Green Steel Market Size, Share, Forecast, & Trends by Process (Electric Arc Furnace, Molten Oxide Electrolysis, Others), End-use Industry, and Geography

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Green Steel Market by Process (Electric Arc Furnace (EAF), Molten Oxide Electrolysis (MOE), Others), End-use Industry (Buildings & Construction, Automotive, Electronics, Manufacturing, Aerospace, Others), Geography-Forecast to 2031

The research 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), Geography-Forecast to 2031', provides an in-depth analysis of the green steel market across five major geographies and emphasizes on the current market trends, market sizes, market shares, recent developments, and forecasts till 2031.

The green steel market is projected to reach $88.4 billion by 2031, at a CAGR of 56.6% from 2024 to 2031.

Growing concern about GHG emissions from steel production, government support and investment in green steel manufacturing, and increasing investment in green steel production are factors driving the growth of the green steel market. However, market growth is restrained by the high cost of green steel production. In addition, surging demand for low-carbon steel from the automotive industry and technological advancements in green steel production provide considerable potential opportunities for market players. The market faces substantial challenges, including the availability of renewable energy sources.

The green steel market is segmented by process (electric arc furnace (EAF), molten oxide electrolysis (MOE) and other processes) and end-use industry (buildings & construction, automotive, electronics, manufacturing, aerospace, agriculture, energy & power, oil & gas, and other end-use industries). The study also evaluates industry competitors and analyses the regional and country-level markets.

Based on process, the green steel market is segmented into electric arc furnaces (EAF), molten oxide electrolysis (MOE), and other processes. In 2024, the electric arc furnace (EAF) segment is expected to account for the largest share of over 57.0% of the green steel market. The electric arc furnace (EAF) process is a key technology in the production of green steel, offering a more sustainable alternative to traditional steelmaking methods. The rising use of the EAF process by steelmakers to significantly reduce carbon emissions in steel production and the growing demand for sustainable practices among industries are factors contributing to the segment's dominant position in the green steel market. Moreover, the electric arc furnace (EAF) segment is expected to grow at the highest CAGR during the forecast period.

Based on end-use industry, the green steel market is segmented into buildings & construction, automotive, electronics, manufacturing, aerospace, agriculture, energy & power, oil & gas, and other end-use industries. In 2024, the automotive segment is expected to account for the largest share of over 23.0% of the green steel market. The rising focus of the automotive industry on adopting sustainable practices and reducing greenhouse gas emissions, the rising demand for steel in automotive manufacturing, increasing need to reduce GHG emissions from automotive manufacturing and mitigate climate change are factors contributing to the segment's dominant position in the green steel market. However, the buildings & construction segment is expected to grow at the highest CAGR during the forecast period.

Based on geography, the green steel market is segmented into North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. In 2024, Europe is expected to account for the largest share of over 41.0% of the green steel market. Increasing awareness and demand from consumers for environmentally friendly products, and significant investments from both governments and private entities support the development of green steel projects and infrastructure are factors contributing to the region's dominant position in the green steel market. However, the Asia-Pacific region is expected to register the highest CAGR of 59.0% during the forecast period.

Key Players:

The green steel market is characterized by a moderately competitive scenario due to the presence of many large- and small-sized global, regional, and local players. The key players operating in the green steel market are H2 Green Steel (Sweden), thyssenkrupp AG (Germany), Tata Steel Ltd. (India), Arcelor Mittal (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.), and JFE Steel Corporation (Japan).

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?
What is the competitive landscape like 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 green steel market, and how do they compete with the other players?

Scope of the report:

Green Steel Market Assessment-by Process

Water Electric Arc Furnace (EAF)
Molten Oxide Electrolysis (MOE)
Other Processes

Green Steel Market Assessment-by End-use Industry

Buildings & Construction
Automotive
Electronics
Manufacturing
Aerospace
Agriculture
Energy & Power
Oil & Gas
Other End-use Industries

Green Steel Market Assessment-by Geography

North America
- U.S.
- Canada
Europe
- U.K.
- Germany
- France
- Italy
- Spain
- Switzerland
- Netherlands
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- South Korea
- Singapore
- Malaysia
- Rest of Asia-Pacific
Latin America
- Mexico
- Brazil
- Rest of Latin America
Middle East & Africa
- UAE
- Israel
- Rest of Middle East & Africa

Product Code: MRCHM - 1041296

1. Introduction

1.1. Market Definition
1.2. Currency & Limitations
- 1.2.1. Currency
- 1.2.2. Limitations

2. Research Methodology

2.1. Research Approach
2.2. Process of Data Collection and Validation
- 2.2.1. Secondary Research
- 2.2.2. Primary Research / Interviews with Key Opinion Leaders of the Industry
2.3. Market Sizing and Forecast
- 2.3.1. Market Size Estimation Approach
- 2.3.2. Growth Forecast Approach
2.4. Assumption for the Study

3. Executive Summary

3.1. Market Overview
3.2. Market Analysis, by Process
3.3. Market Analysis, by End-use Industry
3.4. Market Analysis, by Geography
3.5. Competitive Analysis

4. Market Insights

4.1. Overview
4.2. Factors Affecting Market Growth
- 4.2.1. Drivers
  - 4.2.1.1. Growing Concern of GHG Emission from Steel Production
  - 4.2.1.2. Government Support and Investment in Green Steel Manufacturing
  - 4.2.1.3. Increasing Investment in Green Steel Production
- 4.2.2. Restraints
  - 4.2.2.1. High Cost of Green Steel Production
- 4.2.3. Opportunities
  - 4.2.3.1. Surging Demand for Low-Carbon Steel from Various Industries
  - 4.2.3.2. Technological Advancements in Green Steel Production
- 4.2.4. Challenges
  - 4.2.4.1. Availability of Renewable Energy Sources
4.3. Trends
4.4. Vendor Selection Criteria/Factors Affecting Buying Decision
4.5. Porter's Five Forces Analysis
4.6. Supply Chain Analysis

5. Green Steel Market Assessment, by Process

5.1. Overview
5.2. Electric Arc Furnace (EAF)
5.3. Molten Oxide Electrolysis (MOE)
5.4. Other Processes

6. Green Steel Market Assessment, by End-use Industry

6.1. Overview
6.2. Buildings & Construction
6.3. Automotive
6.4. Electronics
6.5. Manufacturing
6.6. Aerospace
6.7. Agriculture
6.8. Energy & Power
6.9. Oil & Gas
6.10. Other End-use Industries

7. Green Steel Market Assessment, by Geography

7.1. North America
- 7.1.1. U.S.
- 7.1.2. Canada
7.2. Europe
- 7.2.1. Germany
- 7.2.2. U.K.
- 7.2.3. France
- 7.2.4. Italy
- 7.2.5. Spain
- 7.2.6. Switzerland
- 7.2.7. Netherlands
- 7.2.8. Rest of Europe
7.3. Asia-Pacific
- 7.3.1. Japan
- 7.3.2. China
- 7.3.3. India
- 7.3.4. South Korea
- 7.3.5. Singapore
- 7.3.6. Malaysia
- 7.3.7. Rest of Asia-Pacific
7.4. Latin America
- 7.4.1. Mexico
- 7.4.2. Brazil
- 7.4.3. Rest of Latin America
7.5. Middle East & Africa
- 7.5.1. UAE
- 7.5.2. Israel
- 7.5.3. Rest of Middle East & Africa

8. Green Steel Market Assessment-Competitive Analysis

8.1. Overview
8.2. Key Growth Strategies
8.3. Competitive Dashboard
- 8.3.1. Industry Leaders
- 8.3.2. Market Differentiators
- 8.3.3. Vanguards
- 8.3.4. Contemporary Stalwarts
8.4. Vendor Market Positioning
8.5. Market Share/Ranking by the Key Players

9. Company Profiles (Company Overview, Financial Overview, Product Portfolio, and Strategic Developments)

9.1. H2 Green Steel
9.2. Thyssenkrupp AG
9.3. Tata Steel Ltd.
9.4. ArcelorMittal S.A.
9.5. Emirates Steel
9.6. Green Steel Group
9.7. Jindal Steel and Power
9.8. Swiss Steel Group
9.9. Nippon Steel Corporation
9.10. Cleveland-Cliffs Inc.
9.11. Nucor Corporation
9.12. JFE Steel Corporation

(Note: SWOT analysis of the top 5 companies will be provided)

10. Appendix

10.1. Available Customizations
10.2. Related Reports