The global green steel market was valued at $200.0 million in 2022, and is projected to reach $364,493.53 million by 2032, registering a CAGR of 113.6% from 2023 to 2032. Green steel is produced without the use of fossil fuels. Instead of the conventional carbon-intensive production method of coal-fired power plants, it can be achieved by using low-carbon energy sources such as electricity, hydrogen or coal gasification.
Increasing awareness of environmentally friendly steel manufacturing in various sectors such as construction, automotive, and others is expected to boost the growth of the market. The industry is driven by market participants' increased investments in greenfield ventures, collaborations, and strategic alliances to change their companies. The demand for green steel is driven by government assistance and investment in green steel manufacturing. According to the World Steel Association, 1,860 MT (million tons) of steel were produced globally in 2020, releasing an average of 1.851 tons of CO2 into the environment per day. To increase the global production of green steel, organizations have been forced to implement strategies and form alliances with commercial steel-making companies.
The high production cost of green steel, determined by renewable energy and electrolyze costs, product efficiency, and others, could pose challenges for the growth of the green steel market in the future.
A rise in government investment and collaboration between key market players is anticipated to provide lucrative opportunities for the growth of the green steel market. Growing partnerships in the Europe green steel market offer a bright future for the market 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. Such expansion is anticipated to increase the demand for the green steel market.
The green steel market is segmented on the basis of type, end-user, and region. By type, the market is divided into electric arc furnaces (EAF) and molten oxide electrolysis (MOE). By end-user, the market is divided into construction, automotive, electronics, and others. Region-wise, the market is analyzed across North America, Europe, and Asia-Pacific. Major players that operate in the market have adopted key strategies such as product launches, partnerships, expansion, and collaboration to strengthen their market outreach and sustain the stiff competition in the market.
Increasing awareness of environmentally friendly steel manufacturing in various sectors such as construction, automotive, and others is expected to boost the growth of the market. The industry is driven by market participants' increased investments in greenfield ventures, collaborations, and strategic alliances to change their companies. The demand for green steel is driven by government assistance and investment in green steel manufacturing. According to the World Steel Association, 1,860 MT (million tons) of steel were produced globally in 2020, releasing an average of 1.851 tons of CO2 into the environment per day. To increase the global production of green steel, organizations have been forced to implement strategies and form alliances with commercial steel-making companies.
The high production cost of green steel, determined by renewable energy and electrolyze costs, product efficiency, and others, could pose challenges for the growth of the green steel market in the future.
A rise in government investment and collaboration between key market players is anticipated to provide lucrative opportunities for the growth of the green steel market. Growing partnerships in the Europe green steel market offer a bright future for the market 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. Such expansion is anticipated to increase the demand for the green steel market.
The green steel market is segmented on the basis of type, end-user, and region. By type, the market is divided into electric arc furnaces (EAF) and molten oxide electrolysis (MOE). By end-user, the market is divided into construction, automotive, electronics, and others. Region-wise, the market is analyzed across North America, Europe, and Asia-Pacific. Major players that operate in the market have adopted key strategies such as product launches, partnerships, expansion, and collaboration to strengthen their market outreach and sustain the stiff competition in the market.
Competition Analysis
Key companies profiled in the green steel market report include Arcelor Mittal, Green Steel Group, H2 Green Steel, Emirates Steel, Jindal Steel and Power, JFE Steel, Nippon Steel, Posco, U.S. Steel, and NucorKey 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 2022 to 2032 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.
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- Per Capita Consumption Trends
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Key Market Segments
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
- Key Market Players
- NIPPON STEEL CORPORATION
- Jindal Steel & Power Ltd.
- Emirates Steel Arkan
- U.S. Steel Corporation
- H2 Green Steel
- Arcelor Mittal
- JFE Steel Corporation
- Nucor Corporation (Nucor Tubular Products)
- Green Steel Group Inc.
- POSCO International
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: GREEN STEEL MARKET, BY TYPE
CHAPTER 5: GREEN STEEL MARKET, BY END USER
CHAPTER 6: GREEN STEEL MARKET, BY REGION
CHAPTER 7: COMPETITIVE LANDSCAPE
CHAPTER 8: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report, the green steel market was valued at $83.40 million in 2021 and is estimated to reach $386.1 billion by 2031, growing at a CAGR of 131.8% from 2022 to 2031.In 2021, North America dominated the global green steel market, in terms of revenue, accounting for the majority of the share of the global market.
Green steel is produced without the usage of fossil fuels. Instead of the conventional carbon-intensive manufacturing method of coal-fired plants, this may be accomplished by employing low-carbon energy sources such as electricity, hydrogen, or coal gasification. Increasing awareness of environmentally friendly steel manufacturing in key market players 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 manufacturing. According to the World Steel Association, 1,860 MT (million tons) of steel were produced worldwide in 2020, releasing an average of 1.851 tons of CO2 into the environment per day. In order to increase the worldwide production of green steel, organizations have been forced to implement strategies and form alliances with commercial steel-making companies.
The high production costs of green hydrogen, which are influenced by the price of renewable energy & electrolyzes, and product efficiency may be a hurdle for the growth of the global green steel market in the coming years due to the lack of infrastructure globally. The cost of electrolysis is 5 times higher, or around USD 10.3 per kg, compared to traditional hydrogen generation methods, which costs between USD 1.5 and 2.3 per kg. Furthermore, the Rocky Mountain Institute claims that the cost of producing full-scale hydrogen-based steel is 20% to 30% higher than that of conventional technologies, which might further restrain the expansion of the worldwide market's revenue.
In addition, the outbreak of COVID-19 has led to halting in logistic and manufacturing activities across the globe, which, in turn, has led to the interruption of the supply chain, thereby hindering the growth of the green steel market. However, this situation is expected to improve as the government is relaxing norms around the world for resuming business activities.
Increasing government investment and cooperation among major market players are expected to bring lucrative opportunities for the growth of the green steel market. Furthermore, in 2021, the European Commission implemented various intermediate proposals to decrease 55% of GHG emissions by 2030 as a part of the European Green Deal (EGD) Project. It is a long-term EU policy that focuses on the climate strategy to reach net zero emissions by 2050 and provide a roadmap toward a green economic growth strategy. Later, in July 2020, the European Commission expanded its hydrogen strategy, underscoring green hydrogen to attain net-zero targets, and aimed to install about 6 GW of green hydrogen electrolyzers by 2024 & 40 GW by 2030. Growing partnerships across Europe show that the green steel market offers a bright future for the region in the coming years.
The global green steel market is segmented on the basis of energy source, type and end user, and region. Based on the energy source, the market is divided into hydrogen, coal gasification, and electricity. Based on type, the market is divided into electric arc furnaces (EAF) and molten oxide electrolysis (MOE). Based on end-user, the market is divided into construction, automotive, electronics, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The major players profiled in the green steel market include Arcelor Mittal, Deutsche Edelstahlwerke Services, Emirates Steel, Green, Steel Group, H2 Green Steel, Jindal Steel and Power, Tata Steel, Tenaris, Thyssenkrupp, and United States Steel Corp (USSC).
KEY FINDINGS OF THE STUDY
The report provides an extensive analysis of the current and emerging global green steel market trends and dynamics.
Depending on the energy source, the hydrogen segment was the largest revenue generator in 2021.
By type, the molten oxide electrolysis (MOE) segment generated the highest revenue in 2021.
Based on end users, the automotive segment dominated the market in 2021.
Region-wise, Asia-Pacific is anticipated to dominate the global green steel market throughout the study period.
The report provides an extensive analysis of the global green steel market trends and emerging opportunities in the market.
The global green steel market forecast analysis from 2021 to 2031 is included in the report.
Companies Mentioned
- NIPPON STEEL CORPORATION
- Jindal Steel & Power Ltd.
- Emirates Steel Arkan
- U.S. Steel Corporation
- H2 Green Steel
- Arcelor Mittal
- JFE Steel Corporation
- Nucor Corporation (Nucor Tubular Products)
- Green Steel Group Inc.
- POSCO International
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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