Green Steel Market is expected to reach US$ 140,435.7 million by 2031, growing with a CAGR of 126.7% | H2 Green Steel, Tata Steel Ltd., ArcelorMittal.

Global Green Steel Market reached US$ 201.3 million in 2022 and is expected to reach US$ 140,435.7 million by 2031, growing with a CAGR of 126.7% during the forecast period 2024-2031.

Green Steel Market report, published by DataM Intelligence, provides in-depth insights and analysis on key market trends, growth opportunities, and emerging challenges. Committed to delivering actionable intelligence, DataM Intelligence empowers businesses to make informed decisions and stay ahead of the competition. Through a combination of qualitative and quantitative research methods, it offers comprehensive reports that help clients navigate complex market landscapes, drive strategic growth, and seize new opportunities in an ever-evolving global market.

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Green steel refers to steel produced using environmentally sustainable methods, reducing carbon emissions through renewable energy sources and innovative production techniques like hydrogen-based direct reduction. Traditional steelmaking heavily relies on coal, making the industry a significant contributor to global CO2 emissions. Green steel aims to replace coal with hydrogen or electric arc furnaces powered by renewable energy. This transition supports global decarbonization goals and aligns with stricter environmental regulations. The market for green steel is growing, driven by increasing demand for sustainable materials in construction, automotive, and manufacturing sectors.

List of the Key Players in the Green Steel Market:

H2 Green Steel, Tata Steel Ltd., ArcelorMittal, Voestalpine, Boston Metal, Nucor Corporation, SSAB, Nippon Steel Corporation, JFE Steel Corporation and Salzgitter AG.

Industry Development:

On January 27, 2023, ArcelorMittal invested $36 million in Boston Metal through its XCarb Innovation Fund, marking its largest initial investment to date. Established in March 2021, the fund focuses on supporting cutting-edge technologies that can drive the decarbonization of the steel industry-an area where ArcelorMittal aims to take the lead.

Market Dynamics:

The green steel market is gaining momentum in the automotive industry due to increasing environmental awareness, stricter regulations, and the push for sustainability, with the sector accounting for over two-thirds of the market demand. Automakers are shifting towards eco-friendly manufacturing, as seen with Volvo's commitment to using only green steel by 2050 under the SteelZero project and its prototype mining haul truck made from SSAB's HYBRIT fossil-free steel. Similarly, Mercedes-Benz is set to purchase HYBRIT steel this year, while Ford, a member of the World Economic Forum's First Mover Coalition, has pledged to use 10% green steel by 2030. Other key players like Volkswagen, Jaguar Land Rover, Toyota, and General Motors have also outlined plans to reduce lifetime emissions from their vehicles, reinforcing the industry's transition towards sustainable steel solutions.

Growth Forecast Projected:

The Global Green Steel Market is anticipated to rise at a considerable rate during the forecast period, between 2024 and 2031. In 2023, the market is growing at a steady rate, and with the rising adoption of strategies by key players, the market is expected to rise over the projected horizon.

Research Process:

Both primary and secondary data sources have been used in the global Green Steel Market research report. During the research process, a wide range of industry-affecting factors are examined, including governmental regulations, market conditions, competitive levels, historical data, market situation, technological advancements, upcoming developments, in related businesses, as well as market volatility, prospects, potential barriers, and challenges.

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Segment Covered in the Green Steel Market:

By Type: Electric Arc Furnace (EAF), Molten Oxide Electrolysis (MOE))

By Energy Resource: Hydrogen, Coal Gasification and Electricity

By End-User: Construction, Automotive, Electronics, Industrial Equipment and Others

Regional Analysis for Green Steel Market:

The regional analysis of the Green Steel Market covers key regions including North America, Europe, Asia Pacific Middle East and Africa and South America. The North America with a focus on the U.S., Canada, and Mexico; Europe, highlighting major countries like the U.K., Germany, France, and Italy, along with other nations in the region; Asia-Pacific, covering India, China, Japan, South Korea, and Australia, among others; South America, with emphasis on Colombia, Brazil, and Argentina; and the Middle East & Africa, which includes Saudi Arabia, the U.A.E., South Africa, and other countries. This comprehensive regional breakdown helps identify unique market trends and growth opportunities specific to each area.

⇥ North America (U.S., Canada, Mexico)

⇥ Europe (U.K., Italy, Germany, Russia, France, Spain, The Netherlands and Rest of Europe)

⇥ Asia-Pacific (India, Japan, China, South Korea, Australia, Indonesia Rest of Asia Pacific)

⇥ South America (Colombia, Brazil, Argentina, Rest of South America)

⇥ Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)

Benefits of the Report:

➡ A descriptive analysis of demand-supply gap, market size estimation, SWOT analysis, PESTEL Analysis and forecast in the global market.

➡ Top-down and bottom-up approach for regional analysis

➡ Porter's five forces model gives an in-depth analysis of buyers and suppliers, threats of new entrants & substitutes and competition amongst the key market players.

➡ By understanding the value chain analysis, the stakeholders can get a clear and detailed picture of this Market

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People Also Ask:

➠ What is the global sales, production, consumption, import, and export value of the Green Steel market?

➠ Who are the leading manufacturers in the global Green Steel industry? What is their operational status in terms of capacity, production, sales, pricing, costs, gross margin, and revenue?

➠ What opportunities and challenges do vendors in the global Green Steel industry face?

➠ Which applications, end-users, or product types are expected to see growth? What is the market share for each type and application?

➠ What are the key factors and limitations affecting the growth of the Green Steel market?

➠ What are the various sales, marketing, and distribution channels in the global industry?

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