Meticulous Research®, a global leader in market intelligence, has published an insightful 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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The report forecasts the global green steel market to grow to $88.4 billion by 2031, achieving a CAGR of 56.6% from 2024 to 2031. The rapid growth of this market is driven by increasing concerns about greenhouse gas emissions from conventional steel production processes, growing government initiatives to promote green steel technologies, and rising investments in green steel production. However, the significant costs associated with green steel production could pose a challenge to market expansion. On the bright side, increasing demand for low-carbon steel in the automotive industry, combined with technological advancements in production methods, offers strong growth opportunities. The availability of sufficient renewable energy remains a challenge for the market.

The report provides a comprehensive segmentation of the market by process and end-use industry, with an in-depth analysis of competition and regional dynamics.

The process segmentation includes electric arc furnace (EAF), molten oxide electrolysis (MOE), and other processes. In 2024, the EAF process is expected to dominate the global green steel market, accounting for more than 57.0% of the market. This dominance is attributed to the growing preference for EAF technology among steelmakers, driven by its ability to reduce carbon emissions, its flexibility in managing demand fluctuations, and its capacity to utilize up to 100% scrap metal in production. The EAF segment is also projected to experience the fastest growth during the forecast period.

Regarding end-use industries, the green steel market is segmented into buildings & construction, automotive, electronics, manufacturing, aerospace, and others. In 2024, the automotive sector is expected to lead the market, with a share exceeding 23.0%. This leadership is fueled by the automotive industry’s increased emphasis on sustainability and its adoption of green steel to reduce carbon emissions. However, the buildings & construction industry is expected to grow at the highest CAGR during the forecast period.

In the geographical segment, Europe is projected to account for more than 41.0% of the global green steel market in 2024. This region's large share is attributed to significant investments in carbon-free steel production facilities, extensive infrastructure development projects, and the growing commitment of European steelmakers to decarbonization strategies. Meanwhile, the Asia-Pacific region is expected to exhibit the highest CAGR of 59.0% during the forecast period, fueled by government support and technological advancements in green steel production.

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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