Meticulous Research® —a prominent global market research firm, has published a detailed 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 latest publication from Meticulous Research® indicates that the global green steel market is set to achieve $88.4 billion by 2031 , with an exceptional CAGR of 56.6% from 2024 to 2031 . The growth is primarily fueled by increasing concerns over GHG emissions from steel manufacturing, substantial government backing for green steel development , and heightened investments in sustainable steel production . Nonetheless, the significant costs associated with producing green steel could restrict market growth. Furthermore, the rising demand for low-carbon steel , particularly from the automotive industry , and advancements in green steel technologies present new opportunities. However, challenges related to the availability of renewable energy sources could impede growth.

The green steel market is analyzed based on process and end-use industry segments. The report also evaluates the competitive landscape and regional market dynamics.

In terms of process, the green steel market is classified into electric arc furnace (EAF) , molten oxide electrolysis (MOE) , and other methods. By 2024 , the electric arc furnace (EAF) segment is projected to capture the largest share, exceeding 57.0% of the global market. This prominence is attributed to the increasing adoption of the EAF method, which significantly reduces carbon emissions in steel production. The adaptability of EAF systems to align production with demand fluctuations and their capability to utilize up to 100% scrap steel further strengthen their market position. The EAF segment is anticipated to register the highest CAGR during the forecast period.

Regarding end-use sectors , the green steel market includes buildings & construction , automotive , electronics , manufacturing , aerospace , agriculture , energy & power , oil & gas , and other industries. In 2024 , the automotive segment is expected to lead, accounting for more than 23.0% of the global green steel market. This is largely due to the automotive industry's emphasis on sustainability and the shift toward green steel in manufacturing processes. Conversely, the buildings & construction sector is predicted to grow at the highest CAGR during the forecast period, driven by increasing demand for sustainable materials .

By geography, the green steel market encompasses North America , Europe , Asia-Pacific , Latin America , and the Middle East & Africa . In 2024 , Europe is expected to hold the largest market share, exceeding 41.0% . This is primarily due to increasing investments in carbon-free steel production facilities, enhanced infrastructure projects , and European steelmakers' focus on decarbonization . Additionally, government support for green steel initiatives bolsters the region's market position. On the other hand, 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 methods .

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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