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Report Highlights

The global green steel market is expected to grow from $7.4 billion in 2024 to $19.4 billion by 2029, at a compound annual growth rate (CAGR) of 21.4% from 2024 through 2029.

Report Includes

• 35 data tables and 52 additional tables
• An overview of the current and future global market for green steel
• An analysis of the global market trends with market revenue data for 2023, estimates for 2024, forecasts for 2025, and projected CAGRs through 2029
• Estimates of the size and revenue prospects of the global market, along with a market share analysis by processing technique, end use and region
• Facts and figures pertaining to market dynamics, technological advances, regulations, and the impact of macroeconomic factors
• Analysis of market opportunities with a review of Porter’s Five Forces and a value chain analysis taking into consideration the micro- and macro environmental factors prevailing in the market
• Discussion of the importance of ESG in the market for green steel, consumer attitudes towards sustainability, assessment of risks and opportunities, ratings and matrices, and ESG practices in the industry
• Analysis of relevant patents, with emphasis on emerging technologies and new developments in the green steel technologies and applications market
• Analysis of the industry structure, including companies’ market shares and rankings, strategic alliances, M&A activity and a venture funding outlook
• Profiles of the leading companies, including ArcelorMittal, Nucor Corp., SSAB Group, ThyssenKrupp AG and voestalpine AG

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.

BCC Research analyzed essential categories and regions to determine the present and future green steel market status and forecasted market growth from 2024 through 2029 with 2023 as a base year. This report also discusses current market dynamics, strategies and trends driving the demand for products, key product manufacturers, market ESG development, competitive landscape, and brief profiles of major global manufacturers. To understand the industry’s growth potential, the green steel market will be analyzed from an international and regional perspective. The market is segmented by region into the following areas: North America, Europe, the Asia-Pacific, South America, and the Middle East and Africa.

This report provides market estimates in terms of value ($ millions). Regional market sizes are also provided.

Executive Summary

Summary:

The global green steel market is expected to grow from $7.4 billion in 2024 to $19.4 billion by 2029, at a compound annual growth rate (CAGR) of 21.4% from 2024 through 2029.

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).

Table of Contents

Table of Contents
Chapter 1 Executive Summary
Market Outlook
Scope of Report
Market Summary
Chapter 2 Market Overview
Market Definition
Green Steel Vs. Traditional Steel
Production Methods
Physical & Chemical Properties
Performance Differences
Environmental Characteristics
Specialized Applications
Future Outlook
Stages of Green Steel Manufacturing
Reduction
Transformation
Forming
Classification of Green Steel
Porter’s Five Forces Analysis
Bargaining Power of Buyers: Low
Bargaining Power of Suppliers: Moderate
Threat of New Entrants: Moderate
Threat of Substitutes: High
Competition in the Industry: High
Supply Chain Analysis for Green Steel
Raw Materials and Suppliers
Manufacturing and Processing
Distribution and Sales
End User
Chapter 3 Market Dynamics
Market Dynamics
Market Drivers
Increased Social Licensing Pressures for Green Steelmaking
Rising CO2 Emissions and Renewable Targets in Sustainable Steelmaking
Market Restraints
Limited Availability and Unaffordability of Green Hydrogen
High Capital Investments and High Production Costs Associated with Green Steel Production
Market Opportunities
Government Support and Investments in Green Steel Manufacturing
Technological Advances in Steelmaking
Chapter 4 Emerging Technologies and Developments
New Technologies and Developments
Enhanced Recycling for Sustainable Steel Production
Role of Digitalization and Smart Manufacturing in Green Steel Production
Investment in Renewable Energy for Green Steel Production
Patent Analysis
Patent Analysis Based on Year Issued
Chapter 5 Market Segmentation Analysis
Segmentation Breakdown
Market Analysis by Processing Technique
Electric Arc Furnaces
Hydrogen-based Production
Carbon Capture, Utilization, and Storage (CCUS)
Others
Market Analysis by End Use
Building and Construction
Transportation
Machinery
Others
Geographic Breakdown
Market Analysis by Region
North America
Europe
Asia-Pacific
South America
Middle East and Africa
Chapter 6 Competitive Intelligence
Industry Structure
Market Share Analysis
Strategic Analysis
Merger and Acquisition Analysis
Chapter 7 Sustainability in the Green Steel Industry: An ESG Perspective
Introduction to ESG
Key ESG Issues in the Green Steel Sector
Green Steel Industry ESG Performance Analysis
Environmental Performance
Social Performance
Governance Performance
Current Status of ESG in the Green Steel Market
ESG Score Analysis
Risk Scale, Exposure Scale, and Management Scale
Concluding Remarks from BCC Research
Chapter 8 Appendix
Methodology
Sources
References
Abbreviations
Company Profiles
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

List of Tables

List of Tables
Summary Table : Global Green Steel Market, by Region, Through 2029
Table 1 : Patents in Green Steel, 2022-2024
Table 2 : Global Green Steel Market, by Processing Technique, Through 2029
Table 3 : Global Green Steel Market for EAFs, by Region, Through 2029
Table 4 : Global Green Steel Market for Hydrogen-based Production, by Region, Through 2029
Table 5 : Global Green Steel Market for CCUS, by Region, Through 2029
Table 6 : Global Green Steel Market for Other Processing Techniques, by Region, Through 2029
Table 7 : Global Green Steel Market, by End Use, Through 2029
Table 8 : Global Green Steel Market for Building and Construction, by Region, Through 2029
Table 9 : Global Green Steel Market for Transportation, by Region, Through 2029
Table 10 : Global Green Steel Market for Machinery, by Region, Through 2029
Table 11 : Global Green Steel Market for Other End Uses, by Region, Through 2029
Table 12 : Global Green Steel Market, by Region, Through 2029
Table 13 : North American Green Steel Market, by Country, Through 2029
Table 14 : North American Green Steel Market, by Processing Technique, Through 2029
Table 15 : North American Green Steel Market, by End Use, Through 2029
Table 16 : European Green Steel Market, by Country, Through 2029
Table 17 : European Green Steel Market, by Processing Technique, Through 2029
Table 18 : European Green Steel Market, by End Use, Through 2029
Table 19 : Asia-Pacific Green Steel Market, by Country, Through 2029
Table 20 : Asia-Pacific Green Steel Market, by Processing Technique, Through 2029
Table 21 : Asia-Pacific Green Steel Market, by End Use, Through 2029
Table 22 : South American Green Steel Market, by Country, Through 2029
Table 23 : South American Green Steel Market, by Processing Technique, Through 2029
Table 24 : South American Green Steel Market, by End Use, Through 2029
Table 25 : Middle Eastern and African Green Steel Market, by Processing Technique, Through 2029
Table 26 : Middle East and African Green Steel Market, by End Use, Through 2029
Table 27 : Partnerships and Business Expansions in the Green Steel Market, 2023 and 2024
Table 28 : Mergers and Acquisitions in the Global Green Steel Market, 2023 and 2024
Table 29 : Environmental Performance
Table 30 : Social Performance
Table 31 : Governance Performance
Table 32 : ESG Score: Green Steel Market, 2024
Table 33 : Report Information Sources
Table 34 : Abbreviations Used in This Report
Table 35 : AFRY AB: Company Snapshot
Table 36 : AFRY AB: Financial Performance, FY 2022 and 2023
Table 37 : AFRY AB: Product Portfolio
Table 38 : AFRY AB: News/Key Developments, 2024
Table 39 : ArcelorMittal: Company Snapshot
Table 40 : ArcelorMittal: Financial Performance, FY 2022 and 2023
Table 41 : ArcelorMittal: Product Portfolio
Table 42 : ArcelorMittal: News/Key Developments, 2023 and 2024
Table 43 : Blastr Green Steel AS: Company Snapshot
Table 44 : Blastr Green Steel AS: Product Portfolio
Table 45 : Boston Metal: Company Snapshot
Table 46 : Boston Metal: Product Portfolio
Table 47 : Boston Metal: News/Key Developments, 2023 and 2024
Table 48 : Helios Project Ltd.: Company Snapshot
Table 49 : Helios Project Ltd.: Product Portfolio
Table 50 : Hydnum Steel: Company Snapshot
Table 51 : Hydnum Steel: Product Portfolio
Table 52 : Hydnum Steel: News/Key Developments, 2024
Table 53 : LIBERTY Steel Group: Company Snapshot
Table 54 : LIBERTY Steel Group: Product Portfolio
Table 55 : LIBERTY Steel Group: News/Key Developments, 2024
Table 56 : Nucor Corp.: Company Snapshot
Table 57 : Nucor Corp.: Financial Performance, FY 2022 and 2023
Table 58 : Nucor Corp.: Product Portfolio
Table 59 : Nucor Corp.: News/Key Developments, 2021-2024
Table 60 : Salzgitter AG: Company Snapshot
Table 61 : Salzgitter AG: Financial Performance, FY 2022 and 2023
Table 62 : Salzgitter AG: Product Portfolio
Table 63 : Salzgitter AG: News/Key Developments, 2024
Table 64 : SMS group GmbH: Company Snapshot
Table 65 : SMS group GmbH: Financial Performance, FY 2022 and 2023
Table 66 : SMS group GmbH: Product Portfolio
Table 67 : SMS group GmbH: News/Key Developments, 2025
Table 68 : SSAB: Company Snapshot
Table 69 : SSAB: Financial Performance, FY 2022 and 2023
Table 70 : SSAB: Product Portfolio
Table 71 : SSAB: News/Key Developments, 2023 and 2024
Table 72 : SSG: Company Snapshot
Table 73 : SSG: Financial Performance, FY 2022 and 2023
Table 74 : SSG: Product Portfolio
Table 75 : SSG: News/Key Developments, 2024
Table 76 : Stegra: Company Snapshot
Table 77 : Stegra: Product Portfolio
Table 78 : Stegra: News/Key Developments, 2023 and 2024
Table 79 : thyssenkrupp AG: Company Snapshot
Table 80 : thyssenkrupp AG: Financial Performance, FY 2023 and 2024
Table 81 : thyssenkrupp AG: Product Portfolio
Table 82 : thyssenkrupp AG: News/Key Developments, 2023 and 2024
Table 83 : voestalpine AG: Company Snapshot
Table 84 : voestalpine AG: Financial Performance, FY 2022 and 2023
Table 85 : voestalpine AG: Product Portfolio
Table 86 : voestalpine AG: News/Key Developments, 2023 and 2024

List of Figures

List of Figures
Summary Figure : Global Green Steel Market, by Region, 2023–2029
Figure 1 : Porter’s Five Forces Analysis for the Green Steel Market
Figure 2 : Green Steelmaking: Supply Chain Analysis
Figure 3 : Market Dynamics Snapshot for Green Steel
Figure 4 : Share of Global Green Steel Market, by Processing Technique, 2023
Figure 5 : Share of Global Green Steel Market for EAFs, by Region, 2023
Figure 6 : Share of Global Green Steel Market for Hydrogen-based Production, by Region, 2023
Figure 7 : Share of Global Green Steel Market for CCUS, by Region, 2023
Figure 8 : Share of Global Green Steel Market for Other Processing Techniques, by Region, 2023
Figure 9 : Share of Global Green Steel Market, by End Use, 2023
Figure 10 : Share of Global Green Steel Market for Building and Construction, by Region, 2023
Figure 11 : Share of Global Green Steel Market for Transportation, by Region, 2023
Figure 12 : Share of Global Green Steel Market for Machinery, by Region, 2023
Figure 13 : Share of Global Green Steel Market for Other End Uses, by Region, 2023
Figure 14 : Share of Global Green Steel Market, by Region, 2023
Figure 15 : Share of North American Green Steel Market, by Country, 2023
Figure 16 : Share of North American Green Steel Market, by Processing Technique, 2023
Figure 17 : Share of North American Green Steel Market, by End Use, 2023
Figure 18 : Share of European Green Steel Market, by Country, 2023
Figure 19 : Share of European Green Steel Market, by Processing Technique, 2023
Figure 20 : Share of European Green Steel Market, by End Use, 2023
Figure 21 : Share of Asia-Pacific Green Steel Market, by Country, 2023
Figure 22 : Share of Asia-Pacific Green Steel Market, by Processing Technique, 2023
Figure 23 : Share of Asia-Pacific Green Steel Market, by End Use, 2023
Figure 24 : Share of South American Green Steel Market, by Country, 2023
Figure 25 : Share of South American Green Steel Market, by Processing Technique, 2023
Figure 26 : Share of South American Green Steel Market, by End Use, 2023
Figure 27 : Share of Middle East and African Green Steel Market, by Processing Technique, 2023
Figure 28 : Share of Middle East and African Green Steel Market, by End Use, 2023
Figure 29 : Share of Global Green Steel Market, by Company, 2023
Figure 30 : ESG Perspective
Figure 31 : AFRY AB: Revenue Share, by Business Unit, FY 2023
Figure 32 : AFRY AB: Revenue Share, by Country/Region, FY 2023
Figure 33 : ArcelorMittal: Revenue Share, by Business Unit, FY 2023
Figure 34 : ArcelorMittal: Revenue Share, by Country/Region, FY 2023
Figure 35 : Nucor Corp.: Revenue Share, by Business Unit, FY 2023
Figure 36 : Salzgitter AG: Revenue Share, by Business Unit, FY 2023
Figure 37 : Salzgitter AG: Revenue Share, by Country/Region, FY 2023
Figure 38 : SMS group GmbH: Revenue Share, by Business Unit, FY 2023
Figure 39 : SMS group GmbH: Revenue Share, by Country/Region, FY 2023
Figure 40 : SSAB: Revenue Share, by Business Unit, FY 2023
Figure 41 : SSAB: Revenue Share, by Country/Region, FY 2023
Figure 42 : SSG: Revenue Share, by Business Unit, FY 2023
Figure 43 : SSG: Revenue Share, by Country/Region, FY 2023
Figure 44 : thyssenkrupp AG: Revenue Share, by Business Unit, FY 2024
Figure 45 : thyssenkrupp AG: Revenue Share, by Country/Region, FY 2024
Figure 46 : voestalpine AG: Revenue Share, by Business Unit, FY 2023
Figure 47 : voestalpine AG: Revenue Share, by Country/Region, FY 2023

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