Press release
Green Steel Market to Expand at 126.7% CAGR by 2031, Driven by Decarbonization and Innovation
Green Steel
Green steel-produced using sustainable and emission-reducing energy sources-represents a key step toward achieving global decarbonization goals. The transition to green steelmaking is also being driven by stricter environmental regulations, government-backed hydrogen initiatives, and strong consumer preference for eco-friendly products.
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Renewable Energy at the Core of Green Steel Manufacturing
The foundation of green steel production lies in the adoption of renewable energy resources and hydrogen-based technologies. These processes drastically cut carbon emissions when compared to traditional coal-based steelmaking. For instance, electricity-based furnaces and hydrogen reduction techniques allow producers to eliminate fossil fuel dependence while improving energy efficiency.
Government support, particularly through national initiatives like India's "National Green Hydrogen Mission" and the European Union's decarbonization strategies, underpins the rise of green steel. As a result, manufacturers are accelerating innovation in renewable integration, carbon capture, and circular material reuse.
The steel and iron sectors collectively rank among the world's largest industrial carbon emitters, responsible for roughly 8% of global CO2 emissions. Hence, the shift toward renewable-fueled green steel is vital for achieving Net Zero goals and sustainable industrial growth.
Market Drivers
Growing Demand for Low-Carbon Steel Across Industries
Rising demand for environmentally responsible steel in key sectors such as automotive, construction, and industrial manufacturing is boosting global market adoption. According to the World Steel Association, steel production in 2020 reached approximately 1,860 million tonnes, emitting 1.85 tonnes of CO2 per tonne of steel produced. To mitigate emission levels, industrial leaders are adopting clean manufacturing strategies and partnering with technology developers for large-scale green steel production.
Major corporations are already transitioning toward sustainable materials. In 2022, Nucor Corporation introduced Econiq, a net-zero steel line supplied to General Motors, while BMW announced plans to integrate green steel across its global facilities. These developments showcase how end-user industries are embedding environmental accountability in their sourcing practices.
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Increasing Industry Investments and Government Support
Rising public and private investment in green steel manufacturing projects is another major growth catalyst. Governments are incentivizing cleaner production practices through funding and policy support. For example, India's National Hydrogen Mission and Germany's climate-focused industrial frameworks are actively promoting hydrogen-based and emission-free steel production.
Automotive giants such as BMW and Volvo are at the forefront of this transformation. BMW plans to use up to 95% low-carbon steel by 2025 through collaborations with Sweden's H2 Green Steel. Volvo, under the SteelZero initiative, has pledged to use only fossil-free steel by 2050, while Mercedes-Benz and Ford have committed to adopting green steel for their future vehicles.
Market Segmentation
Automotive Industry Leading Green Steel Adoption
The automotive sector accounts for over two-thirds of green steel demand, driven by sustainability mandates and regulatory emission cuts. Car manufacturers are under growing pressure to reduce lifetime carbon footprints.
Volvo's prototype mining truck, made entirely from fossil-free HYBRIT steel, demonstrates industry progress toward zero-emission production. Similarly, Mercedes-Benz and HYBRIT's collaboration will enable large-scale procurement of fossil-free materials. The First Movers Coalition, launched under the World Economic Forum at COP26, has motivated automobile brands including Ford, Toyota, and Volkswagen to integrate green steel by 2030.
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Regional Landscape
Asia Pacific: Largest Regional Market
The Asia-Pacific region dominates the global green steel market, capturing more than 70% of the total share in 2024. Rapid industrialization, strong research initiatives, and government-led carbon reduction programs are driving adoption across major economies like China, India, and Japan.
India's Pradhan Mantri Urja Ganga Project aims to supply cleaner feedstocks, including CNG and hydrogen, to steel and industrial sectors. Meanwhile, the Hyderabad-based National Green Hydrogen Mission aligns with the steel industry's decarbonization ambitions. Japan's collaboration with Rio Tinto and Nippon Steel exemplifies growing investments in low-carbon technology to meet its 2050 net-zero targets.
China, accounting for 15% of global steel sector emissions, is rapidly advancing pilot projects using hydrogen-electric furnaces and wave of green steel R&D programs.
Europe: Fastest-Growing Market
Europe is projected to post the highest growth rate through 2031 due to progressive climate policies and technological innovation. The European Union's Fit for 55 plan and EU Green Deal are prioritizing heavy-industry decarbonization through renewable electrification and green hydrogen investments.
Countries like Sweden and Germany are spearheading projects such as HYBRIT and SALCOS that are redefining zero-emission steelmaking. European automakers' pledges to source low-carbon steel are accelerating regional market expansion.
Key Developments
October 2022: H2 Green Steel partnered with Midrex Technologies to advance hydrogen-based direct reduction processes for green steel production.
January 2023: ArcelorMittal invested US$36 million in Boston Metal via its XCarb Innovation Fund, marking the company's largest initial investment to date for decarbonizing steel manufacturing.
January 2022: Boston Metal secured an additional US$120 million in funding, led by ArcelorMittal, to commercialize emission-free steel technologies by 2026.
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DataM Intelligence 4Market Research is a comprehensive market intelligence platform offering syndicated and customized reports along with expert consulting across multiple industries, including chemicals, healthcare, agriculture, food & beverages, and more. With extensive experience and a strategy-focused approach, DataM provides businesses and individuals with reliable market insights, statistical forecasts, and personalized research solutions to help them make informed decisions and successfully bring innovations to market.
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