Redding, California - August 1, 2024
Green Steel Market to be Worth $88.4 Billion by 2031
Green Steel Market Size, Share, Forecast, & Trends by Process (Electric Arc Furnace (EAF), Molten Oxide Electrolysis (MOE), Others), End-use Industry (Buildings & Construction, Automotive, Electronics, Manufacturing, Aerospace, Others), and Geography - Global Forecasts to 2031
Meticulous Research®—a leading global market research company, published a 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’
According to this latest publication from Meticulous Research®, the green steel market is projected to reach $88.4 billion by 2031, at a CAGR of 56.6% from 2024 to 2031. This market's growth is driven by factors such as growing concern about GHG emissions from steel production, government support and investment in green steel manufacturing, and increasing investment in green steel production. However, the high cost of green steel production can restrain the market's growth. In addition, surging demand for low-carbon steel from the automotive industry and technological advancements in green steel production are expected to provide opportunities for market growth. The availability of renewable energy sources poses challenges for market growth.
The green steel market is segmented by process and end-use industry. The study also evaluates industry competitors and analyzes the regional and country-level markets.
Based on process, the green steel market is segmented into electric arc furnace (EAF), molten oxide electrolysis (MOE), and other processes. In 2024, electric arc furnace (EAF) segment is expected to account for the largest share of over 57.0% of the global green steel market. A large share of the segment is attributed to the rising use of the EAF process by steelmakers to significantly reduce carbon emissions in steel production, the flexibility and adaptability to adjust production based on demand fluctuations, and the capacity of electric arc furnaces to use up to 100% scrap steel as its raw material. Moreover, the electric arc furnace (EAF) segment is expected to grow at the highest CAGR during the forecast period.
Based on end-use industry, the green steel market is segmented into buildings & construction, automotive, electronics, manufacturing, aerospace, agriculture, energy & power, oil & gas, and other end-use industries. In 2024, the automotive segment is expected to account for the largest share of over 23.0% of the global green steel market. A large share of the segment is attributed to the automotive industry's greater emphasis on adopting sustainable practices and reducing greenhouse gas emissions and the rising focus of automotive manufacturers on strategic initiatives to use green steel in the manufacturing process. However, the buildings & construction segment is expected to grow at the highest CAGR during the forecast period.
Based on geography, the green steel market is segmented into North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. In 2024, Europe is expected to account for the largest share of over 41.0% of the green steel market. A large share of the region is attributed to the rising investment in carbon-free steel production plants, rising investment in residential and commercial infrastructure development projects, the rising focus of European steelmakers on decarbonization strategies, and government investment in green steel projects. However, the Asia-Pacific region is expected to grow with the highest CAGR of 59.0% during the forecast period.
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.
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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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