Green Steel Market is expected to hit US$ 140,435.7 million by 2031 | Major Companies - H2 Green Steel, Tata Steel Ltd., ArcelorMittal, Voestalpine, Boston Metal

DataM Intelligence has unveiled its latest report on the "Green Steel Market Size 2026" delivering powerful insights into key trends, future growth opportunities, and evolving market challenges. Designed to empower smarter decision-making, the report equips businesses with the strategic intelligence needed to stay ahead in a competitive landscape. By blending robust qualitative analysis with data-driven quantitative research, DataM Intelligence offers a well-rounded perspective that helps organizations decode complex market dynamics, unlock new avenues for growth, and seize emerging opportunities in an ever-evolving global market.

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The Global Green Steel Market size 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.

The Green Steel Market refers to the production and commercialization of steel using environmentally sustainable methods that significantly reduce carbon emissions compared to conventional processes. It involves technologies such as hydrogen-based direct reduced iron (DRI), electric arc furnaces powered by renewable energy, and carbon capture utilization. Driven by global decarbonization goals, regulatory pressures, and demand from automotive and construction sectors, the market focuses on minimizing the environmental footprint of steel manufacturing while maintaining quality, efficiency, and scalability.

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Recent Industry Developments: United States

✅ February 2026: United States Steel unveiled an $11 billion modernization and expansion plan through 2028, targeting upgrades to core facilities and expanded R&D for higher‐value, lower‐emission steel products aligned with green steel and decarbonization goals.

✅ January 2026: Major U.S. steelmakers advanced financing and permitting for new electric arc furnace (EAF)‐based green‐steel projects in the Midwest and Southeast, signaling a shift toward scrap‐rich, low‐carbon steel capacity to meet growing automotive and renewable‐infrastructure demand.

✅ December 2025: Several U.S. steel producers announced new long‐term offtake agreements with automakers and wind‐turbine manufacturers for low‐emission steel, reflecting tightening corporate‐level carbon‐intensity targets and preparatory moves ahead of potential future U.S. carbon‐pricing measures.

Recent Industry Developments: Japan

✅ February 2026: Fujitsu expanded its blockchain‐based green steel value‐chain demonstration, rolling out pilot traceability systems across automotive and machinery supply chains to track environmental value and certify low‐carbon steel transactions.

✅ January 2026: Japanese steelmakers deepened collaboration with utilities and hydrogen producers to scale up hydrogen‐based direct‐reduction (H2‐DRI) pilot plants, positioning for early commercial‐scale green steel production in the late‐2020s.

✅ December 2025: Japan's government advanced final discussions around its upcoming nationwide emissions‐trading scheme (ETS), explicitly targeting the steel sector as a priority emitter, prompting integrated steel companies to fast‐track low‐carbon investments and recycling upgrades.

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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
Salzgitter AG

How Does Market Research Work in the Green Steel Market?

Market research for the Green Steel Market involves systematic data collection and analysis to understand industry trends, customer behavior, and competitive dynamics. It includes primary research such as surveys and interviews, and secondary research from reports, databases, and publications. Analysts evaluate market size, growth drivers, challenges, and opportunities using qualitative and quantitative methods. Insights are validated through expert opinions and forecasting models, enabling businesses to make strategic decisions, identify target segments, and gain a competitive advantage in a rapidly evolving market.

Latest Mergers and Acquisitions of Green Steel Market:

✅ March 2026: Millcon Steel & Meranti Green Steel strategic partnership
➠ Deal: Thailand's Millcon Steel PCL signed a Memorandum of Understanding (MoU) with Singapore‐based Meranti Green Steel to collaborate on advancing low‐carbon or green steel production in Thailand and the broader Asia‐Pacific region.
➠ Significance: While not a full acquisition, this strategic partnership represents a key consolidation move in the green steel value chain, aligning upstream green iron production (via Meranti's Oman project) with local downstream steelmaking opportunities in Thailand-effectively a market expansion collaboration that often precedes deeper M&A integration.

✅ January-March 2026 (ongoing): Jindal Steel International & Thyssenkrupp Steel acquisition talks
➠ Deal: Jindal Steel International has been in continued acquisition negotiations with Germany's Thyssenkrupp AG to take over its steel division (TKSE) - potentially in phased steps (e.g., initial 60% stake with additional tranches later).
➠ Status: These talks are active but facing delays due to pension and operational issues, yet are still regarded as one of the largest potential cross‐border green steel deals in 2026.
➠ Significance: If concluded, this would represent a major cross‐border acquisition with green steel decarbonization implications-as Jindal aims to transform TKSE toward cleaner production aligned with Europe's carbon regulations.

✅ Late January 2026: Meranti Green Steel's Oman green iron offtake build‐out (project consolidation)
➠ Deal: Meranti Green Steel announced full offtake agreements (effectively commercial lock‐ins) for its 2.5 MTPA green hot briquetted iron (HBI) project in Duqm, Oman, securing long‐term supply arrangements with partners including Thyssenkrupp Materials Trading and other buyers.
➠ Significance: Although this is an offtake rather than a traditional acquisition, the deal solidifies strategic commercial integration between green iron production and global buyers a key component of M&A‐style market consolidation in decarbonized steel value chains.

Segments Covered in the Green Steel Market 2026:

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 of the Green Steel Market:

⇥ North America: Leads the market due to advanced infrastructure, strong R&D investments, and early adoption of new technologies.

⇥ Europe: Shows steady growth supported by strict regulations and increasing focus on sustainability initiatives.

⇥ Asia-Pacific: Fastest-growing region driven by rapid industrialization, urbanization, and rising consumer demand in emerging economies.

⇥ Latin America: Experiences moderate growth with expansion in industrial and commercial sectors.

⇥ Middle East & Africa: Gradual market growth supported by increasing investments and improving economic conditions.

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⏩ Opportunity Identification: Discover emerging trends and untapped growth areas.

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⏩ Customer Insights: Understand consumer behavior, preferences, and buying patterns.

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