Green steel Market By Energy Source (Hydrogen, Coal Gasification, Electricity), By Type (Electric Arc Furnace (EAF), Molten Oxide Electrolysis (MOE)), By End User (Construction, Automotive, Electronics, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031
The global green steel market was valued at $83.4 million in 2021, and is projected to reach $386,110.3 million by 2031, registering a CAGR of 131.8% from 2022 to 2031.
Green steel is made by forging steel without using fossil fuels. One way to lessen the carbon footprint of the steel sector is so-called green hydrogen. Hydrogen only releases water when it is burnt. In the future, Green Steel is anticipated to contribute significantly to attaining various nations' sustainable development goals by lowering carbon emissions. Green hydrogen, which is produced without the use of fossil fuels from renewable sources, is used to make green steel. The need for sustainable goods among consumers and manufacturers, as well as growth in international government efforts, have greatly boosted the growth of the world green steel industry.
The rise in awareness of environmentally friendly steel manufacturing in steel production sectors is driving the market. The industry is being driven by market participants' increased investments in greenfield ventures, collaborations, and strategic alliances to change their companies. The demand for green steel is being driven by government assistance and investment in green steel manufacture. For instance, in 2021, the Government of India announced the National Hydrogen Mission to support the country's energy transition goals across all industries. Furthermore, automotive units, such as BMW, in October 2021, announced to use green steel (to be procured from a Swedish steel manufacturer, H2 Green Group) in their automobiles, with an intent to reduce up to 95% Green House Gas (GHG) emissions by 2025. Hence, such government assistance can increase the demand for green steel market.
High production cost of green steel, determined by renewable energy and electrolyze costs, product efficiency, etc., could pose challenges to the growth of the global green steel market in the future.Rise in government investment and collaboration in between key market players is anticipated to provide lucrative opportunities for the growth of the green steel market. Growing partnerships across Europe also point to the region's Green Steel Market having a bright future in the coming years. For instance, in August 2020, SAAB, a Swedish steelmaker, announced a joint venture with LKAB & Utility Vattenfall to develop a hydrogen-based primary steel plant in Lulea, Sweden by means of this expansion it increased the demand for green steel market.
The green steel market is segmented on the basis of energy source, type, end user, and region. By energy source, the market is divided into hydrogen, coal gasification, and electricity. By type, the market is bifurcated into electric arc furnace (EAF) and molten oxide electrolysis (MOE). By end user, the market is fragmented into construction, automotive, electronics, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Major players that operate in the global market have adopted key strategies such as product launch to strengthen their market outreach and sustain the stiff competition in the market.
Key Benefits For Stakeholders
This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the green steel market analysis from 2021 to 2031 to identify the prevailing green steel market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the green steel market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global green steel market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Energy Source
Hydrogen
Coal Gasification
Electricity
By Type
Electric Arc Furnace (EAF)
Molten Oxide Electrolysis (MOE)
By End User
Construction
Automotive
Electronics
Others
By Region
North America
U.S.
Canada
Mexico
Europe
Germany
UK
France
Sweden
Rest of Europe
Asia-Pacific
China
Japan
South Korea
India
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Africa
Key Market Players
H2 Green Steel
Tata Steel Ltd.
Tenaris
ThyssenKrupp
Emirates Steel
Green Steel Group
Deutsche Edelstahlwerke Services
Arcelor Mittal
Jindal Steel and Power
United States Steel Corp (USSC)
Please Note: It will take 7-10 business days to complete the report upon order confirmation.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.
Download eBook