Green Steel Market Expected to Reach USD 171.40 Billion by 2032 | Growing at a CAGR of 112.5%

Market Research Future (MRFR) has published a cooked research report on the “Global Green Steel Market” that contains information from 2018 to 2032. The Green Steel market is estimated to register a CAGR of 112.5% during the forecast period of 2023 to 2032.

MRFR recognizes the following companies as the key players in the global Green Steel market— Nucor Corporation (Nucor Tubular Products), NIPPON STEEL CORPORATION, H2 Green Steel, Green Steel Group Inc., Arcelor Mittal, Emirates Steel Arkan, U.S. Steel Corporation, POSCO International, JFE Steel Corporation, Jindal Steel & Power Ltd.

Market Highlights

The global Green Steel market is expected to register a CAGR of 112.5% during the forecast period and is estimated to reach USD 171.40 billion by 2032.

The main force behind many industries is the growing focus on sustainability and environmentally friendly products. Environmentally conscious decisions are becoming more and more important to both organizations and consumers, which is driving up demand for sustainable and green solutions. A growing awareness of climate change coupled with regulatory restrictions has forced industry to embrace greener methods and products. In addition to addressing environmental concerns, this change creates room for innovation and uniqueness, which makes sustainability a powerful force in today's marketplaces.

Segment Analysis

The global Green Steel market has been segmented based on type and end-user.

Based on type, the market is segmented into Electric Arc Furnace (EAF) and Molten Oxide Electrolysis (MOE). The Electric Arc Furnace (EAF) segment was attributed to holding the largest market share in 2022. It is environmentally benign in the first place because it allows for the utilisation of scrap steel and reduces carbon emissions. Moreover, EAF technology offers a competitive advantage and is reasonably priced. Additionally, it increases the flexibility of steel production, enabling it to better respond to market needs.

Based on end users, the global Green Steel market has been segmented into construction, automotive, electronics, and others. The household segment was expected to hold the largest market share in 2022. Its increase is due to several significant factors. First, there will always be a demand for cars due to global urbanisation and consumer preferences. Furthermore, the sector has expanded due to developments in electric and driverless cars. Stricter environmental regulations have pushed automakers to create greener, more fuel-efficient vehicles, which has sped up technical advancement.

Regional Analysis

The global Green Steel market, based on region, has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. North America consists of the US and Canada. The European Green Steel market comprises Germany, France, the UK, Italy, Spain, and the rest of Europe. The Green Steel market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World Green Steel market comprises the Middle East, Africa, and Latin America.

The market landscape in North America is dynamic and diverse. The market environment in the region is highly developed and technologically advanced. Important participants are the US and Canada, which are renowned for their inventiveness, consumer-driven marketplaces, and strict regulatory frameworks. The tech sector, particularly in Silicon Valley, is a major engine of economic expansion. Furthermore, the area is becoming a center for environmentally conscious and socially conscious corporate activities as it places more emphasis on sustainability and ESG principles.

Europe is a diverse economic region that includes both developed and developing nations. Western European nations with robust manufacturing sectors and export-oriented economies include France and Germany. The European Union promotes green technologies and practices and places a high priority on environmental rules and sustainability. The nations of Eastern Europe are seeing swift economic expansion and investment. Europe is a prominent player in the automotive sector, where renewable energy and electric cars are the main attractions.

The fastest-growing area in the globe, Asia-Pacific, is being propelled by developing nations like China and India. China is a major exporter and manufacturer in the world thanks to its enormous consumer base. India is a hub for services and technology. Low production costs, a youthful, competent labor force, and a quickly growing middle class are all advantages for the area. It also sets the standard for the deployment of renewable energy, emphasizing eco-friendly efforts and clean technologies.

The category "Rest of the World" includes a range of nations and areas, each with distinct market characteristics. Africa, the Middle East, and Latin America are frequently included. These areas are seeing rapid economic growth due to abundant natural resources and a growing middle class that is propelling market expansion. While Latin America is well-known for its agricultural exports and expanding tech industry, the Middle East and Africa offer significant investment prospects in infrastructure, minerals, and oil and gas. But these areas also have to deal with issues like shifting laws and unstable political systems.

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Key Findings of the Study

• The global Green Steel market is expected to reach USD 171.40 billion by 2032, at a CAGR of 112.5% during the forecast period.


• The North American region accounted for the fastest-growing global market due to its inventiveness, consumer-driven marketplaces, and strict regulatory frameworks.


• Based on type, the Electric Arc Furnace (EAF) segment was attributed to holding the largest market in 2022, with an approximate market share of 55–65%.


• Nucor Corporation (Nucor Tubular Products), NIPPON STEEL CORPORATION, H2 Green Steel, Green Steel Group Inc., Arcelor Mittal, Emirates Steel Arkan, U.S. Steel Corporation, POSCO International, JFE Steel Corporation, Jindal Steel & Power Ltd.