steel market is segmented based on process and end-use industry, with additional insights into competitive dynamics and regional market trends.

By process type, the green steel market is classified into electric arc furnace (EAF), molten oxide electrolysis (MOE), and other innovative methods. By 2024, the electric arc furnace (EAF) segment is anticipated to capture the largest market share, accounting for more than 57.0% of the total green steel market. This prominence is attributed to the increased adoption of the EAF method, which significantly reduces carbon emissions associated with steel production. The adaptability of EAF systems to meet production demands and their capability to utilize up to 100% recycled scrap steel bolster their competitive edge. Furthermore, the EAF segment is expected to register the highest CAGR during the forecast period.

In terms of end-use industries, the green steel market encompasses sectors such as buildings & construction, automotive, electronics, manufacturing, aerospace, agriculture, energy & power, oil & gas, and others. In 2024, the automotive sector is expected to lead, accounting for more than 23.0% of the global market share. This is primarily due to the automotive industry's commitment to sustainability and the integration of green steel into their production practices. Conversely, the buildings & construction segment is projected to grow at the highest CAGR throughout the forecast period, driven by the increasing 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 expected to hold the largest market share, exceeding 41.0%. This is mainly due to rising investments in green steel production facilities, growth in infrastructure development, and European steelmakers' focus on decarbonization strategies. Governmental support for green steel initiatives further enhances the region's leading position. In contrast, the Asia-Pacific region is projected to experience the highest CAGR of 59.0% throughout the forecast period, driven by rapid industrialization and investments in sustainable production technologies.

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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