The Green Steel Market Size was valued at USD 2.53 billion in 2023, and is expected to reach USD 141.67 billion by 2032, and grow at a CAGR of 56.48% over the forecast period 2024-2032.
The Green Steel Market is rapidly emerging as a transformative force in the global steel industry, driven by growing concerns over carbon emissions and the need for eco-friendly production alternatives. Green steel is manufactured using low-carbon processes, such as hydrogen-based direct reduced iron (H-DRI) and electric arc furnaces powered by renewable energy, significantly reducing greenhouse gas emissions compared to traditional blast furnace methods. As governments and industries worldwide push toward carbon neutrality, green steel is becoming a critical solution in achieving sustainable infrastructure and industrial development.
Key Players:
Some of the major players in the Green Steel Market are ArcelorMittal, Baowu Steel Group, China Baowu Group, Emirates Steel Arkan Group, H2 Green Steel, Liberty Steel Group, Nippon Steel Corporation, Nucor Corporation, Outokumpu Oyj, POSCO, Salzgitter AG, SSAB AB, Swiss Steel Group, Tata Steel, Thyssenkrupp AG, Voestalpine AG, and others players.
Future Scope Emerging Trends:
The future of the Green Steel Market looks exceptionally promising as major steel producers and startups alike invest in greener technologies and decarbonization strategies. Emerging trends include the use of green hydrogen to replace coke in steelmaking, advancements in carbon capture and storage (CCS), and increasing integration of renewable energy in steel manufacturing facilities. Furthermore, partnerships between steel manufacturers, utility companies, and governments are accelerating the commercialization of zero-carbon steel. The automotive, construction, and consumer goods sectors are actively seeking low-carbon steel options to meet ESG goals, thereby creating a strong demand pull. Europe currently leads the way, but Asia-Pacific and North America are quickly ramping up investments in green steel infrastructure.
Key Points:
Green steel reduces CO₂ emissions by up to 95% compared to traditional steelmaking.
Hydrogen-based reduction and electric arc furnaces are key production methods.
Strong demand from automotive, construction, and appliance industries.
Rising investment in green hydrogen infrastructure to support production.
Supportive policies in the EU, US, and other regions driving market growth.
Collaboration between governments, tech providers, and steelmakers is crucial.
Conclusion:
The Green Steel Market represents the next frontier in sustainable industrialization. With the potential to drastically cut emissions from one of the world’s most carbon-intensive industries, green steel offers a path toward a low-carbon future. Companies that embrace green steel technologies early will not only gain competitive advantage but also contribute meaningfully to the global climate agenda. As innovation continues to accelerate, the green steel revolution is not just a possibility—it's already underway.
Read Full Report: https://www.snsinsider.com/reports/green-steel-market-4429
Contact Us:
Jagney Dave — Vice President of Client Engagement
Phone: +1–315 636 4242 (US) | +44- 20 3290 5010 (UK)
