Meticulous Research®—a prominent market research organization—has published a 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 the report, the green steel market is set to reach $88.4 billion by 2031, with an impressive CAGR of 56.6% from 2024 to 2031. This growth is driven by escalating environmental concerns related to steel production, increased government backing for green steel projects, and a surge in investments in green steel technologies. However, high production costs pose a potential constraint. The automotive industry's rising demand for low-carbon steel and technological progress in green steel production present significant opportunities. Challenges include the availability of renewable energy resources.

The report segments the green steel market by production process and end-use industry, while also assessing industry competitors and regional markets.

In terms of processes, the market includes electric arc furnace (EAF), molten oxide electrolysis (MOE), and other techniques. The EAF segment is anticipated to capture the largest share of over 57.0% in 2024, owing to its effectiveness in cutting carbon emissions and its capability to utilize up to 100% scrap steel. The EAF segment is also expected to witness the highest growth rate throughout the forecast period.

For end-use industries, the automotive sector is forecasted to lead with over 23.0% of the market share in 2024, driven by its focus on sustainable practices. The buildings & construction sector is expected to grow at the highest rate during the forecast period.

Geographically, Europe is projected to dominate with over 41.0% of the market share in 2024, attributed to significant investments in green steel production and infrastructure. Meanwhile, the Asia-Pacific region is set to grow at 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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