Green Steel Market is expected to reach USD 129.08 billion by 2034, growing at a CAGR of 55.6%. Europe dominates the market with a 44% share.

The global Green Steel Market size was valued at USD 60.91 billion in 2025. The market size is projected to grow from USD 77.46 billion in 2026 to USD 129.08 billion by 2034, exhibiting a CAGR of 55.6% during the forecast period.

The Green Steel market is growing due to rising carbon neutrality targets, strict emission regulations, hydrogen-based production adoption, renewable energy integration, ESG investments, and increasing demand from automotive and construction sectors.

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United States: Key Industry Developments
✅ February 2026: United States Steel announced an $11 billion modernization and expansion plan through 2028, focusing on upgrading facilities and expanding R&D to produce higher-value, lower-emission steel products, aligning with green steel and decarbonization goals.

✅ Late 2025 (Nov): U.S. Steel detailed that its modernization projects include expanded capabilities for low-emission steel production at key plants (Gary Works and Mon Valley Works) as part of broader decarbonization efforts under new ownership.

✅ 2025 (May): A Reuters technology overview identified U.S. startups like Boston Metal and Electra advancing electric and electricity-based green steelmaking processes that eliminate fossil fuel reliance and reduce emissions in steel production.

✅ May 2025: Boulder-based startup Electra secured $8M in tax credits through Colorado's Industrial Tax Credit program to support its green iron/steel demonstration plant, highlighting early commercialization progress in green steel technology infrastructure.

Japan: Key Industry Developments
✅ January 2026: Fujitsu began a blockchain-enabled green steel value-chain demonstration project, aimed at ensuring traceability and environmental value distribution for green steel credentials across manufacturing supply chains.

✅ December 2025 - February 2026: Fujitsu's green steel traceability experiment officially rolled out, exploring how environmental value data can be shared securely across industries to promote green steel adoption.

✅ September 2025: Nippon Steel acquired a 30% stake in Canada's Kami iron ore project to secure high-grade iron ore suitable for direct reduced iron (DRI) production, a key feedstock enabling lower-carbon green steel processes.

✅ June 2025: Nippon Steel outlined a strategic technology shift toward DRI and electric arc furnace (EAF) methods to decarbonize steelmaking and support future green steel commercialization under Japan's GX transformation agenda.

Green Steel Market Recent M&A activities:-
→ On December 31, 2025, Tata Steel Ltd completed the acquisition of the remaining 50 % stake in Tata BlueScope Steel Private Ltd (TBSPL) from BlueScope Steel Asia Holdings Pty Ltd for ₹1,099.97 crore ( US$130 million), making TBSPL an indirect wholly-owned subsidiary.

→ On November 12, 2025, Tata Steel Ltd announced a binding agreement to acquire the remaining 50 % equity stake in Tata BlueScope Steel Private Ltd from BlueScope Steel Asia Holdings Pty Ltd for up to ₹1,100 crore ( US$130 million).

→ On December 11, 2025, Tata Steel Ltd announced it will acquire a 50 % stake in Thriveni Pellets Pvt Ltd for ₹636 crore ( US$78 million).

Green Steel Market key Players:-

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

Top 5 Key Players Analysis:-
Nippon Steel Corporation - 25.6% of the green steel market as of 2023, making it the largest participant globally with broad production scale and R&D investment. It leverages advanced hydrogen-based and low-carbon technologies across Asia and international markets.

SSAB - 18.7% market share, driven by its pioneering HYBRIT hydrogen-based fossil-free steel initiative and strong OEM partnerships. It excels in delivering high-strength, low-carbon steels for automotive and industrial sectors.

Nucor Corporation - 13.2% share with a leading position in electric arc furnace (EAF) and scrp-based green steel production in the U.S. It benefits from renewable energy integration and strong domestic demand.

JFE Steel Corporation - 11.2% market share, with strengths in sustainable steelmaking technologies and strategic decarbonization investments in Japan. Its global footprint supports diverse low-carbon steel solutions.

ArcelorMittal - A major global steelmaker with significant green steel initiatives and investments (e.g., hydrogen and XCarb programs), holding a leading competitive position though below the top four in exact share. Its scale and innovation partnerships drive decarbonization efforts.

Green Steel Market Top Technological Partnerships (2026 & 2025):-
Fujitsu launches blockchain-driven green steel value flow demonstration (Japan, Jan 2026)
Fujitsu began a blockchain-based experiment to track green steel supply chains, enhancing traceability and verifying environmental value of low-carbon steel across global producers and users. This initiative is part of Japan's METI FY2025 Industrial Research Project aimed at accelerating decarbonization in steel manufacturing.

Siemens & voestalpine partner to grow green steel use in rail production (Austria, Oct 2025)
Siemens Mobility and voestalpine teamed up to source CO2-reduced steel (Greentec Steel) for rail vehicle manufacturing, targeting ~20% green steel usage with potential future expansion.

Salzgitter AG and Binding Solutions test cutting-edge green pellet technology (Europe, mid-2025)
German steelmaker Salzgitter collaborated with Binding Solutions Ltd to test cold-agglomerated pellets that could cut energy use up to ~80% and CO2 emissions ~70% in steelmaking operations.

China-Serbia Green Steel Sci-tech Exchange Event fosters cross-border R&D (Dec 2025)
A scientific and technological exchange event on green steel brought together Chinese and Serbian experts to deepen collaboration on advanced
manufacturing technologies and scientific talent exchange.

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Market estimates and forecasts from 2024-2032
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Green Steel Market Drivers :-
Expansion Figure: As of early 2026, over 85 major green steel projects are in various stages of development globally, with a total planned capacity exceeding 100 million tonnes per annum (Mtpa) by 2030.

Efficiency Gain: New H2-DRI plants, such as those by H2 Green Steel in Sweden, aim to reduce CO2 emissions by up to 95% compared to traditional coal-based manufacturing.

Market Indicator: European steelmakers are accelerating the retirement of coal-fired blast furnaces, with over 20 GW of electrolyzer capacity now specifically earmarked for green steel clusters to avoid carbon penalties.

Adoption Rate: Mandatory "Green Public Procurement" in the U.S. and EU now requires that up to 12.5% of steel used in state-funded infrastructure meet specific low-carbon thresholds.

Strategic Alliances: Major automakers like Volvo, Mercedes-Benz, and BMW have signed binding offtake agreements for green steel through 2030. In 2025 alone, over 5 million tonnes of future green steel production was pre-sold via these "Forward Purchase Agreements."

Economic Indicator: While green steel currently carries a premium of 25%, analysts project that carbon pricing and scaling will bring this to "cost-parity" with traditional steel in the European market by 2032.

Growth Indicator: Global EAF production share is expected to rise from 30% in 2023 to nearly 45% by 2030. In the U.S., EAFs already account for over 70% of total production.

Measurable Impact: Transitioning from an iron-ore blast furnace to a scrp-based EAF reduces energy intensity by approximately 75%, drastically lowering the immediate capital requirement for decarbonization.

Green Steel Market Regional Insights:-
Europe
Remains the dominant market leader with a revenue share of approximately 44%.
Growth is propelled by the EU's Carbon Border Adjustment Mechanism (CBAM) and advanced hydrogen-DRI projects like H2 Green Steel and SSAB's HYBRIT.

Asia-Pacific
Holds a significant and rapidly expanding share of 30%, driven by the sheer volume of global steel production.
Major players in China, Japan, and South Korea are pivoting toward Electric Arc Furnaces (EAF) and hydrogen injection to meet aggressive 2030 national carbon-peaking targets.

North America
Accounts for roughly 19% of the market, characterized by the highest global adoption of scrp-based EAF technology.
The region is seeing a surge in investment due to the Inflation Reduction Act (IRA) and "Buy Clean" federal procurement policies for infrastructure.

Green Steel Market Market Segmentation
By Type
The Electric Arc Furnace (EAF) is the established leader in this segment, primarily because it can be powered by renewable electricity to melt recycled scrp or Direct Reduced Iron (DRI). While EAF dominates current production, Molten Oxide Electrolysis (MOE) is an emerging "breakthrough" technology that uses electricity to decompose iron ore into liquid metal and oxygen, eliminating the need for any carbon-based reducing agents or fossil fuels.

By Energy Resource
Hydrogen is the most transformative energy resource in the market, acting as a reducing agent in DRI plants to replace coking coal and emit only water vapour. Electricity powers the transition toward EAF and MOE systems, especially in regions with high renewable penetration, while Coal Gasification (integrated with Carbon Capture and Storage) serves as a transitional bridge to reduce the carbon intensity of existing facilities in fossil-fuel-dependent economies.

By End-User
The Construction sector is the largest consumer of green steel, driven by "green building" certifications and government mandates for low-carbon infrastructure. The Automotive industry is the most aggressive adopter, with manufacturers securing long-term offtake agreements to meet scope 3 emissions targets. Other significant segments include Electronics and Industrial Equipment, where companies are increasingly using green steel to differentiate their products through a lower lifecycle carbon footprint.

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