Green Steel Market Surges with H2-DRI, Renewable EAFs & Circular Materials, Driven by Net-Zero Targets, Green Procurement, and Industrial Decarbonization

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 is positioned for robust growth, and shifting market dynamics reshaping the competitive landscape. DataM Intelligence's new report provides data-driven insights, SWOT analysis, and marketing-ready intelligence for businesses seeking to improve market penetration and campaign ROI.

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Green Steel Market Overview & Landscape:

The green steel market refers to the production and commercialization of low-carbon or carbon-neutral steel using technologies such as hydrogen-based direct reduced iron (H2-DRI), electric arc furnaces powered by renewable energy, and carbon capture utilization and storage (CCUS). This sustainable alternative to conventional steelmaking is gaining traction as global industries seek to decarbonize supply chains and meet emissions targets. The market is driven by net-zero commitments, regulatory pressure, green public procurement, and demand from automotive, construction, and appliance sectors.

Green Steel Market Recent Key Developments :

Hydrogen DRI Projects: Commissioning of pilot and semi-commercial H2-based DRI plants in Europe and the Middle East aimed at replacing coal in iron reduction.

Green Steel Partnerships: Automakers and construction giants signing long-term offtake agreements for green steel with steelmakers to secure sustainable material inputs.

Investment in Renewable-Powered EAFs: Expansion of electric arc furnace capacity with dedicated wind or solar energy inputs to ensure low-emission steelmaking.

Policy Incentives: Introduction of carbon border adjustment mechanisms (CBAM) and green steel certification schemes supporting market differentiation.

Circularity Use: Emphasis on recycled steel inputs and closed-loop recovery to further reduce embodied emissions in green steel products.

Strategic Players Driving the Green Steel Market Forward :

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

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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:

⇥ 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)

Most Frequently Asked Questions in the Green Steel Market Research Industry:

✒ What are the primary drivers fueling growth in the Green Steel Market today?
✒ Which companies are currently leading innovation and market share in the Green Steel Market?
✒ In what ways is the current regulatory environment influencing the Green Steel Market's trajectory?
✒ Which geographic regions are forecasted to experience the strongest growth in the Green Steel Market-and why?
✒ What are the key barriers or challenges that could limit the growth of the Green Steel Market?

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