One Stop Shop For Reports One Stop Shop For Reports
  • All Reports
  • All Sectors
    • Chemicals & Materials
      • Advanced Materials
      • Bulk Chemicals
      • Coatings | Paints and Additives
      • Composites
      • Renewable | Speciality chemicals
    • Consumer Goods
      • Baby Products
      • Consumer Electronics
      • Consumer Packaging
      • Cosmetics & Personal Care
      • Homecare & Decor
      • Luxury & premium products
    • Energy and Power
      • Energy Efficiency and Conservation
      • Green | Renewable Energy
      • Non Renewable | Conventional Energy
      • Power Equipment and Devices
    • Life Science
      • Biotechnology
      • Diagnostics
      • Healthcare
      • Healthcare IT
      • Medical Devices & Supplies
      • Pharmaceuticals
    • Food and Beverage
      • Agriculture & Agri Products
      • Beverages
      • Food Ingredients
      • Food Services and Hospitality
      • Nutraceutical | Wellness Food
      • Processed & Frozen Foods
    • Automotive and Transportation
      • Automotive components
      • Automotive Logistics
      • Automotive systems and accessories
    • Information and Communications Technology
      • E Commerce and Outsourcing
      • Entertainment & Media
      • High Tech | Enterprise & Consumer IT
      • Information & Network Security
      • Mobility | Telecom & Wireless
      • Software and Services
    • Semiconductor and Electronics
      • Semiconductor Materials and Components
      • Display Technology
      • Electronics System and Components
      • Emerging technologies
      • Security and Surveillance
      • Sensors and Controls
    • Building and Construction
      • Construction Materials
      • HVAC
      • Residential Construction and Improvement
      • Roads & Highways
    • Manufacturing
      • Manufacturing Services
      • Heavy Manufacturing
      • Packaging
      • Engineering | Equipment and Machinery
  • Who Trust Us
  • [email protected]
  • +1 718 874 1545 (International)
  • +91 78878 22626 (Asia)

More Results

One Stop Shop For Reports One Stop Shop For Reports
  • All Reports
  • All Sectors
    • Chemicals & Materials
      • Advanced Materials
      • Bulk Chemicals
      • Coatings | Paints and Additives
      • Composites
      • Renewable | Speciality chemicals
    • Consumer Goods
      • Baby Products
      • Consumer Electronics
      • Consumer Packaging
      • Cosmetics & Personal Care
      • Homecare & Decor
      • Luxury & premium products
    • Energy and Power
      • Energy Efficiency and Conservation
      • Green | Renewable Energy
      • Non Renewable | Conventional Energy
      • Power Equipment and Devices
    • Life Science
      • Biotechnology
      • Diagnostics
      • Healthcare
      • Healthcare IT
      • Medical Devices & Supplies
      • Pharmaceuticals
    • Food and Beverage
      • Agriculture & Agri Products
      • Beverages
      • Food Ingredients
      • Food Services and Hospitality
      • Nutraceutical | Wellness Food
      • Processed & Frozen Foods
    • Automotive and Transportation
      • Automotive components
      • Automotive Logistics
      • Automotive systems and accessories
    • Information and Communications Technology
      • E Commerce and Outsourcing
      • Entertainment & Media
      • High Tech | Enterprise & Consumer IT
      • Information & Network Security
      • Mobility | Telecom & Wireless
      • Software and Services
    • Semiconductor and Electronics
      • Semiconductor Materials and Components
      • Display Technology
      • Electronics System and Components
      • Emerging technologies
      • Security and Surveillance
      • Sensors and Controls
    • Building and Construction
      • Construction Materials
      • HVAC
      • Residential Construction and Improvement
      • Roads & Highways
    • Manufacturing
      • Manufacturing Services
      • Heavy Manufacturing
      • Packaging
      • Engineering | Equipment and Machinery
  • Who Trust Us
Home ➤ Chemicals & Materials ➤ Green Steel Market
Green Steel Market
Green Steel Market
Published date: Aug 2024 • Formats:
Request Sample Schedule a Call
  • Home ➤ Chemicals & Materials ➤ Green Steel Market

Global Green Steel Market By Production Technology (Renewable - Electric Arc Furnace (R-EAF), Hydrogen Direct Reduced Iron - Electric Arc Furnace (H2 DRI - EAF), and Molten Oxide Electrolysis (MOE)), By Energy Source (Solar, Wind, and Others), By End-use (Building & Construction, Automotive, Renewable Energy Infrastructure, Home Appliances, and Others), Region and Companies – Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2024-2033

  • Published date: Aug 2024
  • Report ID: 127243
  • Number of Pages: 340
  • Format:
  • Overview
  • Table of Contents
  • Major Market Players
  • Request a Free Sample
  • Quick Navigation

    • Report Overview
    • Key Takeaways
    • By Production Technology Analysis
    • By Energy Source Analysis
    • By End-use Analysis
    • Key Market Segments
    • Drivers
    • Restraints
    • Opportunities
    • Latest Trends
    • Geopolitical Impact Analysis
    • Regional Analysis
    • Key Players Analysis
    • Recent Developments
    • Report Scope

    Report Overview

    The Global Green Steel Market size is expected to be worth around USD 74,309.4 million by 2033 from USD 337.6 million in 2023, growing at a CAGR of 71.5% during the forecast period 2024 to 2033.

    Green steel is a term that refers to steel manufacturers using sustainable and eco-friendly manufacturing methods that significantly reduce the overall greenhouse emissions of the process. This helps manufacturers meet the regulatory restrictions on carbon emissions.

    This is achieved by using production processes such as electric arc furnace (EAF) technology, hydrogen-based steelmaking, and carbon capture, utilization, and storage (CCUS). Green steel production reduces the necessity for depending on fossil fuels for energy generation, thereby ensuring sustainability by reducing waste generation. The end product owns all the properties of the steel which is produced using regular manufacturing methods.

    The increasing environmental concerns and the rising need for steel from several end-user industries are expected to drive the global green steel market during the forecast period. Green steel is also known as low-carbon or sustainable steel. The rapid climate changes, global warming, greenhouse emissions, and ozone layer depletion are some of the major issues faced today.

    These are majorly caused due to the industrial wastes causing air, water, noise, and soil pollution. Therefore, governments across the globe are encouraging steel manufacturers to use sustainable production methods. The increasing number of sustainable products, increasing government interference in steel industry affairs, and the rapid advancements in environmental technology are anticipated to fuel the market in the coming years.

    Green Steel Market

    Key Takeaways

    • In 2023, the global green steel market generated a revenue of USD 337.6 million, with a CAGR of 71.5%, and is expected to reach USD 74,309.4 million by the year 2033.
    • The production technology held a major share of the market, with renewable-electric arc furnaces (R-EAF): taking the lead in 2023 with a market share of 54.3%.
    • By energy source, the solar accounted for a significant share of 44.5%.
    • By end-use, the building & construction segment among the other sub-segments held a significant revenue share of the market with 38.5% of the global green steel market.
    • Asia Pacific led the market by securing a market share of 43.4% in 2023.

    By Production Technology Analysis

    Based on production technology, the market is divided into renewable-electric arc furnaces (R-EAF), hydrogen direct reduced iron-electric arc furnaces (H2 DRI – EAF), and molten oxide electrolysis (MOE). The renewable-electric arc furnace (R-EAF) segment held a dominant share in 2023, with a market share of 54.3% owing to its ability to significantly reduce greenhouse emissions, compared to the traditional steel manufacturing methods. Electric furnaces can run efficiently when powered by renewable energy sources such as solar energy, wind energy, and tidal energy.

    This way, the furnaces can reduce up to 80% emission of greenhouse gases. The growing pricing of carbon and the increasing government regulations are primary factors encouraging the players in the market to adopt clean energy production methods. Additionally, increasing affordability of the industrial setup of renewable energy, such as solar power grids is expected to gain traction in the market.

    For instance, according to the 2023 report published by the International Energy Agency (IEA), global renewable energy grew by about 510 GW which is about 50% in 2023. The report also suggests that the capacity has been significantly growing consistently in the past 22 years.

    By Energy Source Analysis

    Based on energy sources, the market is segmented into solar, wind, and others. Among these, the solar segment held a significant share of 44.5% due to declining solar energy costs and the increasing adoption of renewable energy sources. Solar power is becoming increasingly cost-competitive with fossil fuels. This makes it an attractive option for powering electric furnaces in steel production. Governments are offering various incentives and tax benefits to encourage the use of solar energy in industrial processes, further driving the market.

    The segment is also benefiting from advancements in technology such as bi-facial panels and energy storage systems which optimize efficiency and reduce costs. As steel producers seek to reduce their carbon footprint and meet sustainability goals, solar power is becoming a key component owing to its wide availability.

    For instance, according to a 2022 report published by the International Renewable Energy Agency (IRENA), the total energy generated using solar PV systems constructed worldwide, reached about 710 GW in 2020, globally. Additionally, solar power offers a reliable and abundant source of energy, thereby reducing the dependency on grid electricity and mitigating price volatility, which in turn drives the segment.

    By End-use Analysis

    The global green steel market is segmented based on end-use into building & construction, automotive, renewable energy infrastructure, home appliances, and others. The building & construction segment held the largest share of the market at 38.5%, owing to the increasing demand for sustainable and energy-efficient buildings. Green steels reduce the carbon footprint and recycled content aligns with the industry’s growing focus on environmental responsibility.

    Building information modeling (BIM) and life cycle assessment (LCA) tools are also promoting the adoption of green steel by allowing architects and builders to measure and minimize environmental impact. Furthermore, green steel’s durability and corrosion resistance reduce maintenance costs and extend building life.  As the global construction industry continues to grow, the demand for green steel is expected to increase, driven by urbanization, infrastructure development, and renovation projects, thereby driving the segment.

    Green Steel Market Share

    Key Market Segments

    By Production Technology

    • Renewable – Electric Arc Furnace
    • Hydrogen Direct Reduced Iron – Electric Arc Furnace
    • Molten Oxide Electrolysis

    By Energy Source

    • Solar
    • Wind
    • Others

    By End-use

    • Building & Construction
    • Automotive
    • Renewable Energy Infrastructure
    • Home Appliances
    • Others

    Drivers

    Stringent government regulations and policies in the interest of the environment drive the market.

    Governments across the world are facing challenges to maintain a healthy balance between rapid industrialization and the environment. Rapid industrialization and the expanding construction industry are the major byproducts of the exponentially growing global population. The global construction industry is facing consistent demand for steel from industrial and residential fronts.

    Apart from this, the rising global urbanization is equally responsible for growing construction activities. These activities demand large quantities of steel which ultimately increases the demand from steel manufacturers who then rely on instant energy sources, fossil fuel to meet the power and energy requirements. Moreover, consumers are increasingly seeking to purchase products manufactured using sustainable production methods which is expected to fuel the market during the forecast period.

    Restraints

    Limited availability and the high cost of materials are projected to hamper the market.

    The global green steel market faces a significant restraint due to the limited availability and high cost of materials such as scrap steel and renewable energy sources. Scrap steel, a crucial feedstock for green steel production is in shortage of supply, leading to the increased cost. Renewable energy sources such as solar and wind power are also expensive making it challenging for steel producers to adopt the green steel production methods.

    The high cost of raw materials increases the production cost of green steel, making it less competitive with traditional steel. This limits the adoption of green steel technologies and hinders the market. Furthermore, the reliance on imported raw materials can lead to supply chain disruptions, further hampering the market during the projection period.

    Opportunities

    The growing scope for innovation in green steel production drives the market.

    The growing scope for innovation in steel production is driving the market as companies are continuously seeking novel ways to reduce their environmental footprint. The advancements in technology such as hydrogen-based steel production, carbon capture and storage, and electric arc furnaces are revolutionizing the industry. This innovation enables the production of green steel with significantly reduced carbon emissions, making it a more sustainable option.

    As a result, companies are investing heavily in research and development to stay ahead of the curve and capitalize on the growing demand for green steel. This culture of innovation is expected to continue to drive the growth in the green steel market, thereby enabling the industry to meet increasingly stringent environmental regulations. With ongoing innovation green steel production is becoming more efficient, cost effective, and accessible further fueling the market expansion.

    Latest Trends

    The growing global trend toward a circular economy is projected to drive the market.

    Companies are increasingly adopting sustainable practices to reduce their environmental footprint. A circular economy concept was developed to emphasize the reuse and recycling of non-biodegradable waste materials in ten different categories such as used oil, and gypsum. Lithium Ion batteries, toxic & hazardous industrial wastes, and others. Reducing waste and the continuous demand for raw materials.

    In the steel industry, this means adopting closed-loop production processes, where steel is produced, used, and recycled, minimizing the need for primary steel production. As governments and consumers push for more sustainable products, companies are investing in green steel production technologies, such as hydrogen-based steel production and electric arc furnaces to meet the growing demand for sustainable steel. These factors are anticipated to create lucrative prospects for the market.

    Geopolitical Impact Analysis

    Geopolitical factors exert a significant influence on the Global Green Steel market, shaping its growth trajectory and dynamics. Trade tensions and tariffs can increase costs and limit international trade, hindering the market such as in the case of China- US trade war. However, government initiatives and policies supporting green steel production can drive the market.

    For instance, the EU’s Green Deal project undertaken in 2020 and the carbon border adjustment project, aims to make Europe the first climate-neutral continent by 2050. This is expected to create several growth opportunities for the green steel player located in the EU.

    The US Inflation Reduction Act (IRA) and the Infrastructure and Jobs Act (IJA) include provisions & funding for the development and deployment of low-carbon steel technologies such as hydrogen-based steel production and carbon capture & storage. Global cooperation and agreements can facilitate technology sharing and collaboration.

    Political stability and support for green infrastructure projects can attract investment. Geopolitical tensions can lead to supply chain disruptions, affecting raw material availability. On the other hand, geopolitical factors can also drive innovation, as countries strive for energy dependence, which is projected to fuel the market during the forecast period.

    Regional Analysis

    Asia Pacific is leading the global green steel market

    Asia Pacific dominated the market with the largest revenue of 141.8 million, commanding a share of 43.4% owing to the rapid industrialization and urbanization taking place in the region. Countries such as China, Japan, and India own well-established industrial infrastructure. They are considered emerging markets owing to their complimenting geographical locations, affordable & skilled workforce, and well-established supply chains.

    China and India have the highest populations in the world and have a consistent demand for steel and its alloys for building & construction activities.  Therefore, the governments in these countries are constantly investing in clean energy sources to establish sustainable developmental approaches.

    For instance, the government of India has taken several initiatives such as the Plastic Waste Management Rule which was amended on April 27, 2023, the Extended Producer Responsibility (EPR) for used oil, amended on September 18, 2023, and others concerning reducing the total carbon footprint of the steel industry.

    For instance, according to the 2020 report published by the Ministry of Steel of India, the steel & iron industries in India are covered under the Environmental Protection Act (EPA), which implemented the UNDP-GEF-MoS Project. The project facilitated low-carbon technologies in 34 steel re-rolling mills and reduced the greenhouse gas emission by 20-50%.

    Green Steel Market Regional Analysis

    Key Regions and Countries

    • North America
      • The US
      • Canada
    • Europe
      • Germany
      • France
      • The UK
      • Spain
      • Italy
      • Russia & CIS
      • Rest of Europe
    • APAC
      • China
      • Japan
      • South Korea
      • India
      • ASEAN
      • Rest of APAC
    • Latin America
      • Brazil
      • Mexico
      • Rest of Latin America
    • Middle East & Africa
      • GCC
      • South Africa
      • Rest of MEA

    Key Players Analysis

    The major players in the Global Green Steel market are continuously investing in innovation and expansion. They implement multiple business strategies to optimize their business operations and position themselves higher on the competitive ground.

    Arcelor Mittal, Baowu Steel Group, Emirates Steel Arkan, Green Steel Group Inc., H2 Green Steel the major player known for diversified green steel production and supply chain network. These key players along with other industry participants collectively influence the global green steel market’s growth, supply, and demand dynamics.

    Top Key Players

    • Arcelor Mittal
    • Baowu Steel Group
    • Emirates Steel Arkan
    • Green Steel Group Inc.
    • H2 Green Steel
    • Other Key Players

    Recent Developments

    • On June 25, 2024, Emirates Steel Arkan announced its collaboration with Danieli, an initiative of the carbon reduction project with the help of an electrical process gas heater serving the DRI plant.
    • On July 20, 2022, Hitachi Energy entered into a strategic agreement with H2 Green Steel to leverage its high-quality hydrogen, digitalization control to support the de-carbonization of the green steel. This collaboration aims to reduce the carbon emissions from Hitachi’s steel production by improving its electrical infrastructure.

    Report Scope

    Report Features Description
    Market Value (2023) USD 337.6 million
    Forecast Revenue (2033) USD 74,309.4 million
    CAGR (2024-2033) 71.5%
    Base Year for Estimation 2023
    Historic Period 2020-2022
    Forecast Period 2024-2033
    Report Coverage Revenue Forecast, Market Dynamics, COVID-19 Impact, Competitive Landscape, Recent Developments
    Segments Covered Market By Production Technology (Renewable – Electric Arc Furnace (R-EAF), Hydrogen Direct Reduced Iron – Electric Arc Furnace (H2 DRI – EAF), and Molten Oxide Electrolysis (MOE)), By Energy Source (Solar, Wind, and Others), By End-use (Building & Construction, Automotive, Renewable Energy Infrastructure, Home Appliances, and Others)
    Regional Analysis North America – US, Canada; Europe – Germany, France, The UK, Spain, Italy, Russia, Netherlands, Rest of Europe; Asia Pacific – China, Japan, South Korea, India, New Zealand, Singapore, Thailand, Vietnam, Rest of APAC; Latin America – Brazil, Mexico, Rest of Latin America; Middle East & Africa – South Africa, Saudi Arabia, UAE, Rest of MEA
    Competitive Landscape Arcelor Mittal, Baowu Steel Group, Emirates Steel Arkan, Green Steel Group Inc., H2 Green Steel, Hyundai Steel, JFE Steel Corporation, Jindal Steel & Power Ltd., Nippon Steel Corporation, Nucor Corporation, Outokumpu, POSCO International, Salzgitter AG, SSAB, Tata Steel, ThyssenKrupp AG, U.S. Steel Corporation, United States Steel Corporation, and voestalpine AG.
    Customization Scope Customization for segments, region/country-level will be provided. Moreover, additional customization can be done based on the requirements.
    Purchase Options We have three licenses to opt for Single User License, Multi-User License (Up to 5 Users), Corporate Use License (Unlimited User and Printable PDF)

     

    Frequently Asked Questions (FAQ)

    What is the Size of Green Steel Market?

    Green Steel Market size is expected to be worth around USD 74,309.4 million by 2033 from USD 337.6 million in 2023

    What is the CAGR for the Green Steel Market?

    The Green Steel Market is expected to grow at a CAGR of 71.5% during 2023-2032.

    List the key industry players of the Global Green Steel Market?

    Arcelor Mittal, Baowu Steel Group, Emirates Steel Arkan, Green Steel Group Inc., H2 Green Steel, Hyundai Steel, JFE Steel Corporation, Jindal Steel & Power Ltd., Nippon Steel Corporation, Nucor Corporation, Outokumpu, POSCO International, Salzgitter AG, SSAB, Tata Steel, ThyssenKrupp AG, U.S. Steel Corporation, United States Steel Corporation, and voestalpine AG.

    Green Steel Market
    Green Steel Market
    Published date: Aug 2024
    add_shopping_cartBuy Now get_appDownload Sample
    keyboard_arrow_up
    • Arcelor Mittal
    • Baowu Steel Group
    • Emirates Steel Arkan
    • Green Steel Group Inc.
    • H2 Green Steel
    • Other Key Players
  • settingsSettings

Related Reports

  • Amino Resins Market
  • Ethylbenzene Market
  • Methyl Isobutyl Ketone Market
  • Electrolyte Mixes Market
  • Sodium Chlorate Market
  • Aluminium Sulfate Market
  • Purified Terephthalic Acid (PTA) Market
  • Sodium Carbonate Market
  • Frozen Fruit Market
  • High Strength Aluminum Alloys Market

Our Clients

  • Our Clients
Inquiry Before Buying

Green Steel Market
  • 127243
  • Aug 2024
    • ★★★★★
      ★★★★★
    • (57)
add_shopping_cart Buy Now
Trusted by more than 17382 organizations globally
  • Client Logo
  • Client Logo
  • Client Logo
✖
Request a Sample Report
We'll get back to you as quickly as possible

Single User
$6,000
$3,999
USD / per unit
save 24%
Multi User
$8,000
$5,999
USD / per unit
save 28%
Corporate User
$10,000
$6,999
USD / per unit
save 32%
e-Access
Report Library Access
Data Set (Excel)
Print
Company Profile Library Access
Interactive Dashboard
Free Custumization No up to 10 hrs work up to 30 hrs work
Accessibility 1 User 2-5 User Unlimited
Analyst Support up to 20 hrs up to 40 hrs up to 50 hrs
Benefit Up to 20% off on next purchase Up to 25% off on next purchase Up to 30% off on next purchase
Buy Now ($ 3,999) Buy Now ($ 5,999) Buy Now ($ 6,999)
  • location_on420 Lexington Avenue, Suite 300 New York City, NY 10170,
    United States
  • phone+1 718 874 1545 (International)
  • phone+91 78878 22626 (Asia)
  • email[email protected]
  • Facebook Logo
  • Twitter Logo
  • LinkedIn Logo
Find Help
  • Contact Us
  • How to Order
Legal
  • Privacy Policy
  • Refund Policy
  • Frequently Asked Questions
  • Terms and Conditions
Explore
  • About Us
  • All Reports
  • All Sectors
  • Infographics
  • Statistics and Facts
  • Companies
Secured Payment Options
Secured Payment Options

© 2025 Market.Us. All Rights Reserved.