Meticulous Research® has announced a new market 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 reach $88.4 billion by 2031, growing at a CAGR of 56.6% from 2024 to 2031. This growth is attributed to increasing awareness about the environmental impact of traditional steel production, government support for green steel technologies, and rising investments. Despite the high production costs, the market is driven by increasing demand for low-carbon steel, particularly from the automotive sector, and ongoing advancements in production technology. The availability of renewable energy remains a critical challenge.

The market is segmented by process and end-use industry, with a comprehensive analysis of competition and regional dynamics.

For process segmentation, the electric arc furnace (EAF) is expected to account for over 57.0% of the market by 2024. The EAF process is favored due to its efficiency in reducing carbon emissions, its flexibility, and its use of scrap steel. It is also projected to experience the highest growth rate during the forecast period.

By end-use industry, the automotive sector is anticipated to lead, capturing more than 23.0% of the market share by 2024. This is due to the automotive industry’s commitment to sustainability and reduced emissions. However, the buildings & construction sector is expected to grow at the highest rate during the forecast period, driven by a demand for sustainable construction practices.

Regionally, Europe is expected to dominate the green steel market with a share of over 41.0% in 2024, thanks to significant investments and supportive government policies. The Asia-Pacific region is forecast to experience the highest CAGR of 59.0%, driven by rapid industrial development and supportive initiatives for green steel technology.

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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