Green Steel Market to Reach Valuation of USD 23778.5 Million by 2030 – Growth in the Usage of Green Steel in Automotive Application Drives the Market

In terms of revenue, the Global Green Steel Market is expected to reach by 2030, growing at a CAGR (Compound Annual Growth Rate) of 125.1% from 2023 to 2030.

A rapidly growing industry, the Green Steel market is expected to play a key role in the transition to a more sustainable economy. The industry is supported by infrastructure, innovation, certification programmes, and increased consumer demand for environmentally friendly products. Although though the market for Green Steel faces substantial challenges, such as the pricey nature of some technologies and the difficulty of carbon accounting, efforts are being made to get around these challenges and hasten the market's growth. With continued investment and player cooperation, the market for Green Steel has the potential to greatly support both international efforts to halt climate change and sustainable economic growth.

Key Highlights from the Report

· Based on Type, Hydrogen Energy dominates the Green Steel market, because hydrogen is a versatile and abundant energy source that has the potential to dramatically cut carbon emissions during the steelmaking process.

· By End User, Automotive & Transportation segment is dominating the market, because it is becoming increasingly popular to produce cars and spare parts from sustainable materials like Green Steel.

· In terms of Region, Asia Pacific held the most significant market share in 2021 and is expected to be the most gainful market during the forecast period. This is due to the growth in infrastructure for renewable resources.

Market Dynamics

The rise in the carbon emissions from the steel and iron industry, mostly as a result of increases in the consumption of steel and the energy needed for manufacture. The market for the Green Steel has therefore been pushed by the need to produce more carbon emissions while also reducing CO2 emissions further in order to realize the Net Zero Scenario.

The government is making greater attempts to adopt Green Steel because it is anticipated to be crucial in supporting countries all over the world in accomplishing their sustainable advancement goals and lowering their carbon footprints. In order to reduce countries' reliance on energy imports, safeguard the environment, and supply the world's growing energy demands, Green Steel is essential. Additionally, a sizable amount of carbon dioxide is produced during the manufacturing of steel.

Governments all over the globe are encouraging Green Steel and increasing their decarbonization policies as a result, especially in industries like construction and automotive. This is what is driving the global market for Green Steel.

In comparison to conventional steel manufacturing techniques, the manufacture of Green Steel involves a large investment in new infrastructure and technological advancements. This may reduce the pricing competitiveness of Green Steel, which could be a major obstacle to adoption.

Asia Pacific Green Steel market is expected to witness a noteworthy development with a significant growth rate over the analysis period. This can be attributed to the presence of a robust infrastructure for renewable energy sources, which can be used to power the production of Green Steel. In order to develop and implement Green Steel technologies, the continent also has a strong network of steel producers, academic institutions, and governmental organizations.

The Global Green Steel Market is Segmented as follows

• Energy Source
  • Hydrogen
  • Coal Gasification
  • Electricity
• Type
  • Electric Arc Furnace (EAF)
  • Molten Oxide Electrolysis (MOE)
• End User
  • Construction
  • Automotive
  • Electronics
  • Other End Users
• Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

List of the Key Players of the Global Green Steel Market is

H2 Green Steel (Sweden), Tata Steel Ltd. (India), Tenaris (Luxembourg), ThyssenKrupp (Germany), Emirates Steel (UAE), Green Steel Group (Italy), Deutsche Edelstahlwerke Services (Germany), Arcelor Mittal (Luxembourg), Jindal Steel and Power (India), United States Steel Corp (USSC) (U.S.)

The Global Green Steel Market Scope can be Tabulated as below