Meticulous Research®—a globally recognized leader in market research, has released a detailed 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.’

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The report highlights that the green steel market is expected to reach a market size of $88.4 billion by 2031, with a CAGR of 56.6% from 2024 to 2031. The market's rapid growth is driven by rising environmental concerns over GHG emissions in steel production, increased governmental support for green steel initiatives, and escalating investments in environmentally sustainable steel production methods. Despite these favorable factors, the high costs of green steel production remain a potential barrier to market growth. Nevertheless, the automotive industry's demand for low-carbon steel and technological improvements in green steel production are expected to fuel market expansion. Challenges such as access to renewable energy resources may, however, affect market dynamics.

The study categorizes the market into two key segments: process and end-use industry. It also includes a thorough evaluation of industry competitors and regional market trends.

By process, the green steel market is segmented into electric arc furnace (EAF), molten oxide electrolysis (MOE), and other methods. In 2024, the EAF segment is projected to dominate the market, accounting for over 57.0% of the total market share. This dominance can be attributed to the growing adoption of the EAF process by steel manufacturers aiming to reduce their carbon footprint. Additionally, EAF furnaces offer flexibility, adapt to fluctuations in production demand, and can utilize up to 100% scrap metal. The EAF segment is also expected to witness the highest growth rate during the forecast period.

On the basis of end-use industry, the market is further segmented into buildings & construction, automotive, electronics, manufacturing, aerospace, and others. In 2024, the automotive industry is forecast to account for the largest market share, comprising over 23.0% of the total market. This growth is driven by the increasing adoption of sustainable practices in the automotive industry, as well as the focus of manufacturers on utilizing green steel to reduce emissions. However, the buildings & construction segment is expected to register the highest CAGR during the forecast period.

In terms of geographical analysis, Europe is anticipated to hold the largest share of the market in 2024, representing more than 41.0% of the global market. Europe's strong position is supported by substantial investments in carbon-neutral steel production facilities, ongoing infrastructure development projects, and governmental policies favoring decarbonization efforts. Conversely, the Asia-Pacific region is expected to exhibit the highest CAGR of 59.0%, driven by the rapid adoption of green technologies and governmental initiatives supporting 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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