Meticulous Research®—a renowned global market research organization, has issued 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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The new report from Meticulous Research® highlights that the global green steel market is expected to reach $88.4 billion by 2031, growing at a substantial CAGR of 56.6% from 2024 to 2031. Several factors are contributing to this growth, including increasing concerns over GHG emissions associated with steel production, government initiatives promoting green steel, and rising investments in sustainable steel production. However, the high production costs linked with green steel may hinder the market's progress. Additionally, the rising need for low-carbon steel in the automotive sector, along with advancements in green steel technologies, creates further opportunities for expansion. Nevertheless, challenges associated with access to renewable energy resources could limit market growth.

The green steel market is segmented by process and end-use industry, along with a competitive analysis of key industry players and insights into regional market dynamics.

In terms of processes, the green steel market is divided into electric arc furnace (EAF), molten oxide electrolysis (MOE), and other processes. By 2024, the electric arc furnace (EAF) segment is expected to command the largest share, representing more than 57.0% of the global market. This leadership position is due to the growing adoption of the EAF process, which significantly lowers carbon emissions in steel production. The flexibility of EAF technology to adjust production in response to demand fluctuations, as well as its ability to utilize up to 100% scrap steel, further solidifies its market position. The EAF segment is also anticipated to achieve the highest growth rate during the forecast period.

When considering end-use industries, the green steel market includes buildings & construction, automotive, electronics, manufacturing, aerospace, agriculture, energy & power, oil & gas, and other sectors. In 2024, the automotive segment is projected to hold the largest market share, exceeding 23.0%. This growth is primarily driven by the automotive sector's commitment to sustainability and reducing GHG emissions through the incorporation of green steel into their manufacturing processes. Meanwhile, the buildings & construction segment is expected to grow at the highest CAGR due to rising demand for sustainable building materials.

By geography, the green steel market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. By 2024, Europe is anticipated to dominate the market, accounting for more than 41.0% of the total market share. This dominance can be attributed to increased investments in green steel production facilities, enhanced infrastructure development, and a focus on decarbonization strategies by European steelmakers. Additionally, governmental support for green steel projects boosts the region’s market position. Conversely, the Asia-Pacific region is projected to witness 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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