Discover the Green Steel Market, forecasted to hit $56.6 billion by 2031.

 Meticulous Research®—a premier global provider of market research and analysis—has published 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—Forecast to 2031.’

Download Sample Report Here @ https://www.meticulousresearch.com/download-sample-report/cp_id=5979

According to this research, the green steel market is projected to reach $88.4 billion by 2031, registering a significant CAGR of 56.6% from 2024 to 2031. This robust growth is largely driven by increasing environmental concerns, particularly the need to reduce GHG emissions from traditional steel manufacturing processes. Government support, including regulatory frameworks and financial incentives for green steel projects, and increased investments in green steel production, are also driving this growth. However, the high costs associated with green steel technology could hamper market growth to some extent. Nevertheless, the growing demand for low-carbon steel in sectors such as automotive, coupled with ongoing technological advancements, presents ample opportunities for market players. The challenge of ensuring access to renewable energy for green steel production remains a critical factor.

The report segments the market by process and end-use industry, providing a detailed competitive analysis and regional market insights.

In terms of process, the market is divided into electric arc furnace (EAF), molten oxide electrolysis (MOE), and others. The EAF segment is anticipated to account for more than 57.0% of the market by 2024, owing to its ability to significantly lower carbon emissions. Additionally, the adaptability of the EAF process to fluctuating production needs and its capacity to utilize recycled scrap metal make it a preferred choice among steelmakers. The EAF segment is also expected to grow at the highest CAGR during the forecast period.

The end-use industry segmentation covers buildings & construction, automotive, electronics, manufacturing, aerospace, and others. In 2024, the automotive industry is forecast to hold the largest share of the market, contributing more than 23.0% to the total market revenue. The automotive sector’s growing focus on sustainability and efforts to reduce emissions are key factors driving the adoption of green steel. Meanwhile, the buildings & construction industry is projected to grow at the highest rate throughout the forecast period.

Geographically, Europe is poised to dominate the global green steel market, capturing more than 41.0% of the market share by 2024. This dominance is due to substantial investments in carbon-free steel production plants, increased infrastructure spending, and strong government support for decarbonization initiatives in the steel sector. The Asia-Pacific region is expected to register the highest growth, with a CAGR of 59.0%, driven by rising demand for green technologies and supportive 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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Meticulous Research®
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