Green Steel Market 2030: How Green Steel is Shaping Urban Infrastructure
The global green steel market was valued at USD 718.30 billion in 2024 and is projected to reach USD 766.76 billion by 2030, growing at a CAGR of 6.0% from 2025 to 2030.
Global Green Steel Market Overview
The global green steel market was valued at USD 718.30 billion in 2024 and is projected to reach USD 766.76 billion by 2030, growing at a CAGR of 6.0% from 2025 to 2030. This growth is primarily driven by the increasing global demand for sustainable manufacturing practices and efforts to reduce carbon emissions within the steel industry.
The market has undergone notable price fluctuations in recent years, influenced by both the availability and cost of raw materials and the pace at which new technologies are being adopted. In 2022, prices spiked due to heightened demand from environmentally conscious manufacturers and disruptions in the supply chain caused by geopolitical tensions. However, by 2023, prices began to stabilize, helped by technological advancements that improved production efficiency and the introduction of government incentives promoting the use of green steel. By 2024, prices declined slightly, reflecting broader market stabilization and the increase in global production capacity.
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Key Market Trends & Insights
- Asia Pacific emerged as the largest revenue-generating region in 2024.
- Canada is projected to register the highest CAGR from 2025 to 2030.
- By production technology, the Electric Arc Furnace (EAF) segment leads the market due to its efficiency and lower carbon emissions compared to traditional blast furnaces.
- By end use, the building and construction segment is expected to witness substantial growth over the forecast period.
Market Size & Forecast
- 2024 Market Size: USD 718.30 Billion
- 2030 Projected Market Size: USD 766.76 Billion
- CAGR (2025–2030): 6.0%
- Asia Pacific: Largest market in 2024
Key Green Steel Company Insights
Prominent players in the green steel market are spearheading sustainability initiatives and investing in advanced technologies:
- ArcelorMittal, headquartered in Luxembourg, is a global leader in green steel production. Its ‘XCarb’ initiative focuses on reducing carbon emissions through strategic investments and partnerships, aiming to accelerate the shift to sustainable steelmaking.
- SSAB, based in Sweden, is transforming the steel sector through its HYBRIT initiative, which replaces coal with hydrogen in the production process, enabling the creation of fossil-free steel.
- ThyssenKrupp AG, a German steel giant, is advancing green steel through its ‘Steel for the Future’ program, which prioritizes sustainable technologies and innovations to minimize environmental impact.
Key Green Steel Companies
These major players collectively hold a significant share of the global green steel market and influence industry trends:
- ArcelorMittal
- China BaoWu Steel Group Corporation Limited
- Emirates Steel Arkan
- Nippon Steel Corporation
- Nucor Corporation
- Outokumpu
- Salzgitter AG
- SSAB
- Tata Steel
- thyssenkrupp AG
- voestalpine AG
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Conclusion
The global green steel market is set for steady growth through 2030, driven by the urgent need for sustainable solutions across the steel industry. Technological advancements, favorable government policies, and increasing awareness about climate change are accelerating the shift toward low-carbon steel production. While market prices have experienced volatility, the trend toward improved efficiency, innovation in production methods like EAF, and the commitment of industry leaders to decarbonize their operations support a positive outlook. With Asia Pacific leading in revenue and Canada showing the highest projected growth rate, the green steel market is well-positioned to meet the evolving needs of a greener global economy.