Green Steel Market is expected to reach US$ 140,435.7 million by 2031

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Market Dynamics

Rising Green Steel Production in the Steel Industry

Growing awareness of environmentally friendly (“green”) steelmaking is transforming the steel production landscape. Producers are investing in greenfield projects, forging partnerships, and forming strategic alliances to decarbonize operations. Government incentives subsidies, grants, and infrastructure funding are accelerating the shift toward low-carbon steel.
For example, India’s National Hydrogen Mission, launched in 2021, aims to underpin the country’s energy transition by promoting green-hydrogen production a key feedstock for green-steel processes.

Meanwhile, in October 2021 BMW announced plans to source “green steel” from Sweden’s H2 Green Steel, targeting up to a 95% reduction in greenhouse-gas emissions for its vehicle supply chain by 2025. Such policy support and offtake commitments are set to drive robust growth in green-steel manufacturing.

Market Segments
• 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)
• By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)

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Market Regional Share

Rising Government Initiatives Fueling Green Steel Development in Asia-Pacific

The Asia-Pacific region continues to lead the charge in the global green steel market, driven by significant advancements in sustainable steel production methods such as the use of hydrogen as an alternative to coal in the steelmaking process. Countries like India, China, and Japan are at the forefront of this transformation, leveraging their robust research and innovation capabilities. Their growing investments in green steel R&D have positioned them as key contributors, collectively accounting for nearly half of the region’s market growth.

The expansion of this sector is being propelled by a combination of government initiatives and the involvement of major industrial players. A prime example is India’s Pradhan Mantri Urja Ganga Project, launched by the Ministry of Petroleum and Natural Gas in 2019, which aims to deliver natural gas to steel plants across key regions supporting cleaner energy alternatives.

Currently, the steel industry accounts for approximately 15% of China’s total carbon emissions, 14% in Japan, and 12% in India. These figures highlight the urgency for decarbonization. To accelerate the shift toward sustainable infrastructure, it is crucial for governments to implement comprehensive policies and regulatory frameworks tailored to the steel sector’s environmental impact.

Key Market Players
Key players are H2 Green Steel, Tata Steel Ltd., ArcelorMittal, Voestalpine, Boston Metal, Nucor Corporation, SSAB, Nippon Steel Corporation, JFE Steel Corporation and Salzgitter AG.

Recent Developments

• On October 11, 2022, H2 Green Steel partnered with Midrex, an innovator in direct reduction ironmaking technology for the steel industry. Kobe Steel, the owner of Midrex, is strengthening the alliance by contributing to H2 Green Steel’s Series B funding transaction.

• On January 27, 2023, ArcelorMittal has invested $36 million in Boston Metal. Through its XCarb Innovation Fund, the purchase represents the Company’s largest first investment to date. The fund, which was established in March 2021, aims to invest in the most innovative technologies that have the potential to make a significant contribution to the decarbonization of the steel industry, a process that ArcelorMittal aspires to lead.