The Green Steel Market is rapidly gaining momentum as industries and governments around the world focus on reducing carbon emissions and creating sustainable solutions. Steel is one of the most widely used materials across various industries, from construction to automotive manufacturing, but traditional steel production is highly energy-intensive and contributes significantly to global CO2 emissions. The introduction of "green steel" aims to address this environmental challenge, promising a revolution in how steel is produced and consumed.

The global green steel market is estimated to be valued at US$ 117.13 billion in 2024 and is expected to exhibit a CAGR of 60% over the forecast period of 2024 to 2031.

What is Green Steel?

Green Steel Market Demand refers to steel that is produced using methods designed to minimize carbon emissions. The most notable shift is the use of hydrogen instead of carbon (in the form of coal) as a reducing agent in the steelmaking process. By substituting hydrogen for coal, the emissions from steel production can be significantly reduced, as hydrogen burns cleanly, emitting only water vapor.

Additionally, other methods of producing green steel include increased reliance on recycled steel and electric arc furnaces (EAFs), which produce steel from scrap metal using electricity generated from renewable sources such as wind or solar power.

Get More Insights On, Green Steel Market