As per Intent Market Research, the Green Steel Market was valued at USD 545.6 Billion in 2024-e and will surpass USD 746.5 Billion by 2030; growing at a CAGR of 5.4% during 2025-2030.
The green steel market is rapidly evolving as industries worldwide look to reduce their carbon footprint and adopt more sustainable production methods. Green steel involves the use of advanced technologies and processes to lower the carbon emissions associated with steel production, a traditionally energy-intensive industry. This market is driven by global efforts to combat climate change, along with increasing regulatory pressures and consumer demand for eco-friendly products. The key factors influencing the green steel market include advancements in production technologies, regulatory incentives, and the push for decarbonization within various industries, such as automotive, construction, and heavy machinery.
Electric Arc Furnace (EAF) Segment Is Largest Owing to Its High Efficiency
Among the various processes used in green steel production, the Electric Arc Furnace (EAF) is the largest segment, owing to its high efficiency and relatively low carbon emissions compared to traditional blast furnace methods. The EAF process uses electricity to melt scrap steel, which significantly reduces carbon dioxide emissions by utilizing recycled materials. As the steel industry seeks to decrease its reliance on coal and lower its carbon footprint, EAF has emerged as the preferred method for producing green steel, particularly in regions with access to renewable energy sources.
EAF's widespread adoption is fueled by its ability to recycle scrap steel, contributing to the circular economy and reducing the demand for virgin iron ore. It also benefits from continued innovations in electric power generation, which make it a more viable option for countries seeking to meet strict carbon reduction targets. As renewable energy sources become more integrated into the grid, the efficiency and environmental impact of EAF production are expected to improve further, solidifying its dominance in the green steel market.
Hydrogen-Based Steelmaking Technology Is Fastest Growing Due to Its Carbon Reduction Potential
Hydrogen-based steelmaking is one of the fastest-growing technologies in the green steel market, driven by its potential to significantly reduce carbon emissions. This technology replaces the use of coke and coal with hydrogen gas in the reduction process, producing only water vapor as a byproduct instead of carbon dioxide. As governments and industries continue to prioritize decarbonization, hydrogen steelmaking offers a promising solution for the steel industry's long-term sustainability goals.
The development of green hydrogen production, particularly from renewable energy sources, is a key factor in the growth of hydrogen-based steelmaking. Several major steel producers are actively investing in pilot projects and scaling up production capacities to integrate hydrogen into their operations. This shift not only addresses emissions concerns but also helps the steel industry align with global climate targets. The technology is poised for significant growth as advancements in hydrogen production and transportation infrastructure continue to make it a more viable alternative to traditional steelmaking methods.
Construction Application Is Largest Owing to Growing Demand for Sustainable Materials
The construction sector is the largest application of green steel, driven by increasing demand for sustainable building materials. As the construction industry seeks to reduce its environmental impact and comply with stringent building regulations, green steel provides an eco-friendly alternative to traditional steel. Green steel's strength, durability, and lower environmental footprint make it an ideal material for use in both residential and commercial construction projects.
As urbanization continues to rise and the focus on sustainable infrastructure grows, the construction industry is expected to remain a key driver of green steel demand. Green steel helps construction companies meet sustainability goals and energy-efficient building standards, such as those outlined in LEED and BREEAM certifications. The push toward greener cities, alongside government incentives for using low-carbon materials, will likely further propel the demand for green steel in construction projects worldwide.
Automotive Industry Is Largest End-User Industry Due to Strong Demand for Sustainable Vehicles
The automotive industry is the largest end-user industry for green steel, owing to the increasing demand for sustainable vehicles. Automakers are under pressure to reduce the carbon footprint of their manufacturing processes, with green steel offering a critical solution for producing lighter, stronger, and more sustainable vehicles. With electric vehicles (EVs) gaining popularity and stricter emissions standards being implemented globally, the need for green steel in the automotive sector is expected to grow significantly in the coming years.
Automotive manufacturers are incorporating more recycled materials and seeking ways to reduce the carbon intensity of their production lines. The use of green steel in vehicle manufacturing allows companies to meet regulatory requirements and appeal to environmentally conscious consumers. The automotive sector’s commitment to achieving carbon neutrality by 2030 and beyond positions green steel as an essential component in the industry's ongoing transformation.
Europe Region Is Largest Owing to Pioneering Efforts in Sustainability and Regulatory Support
Europe is the largest region for the green steel market, owing to its strong regulatory framework and pioneering efforts in sustainability. European countries, such as Sweden, Germany, and the Netherlands, are at the forefront of green steel production, supported by robust government incentives and policies aimed at reducing carbon emissions. The European Union’s Green Deal and carbon border adjustment mechanism are key drivers for the widespread adoption of green steel technologies in the region.
Europe’s commitment to reducing its carbon footprint is reflected in the actions of leading steel producers, who are investing heavily in hydrogen-based steelmaking and electric arc furnace technologies. This region also benefits from access to renewable energy, which further enhances the sustainability of green steel production. The continued growth of green steel in Europe is expected to pave the way for other regions to adopt similar strategies and contribute to the global transition toward greener steel production.
Leading Companies and Competitive Landscape
The competitive landscape in the green steel market is characterized by several leading companies that are investing heavily in innovative technologies to drive decarbonization in the steel industry. Companies like SSAB, ArcelorMittal, Tata Steel, and H2 Green Steel are taking significant steps to integrate green steel production processes into their operations. These companies are not only advancing their own technologies but also forming strategic partnerships with government bodies and research institutions to accelerate the development of green steel solutions.
As the market for green steel continues to grow, companies are focusing on enhancing their production capabilities, scaling up hydrogen-based steelmaking, and expanding their use of recycled materials. Competition is intensifying as more players enter the market and existing companies seek to solidify their positions in the green steel value chain. Industry consolidation, through mergers and acquisitions, is also expected as companies look to gain access to new technologies and expand their market reach. The competitive landscape is evolving rapidly, with companies focusing on both technological innovation and sustainability to maintain a leading edge in the green steel market.
List of Leading Companies:
- SSAB
- ArcelorMittal
- Tata Steel
- Volvo Group
- H2 Green Steel
- POSCO
- Baowu Steel Group
- Thyssenkrupp Steel Europe
- Nucor Corporation
- JSW Steel
- Steel Authority of India Limited (SAIL)
- Cleveland-Cliffs Inc.
- Hyundai Steel
- JFE Steel Corporation
- U.S. Steel
Recent Developments:
- SSAB and Volvo Group have announced their continued partnership to develop fossil-free steel for use in Volvo’s trucks and construction machinery. This collaboration is a significant step toward reducing carbon emissions in the automotive sector.
- ArcelorMittal has committed to producing green steel through innovative technologies, including hydrogen-based production, aiming to decarbonize its European operations by 2050.
- H2 Green Steel has received substantial funding to scale up its hydrogen-based steel production facilities, helping accelerate the shift toward green steel production in Europe.
- Tata Steel has unveiled plans for producing low-emission steel through advanced technologies, aiming to meet the global demand for sustainable steel.
- POSCO has partnered with Hyundai Motor to develop green steel for use in Hyundai’s vehicles, marking a key step in integrating sustainability into the automotive industry.
Report Scope:
Report Features |
Description |
Market Size (2024-e) |
USD 545.6 Billion |
Forecasted Value (2030) |
USD 746.5 Billion |
CAGR (2025 – 2030) |
5.4% |
Base Year for Estimation |
2024-e |
Historic Year |
2023 |
Forecast Period |
2025 – 2030 |
Report Coverage |
Market Forecast, Market Dynamics, Competitive Landscape, Recent Developments |
Segments Covered |
Green Steel Market By Process (Electric Arc Furnace, Direct Reduced Iron, Blast Furnace with Carbon Capture and Storage, Other Processes), By Technology (Hydrogen-Based Steelmaking, Scrap-Based Steelmaking, Carbon Capture and Utilization, Electric Arc Furnace, Other Technologies), By Application (Construction, Automotive, Infrastructure, Machinery and Equipment, Consumer Goods), By End-User Industry (Automotive Industry, Construction Industry, Heavy Machinery Industry, Shipbuilding Industry, Energy Industry) |
Regional Analysis |
North America (US, Canada, Mexico), Europe (Germany, France, UK, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, South Korea, Australia, India, and Rest of Asia-Pacific), Latin America (Brazil, Argentina, and Rest of Latin America), Middle East & Africa (Saudi Arabia, UAE, Rest of Middle East & Africa) |
Major Companies |
SSAB, ArcelorMittal, Tata Steel, Volvo Group, H2 Green Steel, POSCO, Baowu Steel Group, Thyssenkrupp Steel Europe, Nucor Corporation, JSW Steel, Steel Authority of India Limited (SAIL), Cleveland-Cliffs Inc., Hyundai Steel, JFE Steel Corporation, U.S. Steel |
Customization Scope |
Customization for segments, region/country-level will be provided. Moreover, additional customization can be done based on the requirements |
Frequently Asked Questions
1. Introduction |
1.1. Market Definition |
1.2. Scope of the Study |
1.3. Research Assumptions |
1.4. Study Limitations |
2. Research Methodology |
2.1. Research Approach |
2.1.1. Top-Down Method |
2.1.2. Bottom-Up Method |
2.1.3. Factor Impact Analysis |
2.2. Insights & Data Collection Process |
2.2.1. Secondary Research |
2.2.2. Primary Research |
2.3. Data Mining Process |
2.3.1. Data Analysis |
2.3.2. Data Validation and Revalidation |
2.3.3. Data Triangulation |
3. Executive Summary |
3.1. Major Markets & Segments |
3.2. Highest Growing Regions and Respective Countries |
3.3. Impact of Growth Drivers & Inhibitors |
3.4. Regulatory Overview by Country |
4. Green Steel Market, by Process (Market Size & Forecast: USD Million, 2023 – 2030) |
4.1. Electric Arc Furnace (EAF) |
4.2. Direct Reduced Iron (DRI) |
4.3. Blast Furnace with Carbon Capture and Storage (CCS) |
4.4. Other Processes |
5. Green Steel Market, by Technology (Market Size & Forecast: USD Million, 2023 – 2030) |
5.1. Hydrogen-Based Steelmaking |
5.2. Scrap-Based Steelmaking |
5.3. Carbon Capture and Utilization (CCU) |
5.4. Electric Arc Furnace (EAF) |
5.5. Other Technologies |
6. Green Steel Market, by Application (Market Size & Forecast: USD Million, 2023 – 2030) |
6.1. Construction |
6.2. Automotive |
6.3. Infrastructure |
6.4. Machinery and Equipment |
6.5. Consumer Goods |
7. Green Steel Market, by End-User Industry (Market Size & Forecast: USD Million, 2023 – 2030) |
7.1. Automotive Industry |
7.2. Construction Industry |
7.3. Heavy Machinery Industry |
7.4. Shipbuilding Industry |
7.5. Energy Industry |
8. Regional Analysis (Market Size & Forecast: USD Million, 2023 – 2030) |
8.1. Regional Overview |
8.2. North America |
8.2.1. Regional Trends & Growth Drivers |
8.2.2. Barriers & Challenges |
8.2.3. Opportunities |
8.2.4. Factor Impact Analysis |
8.2.5. Technology Trends |
8.2.6. North America Green Steel Market, by Process |
8.2.7. North America Green Steel Market, by Technology |
8.2.8. North America Green Steel Market, by Application |
8.2.9. North America Green Steel Market, by End-User Industry |
8.2.10. By Country |
8.2.10.1. US |
8.2.10.1.1. US Green Steel Market, by Process |
8.2.10.1.2. US Green Steel Market, by Technology |
8.2.10.1.3. US Green Steel Market, by Application |
8.2.10.1.4. US Green Steel Market, by End-User Industry |
8.2.10.2. Canada |
8.2.10.3. Mexico |
*Similar segmentation will be provided for each region and country |
8.3. Europe |
8.4. Asia-Pacific |
8.5. Latin America |
8.6. Middle East & Africa |
9. Competitive Landscape |
9.1. Overview of the Key Players |
9.2. Competitive Ecosystem |
9.2.1. Level of Fragmentation |
9.2.2. Market Consolidation |
9.2.3. Product Innovation |
9.3. Company Share Analysis |
9.4. Company Benchmarking Matrix |
9.4.1. Strategic Overview |
9.4.2. Product Innovations |
9.5. Start-up Ecosystem |
9.6. Strategic Competitive Insights/ Customer Imperatives |
9.7. ESG Matrix/ Sustainability Matrix |
9.8. Manufacturing Network |
9.8.1. Locations |
9.8.2. Supply Chain and Logistics |
9.8.3. Product Flexibility/Customization |
9.8.4. Digital Transformation and Connectivity |
9.8.5. Environmental and Regulatory Compliance |
9.9. Technology Readiness Level Matrix |
9.10. Technology Maturity Curve |
9.11. Buying Criteria |
10. Company Profiles |
10.1. SSAB |
10.1.1. Company Overview |
10.1.2. Company Financials |
10.1.3. Product/Service Portfolio |
10.1.4. Recent Developments |
10.1.5. IMR Analysis |
*Similar information will be provided for other companies |
10.2. ArcelorMittal |
10.3. Tata Steel |
10.4. Volvo Group |
10.5. H2 Green Steel |
10.6. POSCO |
10.7. Baowu Steel Group |
10.8. Thyssenkrupp Steel Europe |
10.9. Nucor Corporation |
10.10. JSW Steel |
10.11. Steel Authority of India Limited (SAIL) |
10.12. Cleveland-Cliffs Inc. |
10.13. Hyundai Steel |
10.14. JFE Steel Corporation |
10.15. U.S. Steel |
11. Appendix |
A comprehensive market research approach was employed to gather and analyze data on the Green Steel Market . In the process, the analysis was also done to analyze the parent market and relevant adjacencies to measure the impact of them on the Green Steel Market . The research methodology encompassed both secondary and primary research techniques, ensuring the accuracy and credibility of the findings.
Secondary Research
Secondary research involved a thorough review of pertinent industry reports, journals, articles, and publications. Additionally, annual reports, press releases, and investor presentations of industry players were scrutinized to gain insights into their market positioning and strategies.
Primary Research
Primary research involved conducting in-depth interviews with industry experts, stakeholders, and market participants across the E-Waste Management ecosystem. The primary research objectives included:
- Validating findings and assumptions derived from secondary research
- Gathering qualitative and quantitative data on market trends, drivers, and challenges
- Understanding the demand-side dynamics, encompassing end-users, component manufacturers, facility providers, and service providers
- Assessing the supply-side landscape, including technological advancements and recent developments
Market Size Assessment
A combination of top-down and bottom-up approaches was utilized to analyze the overall size of the Green Steel Market . These methods were also employed to assess the size of various subsegments within the market. The market size assessment methodology encompassed the following steps:
- Identification of key industry players and relevant revenues through extensive secondary research
- Determination of the industry's supply chain and market size, in terms of value, through primary and secondary research processes
- Calculation of percentage shares, splits, and breakdowns using secondary sources and verification through primary sources
Data Triangulation
To ensure the accuracy and reliability of the market size, data triangulation was implemented. This involved cross-referencing data from various sources, including demand and supply side factors, market trends, and expert opinions. Additionally, top-down and bottom-up approaches were employed to validate the market size assessment.