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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 Forecast to 2031
Report ID: MRCHM - 1041296 Pages: 200 Aug-2024 Formats*: PDF Category: Chemicals and Materials Delivery: 24 to 72 Hours Download Free Sample ReportThe growth in this market 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 growth of the market. In addition, surging demand for low-carbon steel from the automotive industry and technological advancement in green steel production are expected to provide opportunities for market growth. The availability of renewable energy sources poses challenges for market growth.
Green Steel Market Growth Drivers
Steel is a fundamental element in modern society, playing a crucial role in engineering and construction. It is integral to many aspects of our daily lives. However, the steel industry now faces increasing pressure to minimize its carbon footprint due to environmental and economic concerns.
The global steel industry is a major emitter of greenhouse gases. According to The World Economic Forum (Switzerland), steel production is the planet’s largest-emitting manufacturing sector, responsible for 7% of all man-made greenhouse gas emissions. Two billion or so metric tons of crude steel are produced globally every year. If all that tonnage were green steel instead of carbon-intensive steel, it would dramatically cut the emissions of the steel industry, and it would also reduce hefty portions of the carbon footprints of several industries.
Green steel is steel manufactured through eco-friendly and sustainable practices. It uses energy from renewable sources, creates less carbon dioxide, and manages waste better. Therefore, the growing concern about GHG emissions from steel production is expected to drive the green steel market's growth in the forecasted period.
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With many countries aiming to reduce carbon emissions to net zero over the coming decades, industry leaders are looking to decarbonize the steelmaking process. Governments across several countries are considering mandating the use of ‘green steel’ in government projects with the goal of decarbonizing one of the most hard-to-abate sectors. Additionally, the government is investing heavily to support the green steel manufacturing process, which is, in turn, driving the market growth. Some of the recent developments in the market space:
The automotive sector stands as a significant consumer of steel, with cars, buses, and trucks embodying the ubiquitous presence of this material in daily life. Steel is one of the key materials in the automotive industry. According to the World Steel Organization (Belgium), around 900 kg of steel is used per vehicle. Out of this, about 40% of steel is used in body structures, doors, and trunk closures; around 23% is used in drivetrains; approximately 12% is used in suspensions, and the remaining in wheels, fuel tanks, braking systems, etc. In brief, the importance of steel in the automotive sector can be seen in every part of the vehicle.
As more countries and companies commit to reducing carbon emissions and promoting sustainability, the demand for green steel is expected to increase rapidly. In addition, rising efforts by automotive manufacturers to use green steel in the manufacturing process are expected to provide opportunities for market growth.
Based on process, the green steel market is segmented into electric arc furnaces (EAF), molten oxide electrolysis (MOE), and other processes. In 2024, the 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. This growth is driven by steel manufacturers' rising investment in building electric arc furnaces to transition to green steel production.
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. This segment's growth is driven by rising construction and development activities in emerging countries, rapid urbanization, and increasing government initiatives for green buildings to improve energy efficiency and reduce carbon emissions in the construction industry.
In 2024, Europe is expected to account for the largest share, over 41.0%, of the green steel market. This large share of the region is attributed to the rising investment in carbon-free steel production plants, residential and commercial infrastructure development projects, European steelmakers' rising focus on decarbonization strategies, and government investment in green steel projects.
However, the Asia-Pacific region is expected to grow with the highest CAGR of over 59.0% during the forecast period. This region's rapid growth is driven by the growing investments in environmentally friendly construction materials and green steel manufacturing, the rising focus of government to promote the adoption of green steel, rising urbanization, increasing disposable income, and the rapidly growing construction industry.
The report offers a competitive analysis based on an extensive assessment of the leading players’ product portfolios, geographic presence, and key growth strategies adopted in the last three to four years. Some of 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 Limited (India), Swiss Steel Group (Switzerland), Nippon Steel Corporation (Japan), Cleveland-Cliffs Inc. (U.S.), Nucor Corporation (U.S.), JFE Steel Corporation (Japan), among others.
Particulars |
Details |
Number of Pages |
200 |
Format |
|
Forecast Period |
2024–2031 |
Base Year |
2023 |
CAGR |
56.6% |
Market Size (Value) |
USD 88.4 Billion by 2031 |
Segments Covered |
By Process
By End-use Industry
|
Countries Covered |
North America (U.S., Canada), Europe (Germany, U.K., France, Italy, Spain, Switzerland, Netherlands, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia-Pacific), Latin America (Brazil, Mexico, and Rest of Latin America), and Middle East & Africa (UAE, Israel, Rest of Middle East & Africa) |
Key Companies |
H2 Green Steel (Sweden), Thyssenkrupp AG (Germany), Tata Steel Ltd. (India), Arcelor Mittal (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. |
The Green Steel Market focuses on steel produced through eco-friendly methods, using renewable energy and sustainable practices to reduce carbon emissions.
Valued at $2.5 billion in 2023, the Green Steel Market is expected to grow to $88.4 billion by 2031, with significant expansion from $3.8 billion in 2024.
The market is forecasted to grow at a CAGR of 56.6% from 2024 to 2031, reflecting rapid growth and increasing adoption of green steel technologies.
The Green Steel Market size was $2.5 billion in 2023 and is projected to reach $88.4 billion by 2031, with notable growth expected from $3.8 billion in 2024.
Key companies include H2 Green Steel, Thyssenkrupp AG, Tata Steel Ltd., ArcelorMittal, Emirates Steel, Green Steel Group, and Nucor Corporation.
The market trend highlights a shift towards eco-friendly steel production with increased government support, technological advancements, and rising demand from the automotive sector.
Key drivers include concerns over GHG emissions, government investments, rising demand for low-carbon steel, and technological advancements in green steel production.
Segments include Electric Arc Furnace (EAF), Molten Oxide Electrolysis (MOE), and end-use industries like automotive, construction, electronics, and more.
The global outlook is optimistic, with significant growth driven by increasing investments, government support, and rising demand for sustainable steel solutions.
The market is experiencing substantial growth, with a projected CAGR of 56.6% from 2024 to 2031, driven by technological advancements and growing demand for green steel.
The Green Steel Market is projected to grow at a CAGR of 56.6% from 2024 to 2031, reflecting rapid expansion and increased adoption of sustainable steel technologies.
Europe holds the highest market share, driven by significant investments in carbon-free steel production, infrastructure development, and government support for green steel projects.
1. Introduction
1.1. Market Definition
1.2. Currency & Limitations
1.2.1. Currency
1.2.2. Limitations
2. Research Methodology
2.1. Research Approach
2.2. Process of Data Collection and Validation
2.2.1. Secondary Research
2.2.2. Primary Research / Interviews with Key Opinion Leaders of the Industry
2.3. Market Sizing and Forecast
2.3.1. Market Size Estimation Approach
2.3.2. Growth Forecast Approach
2.4. Assumption for the Study
3. Executive Summary
3.1. Market Overview
3.2. Market Analysis, by Process
3.3. Market Analysis, by End-use Industry
3.4. Market Analysis, by Geography
3.5. Competitive Analysis
4. Market Insights
4.1. Overview
4.2. Factors Affecting Market Growth
4.2.1. Drivers
4.2.1.1. Growing Concern of GHG Emission from Steel Production
4.2.1.2. Government Support and Investment in Green Steel Manufacturing
4.2.1.3. Increasing Investment in Green Steel Production
4.2.2. Restraints
4.2.2.1. High Cost of Green Steel Production
4.2.3. Opportunities
4.2.3.1. Surging Demand for Low-Carbon Steel from Various Industries
4.2.3.2. Technological Advancements in Green Steel Production
4.2.4. Challenges
4.2.4.1. Availability of Renewable Energy Sources
4.3. Trends
4.4. Vendor Selection Criteria/Factors Affecting Buying Decision
4.5. Porter's Five Forces Analysis
4.6. Supply Chain Analysis
5. Green Steel Market Assessment, by Process
5.1. Overview
5.2. Electric Arc Furnace (EAF)
5.3. Molten Oxide Electrolysis (MOE)
5.4. Other Processes
6. Green Steel Market Assessment, by End-use Industry
6.1. Overview
6.2. Buildings & Construction
6.3. Automotive
6.4. Electronics
6.5. Manufacturing
6.6. Aerospace
6.7. Agriculture
6.8. Energy & Power
6.9. Oil & Gas
6.10. Other End-use Industries
7. Green Steel Market Assessment, by Geography
7.1. North America
7.1.1. U.S.
7.1.2. Canada
7.2. Europe
7.2.1. Germany
7.2.2. U.K.
7.2.3. France
7.2.4. Italy
7.2.5. Spain
7.2.6. Switzerland
7.2.7. Netherlands
7.2.8. Rest of Europe
7.3. Asia-Pacific
7.3.1. Japan
7.3.2. China
7.3.3. India
7.3.4. South Korea
7.3.5. Singapore
7.3.6. Malaysia
7.3.7. Rest of Asia-Pacific
7.4. Latin America
7.4.1. Mexico
7.4.2. Brazil
7.4.3. Rest of Latin America
7.5. Middle East & Africa
7.5.1. UAE
7.5.2. Israel
7.5.3. Rest of Middle East & Africa
8. Green Steel Market Assessment-Competitive Analysis
8.1. Overview
8.2. Key Growth Strategies
8.3. Competitive Dashboard
8.3.1. Industry Leaders
8.3.2. Market Differentiators
8.3.3. Vanguards
8.3.4. Contemporary Stalwarts
8.4. Vendor Market Positioning
8.5. Market Share/Ranking by the Key Players
9. Company Profiles (Company Overview, Financial Overview, Product Portfolio, and Strategic Developments)
9.1. H2 Green Steel
9.2. Thyssenkrupp AG
9.3. Tata Steel Ltd.
9.4. ArcelorMittal S.A.
9.5. Emirates Steel
9.6. Green Steel Group
9.7. Jindal Steel and Power
9.8. Swiss Steel Group
9.9. Nippon Steel Corporation
9.10. Cleveland-Cliffs Inc.
9.11. Nucor Corporation
9.12. JFE Steel Corporation
(Note: SWOT analysis of the top 5 companies will be provided)
10. Appendix
10.1. Available Customizations
10.2. Related Reports
List of Tables
Table 1 Currency Conversion Rates (2021–2024)
Table 2 Global Green Steel Market, by Process, 2022–2031 (USD Million)
Table 3 Global Green Steel Market for Electric Arc Furnace (EAF), by Country/Region, 2022–2031 (USD Million)
Table 4 Global Green Steel Market for Molten Oxide Electrolysis (MOE), by Country/Region, 2022–2031 (USD Million)
Table 5 Global Green Steel Market for Other Processes, by Country/Region, 2022–2031 (USD Million)
Table 6 Global Green Steel Market, by End-use Industry, 2022–2031 (USD Million)
Table 7 Global Green Steel Market for Buildings & Construction, by Country/Region, 2022–2031 (USD Million)
Table 8 Global Green Steel Market for Automotive, by Country/Region, 2022–2031 (USD Million)
Table 9 Global Green Steel Market for Electronics, by Country/Region, 2022–2031 (USD Million)
Table 10 Global Green Steel Market for Manufacturing, by Country/Region, 2022–2031 (USD Million)
Table 11 Global Green Steel Market for Aerospace, by Country/Region, 2022–2031 (USD Million)
Table 12 Global Green Steel Market for Agriculture, by Country/Region, 2022–2031 (USD Million)
Table 13 Global Green Steel Market for Energy & Power, by Country/Region, 2022–2031 (USD Million)
Table 14 Global Green Steel Market for Oil & Gas, by Country/Region, 2022–2031 (USD Million)
Table 15 Global Green Steel Market for Other End-use Industries, by Country/Region, 2022–2031 (USD Million)
Table 16 North America: Green Steel Market, by Country, 2022–2031 (USD Million)
Table 17 North America: Green Steel Market, by Process, 2022–2031 (USD Million)
Table 18 North America: Green Steel Market, by End-use Industry, 2022–2031 (USD Million)
Table 19 U.S.: Green Steel Market, by Process, 2022–2031 (USD Million)
Table 20 U.S.: Green Steel Market, by End-use Industry, 2022–2031 (USD Million)
Table 21 Canada: Green Steel Market, by Process, 2022–2031 (USD Million)
Table 22 Canada: Green Steel Market, by End-use Industry, 2022–2031 (USD Million)
Table 23 Europe: Green Steel Market, by Country/Region, 2022–2031 (USD Million)
Table 24 Europe: Green Steel Market, by Process, 2022–2031 (USD Million)
Table 25 Europe: Green Steel Market, by End-use Industry, 2022–2031 (USD Million)
Table 26 Germany: Green Steel Market, by Process, 2022–2031 (USD Million)
Table 27 Germany: Green Steel Market, by End-use Industry, 2022–2031 (USD Million)
Table 28 U.K.: Green Steel Market, by Process, 2022–2031 (USD Million)
Table 29 U.K.: Green Steel Market, by End-use Industry, 2022–2031 (USD Million)
Table 30 France: Green Steel Market, by Process, 2022–2031 (USD Million)
Table 31 France: Green Steel Market, by End-use Industry, 2022–2031 (USD Million)
Table 32 Italy: Green Steel Market, by Process, 2022–2031 (USD Million)
Table 33 Italy: Green Steel Market, by End-use Industry, 2022–2031 (USD Million)
Table 34 Spain: Green Steel Market, by Process, 2022–2031 (USD Million)
Table 35 Spain: Green Steel Market, by End-use Industry, 2022–2031 (USD Million)
Table 36 Switzerland: Green Steel Market, by Process, 2022–2031 (USD Million)
Table 37 Switzerland: Green Steel Market, by End-use Industry, 2022–2031 (USD Million)
Table 38 Netherlands: Green Steel Market, by Process, 2022–2031 (USD Million)
Table 39 Netherlands: Green Steel Market, by End-use Industry, 2022–2031 (USD Million)
Table 40 Rest of Europe: Green Steel Market, by Process, 2022–2031 (USD Million)
Table 41 Rest of Europe: Green Steel Market, by End-use Industry, 2022–2031 (USD Million)
Table 42 Asia-Pacific: Green Steel Market, by Country/Region, 2022–2031 (USD Million)
Table 43 Asia-Pacific: Green Steel Market, by Process, 2022–2031 (USD Million)
Table 44 Asia-Pacific: Green Steel Market, by End-use Industry, 2022–2031 (USD Million)
Table 45 China: Green Steel Market, by Process, 2022–2031 (USD Million)
Table 46 China: Green Steel Market, by End-use Industry, 2022–2031 (USD Million)
Table 47 Japan: Green Steel Market, by Process, 2022–2031 (USD Million)
Table 48 Japan: Green Steel Market, by End-use Industry, 2022–2031 (USD Million)
Table 49 India: Green Steel Market, by Process, 2022–2031 (USD Million)
Table 50 India: Green Steel Market, by End-use Industry, 2022–2031 (USD Million)
Table 51 South Korea: Green Steel Market, by Process, 2022–2031 (USD Million)
Table 52 South Korea: Green Steel Market, by End-use Industry, 2022–2031 (USD Million)
Table 53 Singapore: Green Steel Market, by Process, 2022–2031 (USD Million)
Table 54 Singapore: Green Steel Market, by End-use Industry, 2022–2031 (USD Million)
Table 55 Malaysia: Green Steel Market, by Process, 2022–2031 (USD Million)
Table 56 Malaysia: Green Steel Market, by End-use Industry, 2022–2031 (USD Million)
Table 57 Rest of Asia-Pacific: Green Steel Market, by Process, 2022–2031 (USD Million)
Table 58 Rest of Asia-Pacific: Green Steel Market, by End-use Industry, 2022–2031 (USD Million)
Table 59 Latin America: Green Steel Market, by Country/Region, 2022–2031 (USD Million)
Table 60 Latin America: Green Steel Market, by Process, 2022–2031 (USD Million)
Table 61 Latin America: Green Steel Market, by End-use Industry, 2022–2031 (USD Million)
Table 62 Brazil: Green Steel Market, by Process, 2022–2031 (USD Million)
Table 63 Brazil: Green Steel Market, by End-use Industry, 2022–2031 (USD Million)
Table 64 Mexico: Green Steel Market, by Process, 2022–2031 (USD Million)
Table 65 Mexico: Green Steel Market, by End-use Industry, 2022–2031 (USD Million)
Table 66 Rest of Latin America: Green Steel Market, by Process, 2022–2031 (USD Million)
Table 67 Rest of Latin America: Green Steel Market, by End-use Industry, 2022–2031 (USD Million)
Table 68 Middle East & Africa: Green Steel Market, by Country/Region, 2022–2031 (USD Million)
Table 69 Middle East & Africa: Green Steel Market, by Process, 2022–2031 (USD Million)
Table 70 Middle East & Africa: Green Steel Market, by End-use Industry, 2022–2031 (USD Million)
Table 71 UAE: Green Steel Market, by Process, 2022–2031 (USD Million)
Table 72 UAE: Green Steel Market, by End-use Industry, 2022–2031 (USD Million)
Table 73 Israel: Green Steel Market, by Process, 2022–2031 (USD Million)
Table 74 Israel: Green Steel Market, by End-use Industry, 2022–2031 (USD Million)
Table 75 Rest of Middle East & Africa: Green Steel Market, by Process, 2022–2031 (USD Million)
Table 76 Rest of Middle East & Africa: Green Steel Market, by End-use Industry, 2022–2031 (USD Million)
Table 77 Recent Developments by the Major Market Players (2021–2024)
List of Figures
Figure 1 Research Process
Figure 2 Secondary Sources for this Study
Figure 3 Primary Research Techniques
Figure 4 Key Executives Interviewed from the Industry
Figure 5 Breakdown of Primary Interviews (Supply-side & Demand-side)
Figure 6 Market Sizing and Growth Forecast Approach
Figure 7 Key Insights
Figure 8 Global Green Steel Market, by Process, 2024 Vs. 2031 (USD Million)
Figure 9 Global Green Steel Market, by End-use Industry, 2024 Vs. 2031 (USD Million)
Figure 10 Geographic Snapshot: Green Steel Market
Figure 11 Impact Analysis of Market Drivers, Restraints, Opportunities, and Challenges
Figure 12 Global Green Steel Market, by Process, 2024 Vs. 2031 (USD Million)
Figure 13 Global Green Steel Market, by End-use Industry, 2024 Vs. 2031 (USD Million)
Figure 14 Global Green Steel Market, by Geography, 2024 Vs. 2031 (USD Million)
Figure 15 Geographic Snapshot: North America Green Steel Market
Figure 16 Geographic Snapshot: Europe Green Steel Market
Figure 17 Geographic Snapshot: Asia-Pacific Green Steel Market
Figure 18 Geographic Snapshot: Latin America Green Steel Market
Figure 19 Geographic Snapshot: Middle East & Africa Green Steel Market
Figure 20 Growth Strategies Adopted by Leading Market Players (2021–2024)
Figure 21 Competitive Dashboard: Green Steel Market
Figure 22 Vendor Market Positioning Analysis (2021–2024)
Figure 23 Thyssenkrupp AG: Financial Overview
Figure 24 Tata Steel Ltd.: Financial Overview
Figure 25 ArcelorMittal S.A.: Financial Overview
Figure 26 Emirates Steel: Financial Overview
Figure 27 Jindal Steel and Power: Financial Overview
Figure 28 Swiss Steel Group: Financial Overview
Figure 29 Nippon Steel Corporation: Financial Overview
Figure 30 Cleveland-Cliffs Inc.: Financial Overview
Figure 31 Nucor Corporation: Financial Overview
Figure 32 JFE Steel Corporation: Financial Overview
Published Date: Sep-2024
Published Date: Sep-2024
Published Date: Aug-2024
Published Date: Jun-2024
Published Date: Jun-2024
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