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 experiencing significant momentum as industries shift toward sustainable and low-carbon steel production. Green steel, produced using hydrogen-based direct reduction, electric arc furnaces, and renewable energy sources, is emerging as a key solution to reduce carbon emissions in the steel industry. With global decarbonization efforts, government regulations, and increased investments in sustainable infrastructure, the market is poised for substantial growth in the coming years.
Key Players in the Green Steel Market
Leading companies driving innovation in the Green Steel Market include:
- 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.
These players are investing in hydrogen-based steel production, carbon capture technologies, and renewable energy integration to advance the green steel revolution.
Future Scope and Emerging Trends
The Green Steel Market is set for rapid expansion as governments and industries prioritize carbon-neutral manufacturing processes. The steel sector, responsible for nearly 8% of global CO₂ emissions, is under increasing pressure to adopt low-emission technologies. With net-zero targets becoming a global focus, companies are accelerating their transition toward hydrogen-based and electric arc furnace steel production.
A major trend in the market is the development of hydrogen-based direct reduction technology, which replaces traditional coal-based methods with green hydrogen, significantly reducing CO₂ emissions. Additionally, the rise of circular economy practices, including steel recycling and increased use of scrap metal, is playing a crucial role in sustainable steel production. Investments in carbon capture, utilization, and storage (CCUS) technologies are also increasing, helping traditional steelmakers lower their carbon footprint.
Furthermore, corporate sustainability initiatives and demand for eco-friendly infrastructure are driving the adoption of green steel in construction, automotive, and consumer goods sectors. Global collaborations and government incentives, such as carbon pricing and subsidies for green hydrogen production, are expected to accelerate the growth of the green steel market.
Key Market Points:
✅ Decarbonization of Steel Industry: Shift toward low-carbon and hydrogen-based steel production.
✅ Government Policies & Incentives: Carbon taxes, green energy subsidies, and regulatory frameworks supporting eco-friendly steel manufacturing.
✅ Hydrogen-Based Direct Reduction (H-DRI): A breakthrough technology in reducing steel production emissions.
✅ Increased Steel Recycling and Scrap Utilization: Circular economy practices gaining momentum.
✅ Growing Adoption in Automotive & Construction Industries: Sustainable infrastructure and EV manufacturing driving demand.
✅ Rising Investments in Carbon Capture Technologies: Helping traditional steelmakers reduce CO₂ emissions.
✅ Corporate Sustainability Commitments: Major industries pledging to use carbon-neutral steel in their supply chains.
Conclusion
The Green Steel Market is at the forefront of industrial decarbonization, with hydrogen-based technologies, recycling initiatives, and renewable energy integration driving its growth. As global regulations tighten and demand for sustainable steel solutions rises, companies investing in green steel innovations will be well-positioned to lead the transition toward a carbon-neutral future.
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