Meticulous Research® has unveiled its latest comprehensive study 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 indicates that the global green steel market is set to reach $88.4 billion by 2031, growing at a robust CAGR of 56.6% from 2024 to 2031. This growth is driven by a heightened focus on reducing greenhouse gas emissions associated with steel production, strong governmental and private sector investments in green steel technologies, and increasing industry investments. Despite the high production costs, the market is buoyed by the growing demand from the automotive industry for low-carbon steel and advancements in green steel technologies. One of the primary challenges remains the need for reliable renewable energy sources to support production processes.

The study segments the market by process and end-use industry, providing detailed insights into competition and regional market dynamics.

In the process category, the electric arc furnace (EAF) is projected to dominate, representing over 57.0% of the market in 2024. The EAF method’s popularity is due to its effectiveness in reducing carbon emissions, its flexibility in production, and its use of up to 100% scrap steel. The EAF segment is also expected to witness the fastest growth rate during the forecast period.

For end-use industries, the automotive sector is forecast to hold the largest market share, exceeding 23.0% by 2024. This is attributed to the industry's focus on sustainability and green practices. Conversely, the buildings & construction sector is expected to experience the highest growth rate, driven by increasing demand for eco-friendly construction materials and methods.

In terms of geography, Europe is expected to account for over 41.0% of the green steel market by 2024, thanks to significant investments in carbon-neutral steel production and ongoing infrastructure projects. The Asia-Pacific region is anticipated to show the highest CAGR of 59.0%, driven by rapid industrialization and supportive governmental policies for green steel development.

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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