Meticulous Research®—a leading authority in market research and analysis—has released 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—Forecast to 2031.’
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This comprehensive report projects that the global green steel market will reach $88.4 billion by 2031, with a CAGR of 56.6% from 2024 to 2031. The rapid expansion of the market is primarily driven by rising concerns over the environmental impact of steel production, particularly in terms of GHG emissions. Government initiatives and investments in green steel technologies are bolstering the market, alongside growing investments from the private sector. While the high cost of producing green steel poses a challenge, increasing demand from the automotive industry for low-carbon alternatives and advances in steel production technology provide significant growth opportunities. One of the challenges the market faces is the availability of renewable energy sources to support green steel production.
The green steel market is segmented by process and end-use industry, with detailed analyses of competitive dynamics and regional performance.
In the process category, the electric arc furnace (EAF) segment is expected to dominate, holding more than 57.0% of the market share by 2024. The adoption of EAF technology is being driven by its potential to reduce carbon emissions, its flexibility to scale production in response to demand, and its ability to use up to 100% scrap steel in the production process. The EAF segment is projected to grow at the fastest rate during the forecast period.
When segmented by end-use industry, the automotive sector is anticipated to lead the market, accounting for over 23.0% of the market by 2024. This sector’s focus on adopting green technologies and reducing emissions plays a significant role in driving demand for green steel. The buildings & construction segment is expected to grow at the highest CAGR during the forecast period, as sustainability becomes increasingly important in the construction industry.
Regionally, Europe is forecast to hold the largest share of the global green steel market, exceeding 41.0% by 2024. This region’s leadership is supported by strong government policies promoting decarbonization, investments in carbon-neutral steel production facilities, and robust infrastructure development projects. However, the Asia-Pacific region is expected to grow at the fastest CAGR of 59.0% during the forecast period, driven by rapid industrial growth and government initiatives to support green steel 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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