Meticulous Research®—a leading global market research firm, has unveiled its latest 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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This new report from Meticulous Research® suggests that the global green steel market is expected to achieve $88.4 billion by 2031, growing at a CAGR of 56.6% from 2024 to 2031. The growth is driven by various factors, including a heightened focus on reducing GHG emissions in steel manufacturing, strong governmental support for green steel initiatives, and rising investments in sustainable steel production. However, the high production costs associated with green steel could pose challenges to market growth. Additionally, the demand for low-carbon steel, particularly in the automotive sector, along with advancements in green steel production technologies, present significant opportunities for expansion. Nevertheless, challenges such as dependence on renewable energy sources for production may hinder growth.
The green steel market is segmented based on process and end-use industry, with a comprehensive competitive analysis of key industry players and insights into regional market trends.
In terms of process, the green steel market is divided into electric arc furnace (EAF), molten oxide electrolysis (MOE), and other innovative methods. By 2024, the electric arc furnace (EAF) segment is projected to dominate the market, representing over 57.0% of the total green steel market. This leadership is attributed to the rising adoption of the EAF process, which significantly reduces carbon emissions in steel production. The flexibility of EAF systems to adapt to production demands, as well as their ability to utilize up to 100% recycled steel, strengthens their competitive position. The EAF segment is also expected to show the highest growth rate during the forecast period.
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. In 2024, the automotive segment is expected to capture the largest share, exceeding 23.0% of the global market. This is largely due to the automotive industry's increasing commitment to sustainability and the integration of green steel in production processes. Conversely, the buildings & construction segment is projected to grow at the highest CAGR during the forecast period, driven by rising demand for sustainable building 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 dominate the market, capturing over 41.0% of the total share. This is mainly attributed to rising investments in green steel production facilities, enhanced infrastructure development, and increased efforts by European steelmakers to implement decarbonization strategies. Additionally, government funding and support for green steel projects contribute to the region’s leading position. Meanwhile, the Asia-Pacific region is expected to witness the highest CAGR of 59.0% throughout the forecast period, driven by rising industrialization, investment in sustainable production technologies, and supportive 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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