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Green Steel Market size is expected to reach USD 1302.58 billion by 2032. The industry is undergoing a transformation driven by increasing demand for durable, high-performance industrial components across various sectors.
Market to Hit USD 1302.58 Bn by 2032
Green Steel Market size was valued at USD 4.83 billion in 2024 and expected to expand at a compound annual growth rate (CAGR) of 101.23% from 2025-2032, reaching USD 1302.58 billion by 2032. In 2024, Green Steel Market Size was valued at approximately USD 1.54 billion in North America and its Market share of 28%. Also, in Europe held a market share of 39% in the same year, equating to revenues of USD 2.20 billion in 2024.
Leading market Players Fueling Industry Evolution
In 2024, POSCO International is valued at approximately USD 22.5 billion while Nucor Corporation (Nucor Tubular Products) is valued at USD 6.8 billion and U.S. Steel Corporation is valued at USD 17.7 billion respectively.
Electric Arc Furnace is dominated by Production Technology segment in terms of value, in 2024
This Electric Arc Furnace dominates in Green Steel Market. Electric arc furnace (EAF)-based steel production is rising globally. Planned EAF capacity surged to 43% of new capacity in 2024. China and India are also expanding their EAF capacities, with India targeting 35-40% EAF/induction furnace-based production by 2032.
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Automotive is dominated by Production Technology segment in terms of value, in 2024
This Automative dominates in Green Steel Market which, segment is accounting for approximately 23% of market share in 2024. the automotive sector’s substantial demand for green steel is a critical factor in driving the market’s growth, reflecting the industry’s shift towards more sustainable manufacturing practices.
Europe is estimated to be the largest dominating region in terms of value, during the forecast period
This is the largest dominating region in Green Steel Market which, the valued at approximately USD 2.20 billion in Europe and its market share of 39% in 2024. The European Green Deal and Carbon Border Adjustment Mechanism (CBAM) are significant drivers of green steel adoption in the region.
Asia Pacific is estimated to be the Second-largest dominating region in terms of value, during the forecast period
This is the Second-largest dominating region in Green Steel Market which, the valued at approximately USD 2.38 billion while its market share of 40% in 2024. China, India, and Japan are major steel producers, and as they adopt greener methods, the demand for green steel is expected to rise significantly.
Green Steel Market Competitive Landscape
POSCO International: POSCO International is a major player in the global trading and energy sectors, focusing on commodities, steel, and energy markets. The company is valued at approximately USD 22.5 billion in 2024. The higher valuation of POSCO International demonstrates its broad business strategy, which includes not only steel but also a greater range of goods and services, such as commodities trading and energy.
Nucor Corporation: Leading North American steel manufacturer Nucor is especially well-known for its Tubular Products division, which is essential to a number of sectors, including construction, energy, and the automobile industry. In 2024, this corporation is valued at USD 6.8 billion.
U.S. Steel Corporation: One of the biggest steel producers in the United States, U.S. Steel, is a major force in the world steel market and keeps putting an emphasis on innovation, which includes lowering emissions in its steel manufacturing operations. Additionally, U.S. Steel is making progress in its sustainability initiatives. In 2024, U.S. Steel Corporation is valued at USD 17.7 billion.
To know the most attractive segments, click here for a free sample of the report: https://www.stellarmr.com/report/req_sample/Green-Steel-Market/2124
Emerging Trends in the Green Steel Market
- With a focus of drastically lowering carbon emissions in comparison to conventional blast furnace technologies, those companies are progressively embracing hydrogen-based steelmaking (such as the SSAB’s HYBRIT project in Europe).
- steel manufacturing is moving toward Electric Arc Furnaces, which employ recovered scrap steel and provide a more ecologically friendly and energy-efficient method. As part of its attempts to reach net-zero emissions targets, U.S. Steel in particular is integrating carbon capture technologies into their operations. Nucor is also making significant investments in environmentally friendly production, emphasizing the use of renewable energy sources.
- Last but not least, the sector is working together more and more to speed up the production of green steel, supported by advantageous government policies like the Carbon Border Adjustment Mechanism (CBAM) and Europe’s Green Deal.
Conclusion
- The green steel market is undergoing a rapid transformation, with a 101.23% CAGR projected from 2024 to 2032, signaling a massive shift towards sustainability in the steel industry.
- Europe is currently the largest dominating region, valued at USD 2.2 billion with a 39% market share, driven by stringent environmental policies like the European Green Deal and CBAM.
- Leading companies such as POSCO International, Nucor, and U.S. Steel are pioneering the adoption of Electric Arc Furnaces (EAF) and hydrogen-based steelmaking, making significant strides in reducing emissions. The automotive sector, accounting for 23% of the market share, is a key driver, reflecting the growing demand for green steel in manufacturing.
- The rise of circular economy practices, carbon capture technologies, and collaborations across industries are accelerating the shift toward greener, more sustainable steel production.
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