The Green Steel Market was valued at USD 7.4 Billion in 2024, and is projected to reach USD 19.4 Billion by 2029, rising at a CAGR of 21.4%.
Steel manufacturing is one of the most energy/carbon-intensive industries worldwide. Traditional steel manufacturing occurs globally with greenhouse gas release accounting for about 7% of carbon dioxide emissions. Steel production has steadily increased in the last several decades, increasing total energy demand and CO2 emissions within the sector.
No universally accepted definition for green steel manufacturing currently exists. This report sees green steel as steel production that employs innovative technology and renewable energy to reduce carbon emissions. By this definition, green steel is produced in an eco-friendly way through sustainable methods.
Using low-carbon forms of energy like green hydrogen through coal gasification or electricity production would be possible rather than using antiquated, carbon-intensive coal-fired power plants. The rise of the green steel market signifies a significant transformation for the steel industry, where sustainable production is aimed mainly at reducing high carbon emissions.
Green steel can be processed using various techniques, such as electric arc furnaces, molten oxide electrolysis, hydrogen-based production, and other fossil-free processing techniques. It can be used in end-use industries such as building and construction, transportation, renewable energy infrastructure, and machinery. The green steel market is fueled by significant investments from leading steel manufacturers transitioning their operations to adopt environmentally friendly practices.
Governmental support through policies and funding initiatives will further propel the development of green steel technologies. As industries across numerous sectors aim to meet stringent emission targets, the demand for green steel is expected to surge, marking a significant evolution in steel production and consumption globally.
Several technologies are leading the green steel revolution. Hydrogen-based direct reduction of iron (HDRI) replaces coal with green hydrogen as the reducing agent, producing water instead of CO2. Swedish company H2 Green Steel secured $4.54 billion in equity and debt financing in 2024 to build Europe’s first large-scale green steel plant in Boden, Sweden. The facility aims to produce 5 million tons annually by 2030, reducing emissions by up to 95% compared to conventional methods (Midrex Technologies Inc., 2024).
For this analysis, the global markets for green steel were segmented into the following categories:
This report provides market estimates in terms of value ($ millions). Regional market sizes are also provided.
Steel manufacturing is one of the most energy/carbon-intensive industries worldwide. Traditional steel manufacturing occurs globally with greenhouse gas release accounting for about 7% of carbon dioxide emissions. Steel production has steadily increased in the last several decades, increasing total energy demand and CO2 emissions within the sector.
No universally accepted definition for green steel manufacturing currently exists. This report sees green steel as steel production that employs innovative technology and renewable energy to reduce carbon emissions. By this definition, green steel is produced in an eco-friendly way through sustainable methods.
Using low-carbon forms of energy like green hydrogen through coal gasification or electricity production would be possible rather than using antiquated, carbon-intensive coal-fired power plants. The rise of the green steel market signifies a significant transformation for the steel industry, where sustainable production is aimed mainly at reducing high carbon emissions.
Green steel can be processed using various techniques, such as electric arc furnaces, molten oxide electrolysis, hydrogen-based production, and other fossil-free processing techniques. It can be used in end-use industries such as building and construction, transportation, renewable energy infrastructure, and machinery. The green steel market is fueled by significant investments from leading steel manufacturers transitioning their operations to adopt environmentally friendly practices.
Governmental support through policies and funding initiatives will further propel the development of green steel technologies. As industries across numerous sectors aim to meet stringent emission targets, the demand for green steel is expected to surge, marking a significant evolution in steel production and consumption globally.
Several technologies are leading the green steel revolution. Hydrogen-based direct reduction of iron (HDRI) replaces coal with green hydrogen as the reducing agent, producing water instead of CO2. Swedish company H2 Green Steel secured $4.54 billion in equity and debt financing in 2024 to build Europe’s first large-scale green steel plant in Boden, Sweden. The facility aims to produce 5 million tons annually by 2030, reducing emissions by up to 95% compared to conventional methods (Midrex Technologies Inc., 2024).
Report Scope
This report is a descriptive study providing future opportunities for manufacturing green steel and offer in-depth insights with a comprehensive and qualitative analysis, along with trends and opportunities prevailing in the market that can lead to growth of the green steel industry. It includes details about green steel production techniques and end-use industries. A regional analysis comprises North America, Europe, the Asia-Pacific, South America, and the Middle East and Africa. The rising sustainability and growing demand for steel make it attractive to the global market because green steel can be used in various end-use industries. The green steel industry provides a more environment-friendly alternative to traditional steel, elevating sustainability by reducing carbon emissions and environmental impact. The rising application of green steel in various fields significantly increases its potential in the global market.For this analysis, the global markets for green steel were segmented into the following categories:
- Processing techniques: electric arc furnace (EAF), hydrogen-based production, carbon capture, utilization and storage (CCUS), and others.
- End-Uses: building and construction, transportation, machinery, and others.
This report provides market estimates in terms of value ($ millions). Regional market sizes are also provided.
The report includes:
- 52 data tables and 59 additional tables
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- Facts and figures pertaining to key market dynamics, technology advances, pipeline drugs, regulations, and the impact of macroeconomic factors
- Insights derived from the Porter’s Five Forces model, as well as global supply chain and PESTLE analyses
- Pipeline analysis covering ongoing clinical trials and promising forthcoming neuroscience therapies in late stage
- Discussion of therapeutics used for treatment of neurological disorders, along with coverage of novel pipeline drugs, patent expiries of blockbuster drugs and new drug approvals
- A patent analysis, including key granted and published patents
- Analysis of the industry structure, including companies’ market shares and rankings, strategic alliances, M&A activity and a venture funding outlook
- Overview of sustainability trends and ESG developments, with emphasis on consumer attitudes, and the ESG scores and practices of leading companies
- Company profiles of major players within the industry, including F. Hoffmann-La Roche Ltd., Novartis AG, UCB S.A, and Otsuka Holdings Co. Ltd.
Table of Contents
Chapter 1 Executive Summary
Chapter 2 Market Overview
Chapter 3 Market Dynamics
Chapter 4 Emerging Technologies and Developments
Chapter 5 Market Segmentation Analysis
Chapter 6 Competitive Intelligence
Chapter 7 Sustainability in the Green Steel Industry: An ESG Perspective
Chapter 8 Appendix
List of Tables
List of Figures
Companies Mentioned
- AFRY AB
- Arcelormittal
- Blastr Green Steel AS
- Boston Metal
- Helios Project Ltd.
- Hydnum Steel
- Liberty Steel Group
- Nucor Corp.
- Salzgitter AG
- Sms Group GmbH
- SSAB
- SSG
- Stegra
- Thyssenkrupp AG
- Voestalpine AG
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 136 |
| Published | May 2025 |
| Forecast Period | 2024 - 2029 |
| Estimated Market Value ( USD | $ 7.4 Billion |
| Forecasted Market Value ( USD | $ 19.4 Billion |
| Compound Annual Growth Rate | 21.4% |
| Regions Covered | Global |
| No. of Companies Mentioned | 15 |
