Green Steel Market Trends, Top Leading Companies, Segments and Opportunities by 2031

The Global Green Steel Market size was $83.40 million in 2021, and is estimated to reach $386.1 billion by 2031, growing at a CAGR of 131.8% from 2022 to 2031. Further, in 2021, North America dominated the global green steel industry..

Top Companies 
Arcelor Mittal, Deutsche Edelstahlwerke Services, Emirates Steel, Green, Steel Group, H2 Green Steel, Jindal Steel and Power, Tata Steel, Tenaris, Thyssenkrupp, and United States Steel Corp (USSC).

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Green steel is produced without the usage of fossil fuels. Instead of the conventional carbon-intensive manufacturing method of coal-fired plants, this may be accomplished by employing low-carbon energy sources such as electricity, hydrogen, or coal gasification. Increasing awareness of environmentally friendly steel manufacturing in key market players is driving the market. The industry is being driven by market participants' increased investments in greenfield ventures, collaborations, and strategic alliances to change their companies. The demand for green steel is being driven by government assistance and investment in green steel manufacturing. According to the World Steel Association, 1,860 MT (million tons) of steel were produced worldwide in 2020, releasing an average of 1.851 tons of CO2 into the environment per day. In order to increase the worldwide production of green steel, organizations have been forced to implement strategies and form alliances with commercial steel-making companies.

The high production costs of green hydrogen, which are influenced by the price of renewable energy & electrolyzes, product efficiency may be a hurdle for the green steel market growth  in the coming years due to lack of infrastructure globally. The cost of electrolysis is 5 times higher, or around USD 10.3 per kg, compared to traditional hydrogen generation methods, which costs between USD 1.5 and 2.3 per kg. Furthermore, the Rocky Mountain Institute claims that the cost of producing full-scale hydrogen-based steel is 20% to 30% higher than that of conventional technologies, which might further restrain the expansion of the worldwide market's revenue.

In addition, the outbreak of COVID-19 has led to halt in logistic and manufacturing activities across the globe, which, in turn, has led to interruption of supply chain, thereby hindering growth of the green steel market. However, this situation is expected to improve as government is relaxing norms around the world for resuming business activities.

Increasing government investment and cooperation among major market players are expected to bring lucrative green steel market opportunities. Furthermore, in 2021, the European Commission implemented various intermediate proposals to decrease 55% of GHG emissions by 2030 as a part of the European Green Deal (EGD) Project. It is a long-term EU policy that focuses on the climate strategy to reach net zero emissions by 2050 and provide a roadmap toward a green economic growth strategy. Later, in July 2020, the European Commission expanded its hydrogen strategy, underscoring green hydrogen to attain net-zero targets, and aimed to install about 6 GW of green hydrogen electrolyzes by 2024 & 40 GW by 2030. Growing partnerships across Europe show that the green steel market offers a bright future for the region in the coming years.

The green steel market is segmented on the basis of energy source, type, end user, and region. By energy source, the market is divided into hydrogen, coal gasification, and electricity. By type, the market is bifurcated into electric arc furnaces (EAF) and molten oxide electrolysis (MOE). By end user, the market is divided into construction, automotive, electronics, and others. 

Region wise, the global green steel market analysis is conducted across North America (the U.S., Canada, and Mexico), Europe (the UK, France, Germany, Italy, and the rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). In 2021, Asia-Pacific was the highest contributor to the global green steel market share, and LAMEA is anticipated to secure a leading position during the forecast period.

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