Meticulous Research®—a globally trusted source of market intelligence, has recently published a 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—Forecast to 2031. Download Sample Report Here @ https://www.meticulousresearch.com/download-sample-report/cp_id=5979
The report reveals that the global green steel market is forecast to grow to $88.4 billion by 2031, at a CAGR of 56.6% during the period from 2024 to 2031. The primary drivers of this growth include increasing concerns over the environmental impacts of steel production, rising investments in green steel manufacturing, and strong governmental support for eco-friendly steel solutions. However, the high costs of green steel production may constrain market growth. On the other hand, rising demand for low-carbon steel, particularly from the automotive industry, and continued advancements in production technologies are set to offer significant growth opportunities. One of the key challenges faced by the market is the availability of renewable energy resources required for green steel production.
The report segments the market by process and end-use industry, providing a detailed analysis of regional trends and market competition.
In terms of process, the market is segmented into electric arc furnace (EAF), molten oxide electrolysis (MOE), and other processes. In 2024, the EAF segment is expected to dominate, accounting for over 57.0% of the global market. This process is increasingly preferred by steel manufacturers due to its ability to reduce carbon emissions significantly, its adaptability to production demands, and its capacity to recycle up to 100% scrap steel. The EAF segment is projected to experience the fastest growth during the forecast period.
By end-use industry, the market is divided into buildings & construction, automotive, electronics, manufacturing, aerospace, energy, and others. In 2024, the automotive segment is projected to account for the largest share of the global green steel market, at over 23.0%. This growth is fueled by the automotive sector's emphasis on sustainability and reducing emissions. Leading car manufacturers are increasingly incorporating green steel into their production processes. However, the buildings & construction sector is forecast to witness the highest growth rate in the coming years.
Geographically, Europe is expected to maintain its leading position, accounting for more than 41.0% of the global green steel market by 2024. This is driven by significant investments in carbon-free steel plants, the region's focus on decarbonizing its steel industry, and government support for green steel initiatives. The Asia-Pacific region, however, is expected to experience the fastest growth, with a projected CAGR of 59.0% during the forecast period.
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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