Meticulous Research®—a respected global market research entity, has introduced its latest 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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According to the findings from Meticulous Research®, the global green steel market is expected to reach $88.4 billion by 2031, growing at a CAGR of 56.6% from 2024 to 2031. This growth trajectory is propelled by rising awareness of GHG emissions from traditional steel production methods, significant governmental support for green steel initiatives, and increasing investments in sustainable manufacturing processes. Nonetheless, the high costs associated with green steel production could impede market growth. The demand for low-carbon steel, particularly from the automotive sector, along with advancements in green steel technologies, presents substantial growth opportunities. Conversely, the availability of renewable energy sources remains a challenge for market expansion.

The green steel market is segmented by process and end-use industry, complemented by competitive analysis and insights into regional market dynamics.

By process, the green steel market is divided into electric arc furnace (EAF), molten oxide electrolysis (MOE), and other innovative methods. By 2024, the electric arc furnace (EAF) segment is projected to capture the largest market share, exceeding 57.0% of the total green steel market. This leadership is attributed to the increased adoption of EAF technology, which effectively reduces carbon emissions in steel production. The EAF's flexibility in production and its ability to utilize up to 100% recycled steel contribute to its competitive edge. Moreover, the EAF segment is expected to grow at the highest rate throughout the forecast period.

Regarding end-use industries, the green steel market encompasses sectors such as buildings & construction, automotive, electronics, manufacturing, aerospace, agriculture, energy & power, oil & gas, and others. The automotive segment is anticipated to lead the market in 2024, accounting for over 23.0% of the global share.

This is primarily due to the automotive industry's increasing focus on sustainability and its commitment to incorporating green steel in production processes. Meanwhile, the buildings & construction segment is projected to experience the highest CAGR during the forecast period due to the growing demand for sustainable building materials.

Geographically, the green steel market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. By 2024, Europe is expected to lead the market, capturing over 41.0% of the total share. This is due to increased investments in decarbonized steel production facilities, expansion in infrastructure development, and a strong focus on decarbonization strategies by European steelmakers. Additionally, government support for green steel projects bolsters the region's market position. In contrast, the Asia-Pacific region is expected to register the highest CAGR of 59.0% throughout the forecast period, fueled by rapid industrial growth, investments in sustainable production technologies, and favorable government policies.

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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