Europe Green Steel Market Sizewas valued at USD 0.08 Billion in 2022. The Green Steel market industry is projected to grow from USD 0.14 Billion in 2023 to USD 10.4 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 71.50% during the forecast period (2024 - 2032). The rising knowledge of sustainable steel production in well-known sectors is one of the major market drivers of the green steel market in Europe. A growing number of well-known companies and industries are realizing how important it is to include sustainable practices in their daily operations.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The EuropeanGreen Steelmarket CAGR is growing as a better knowledge of the environmental implications of traditional steel production has led to an increase in interest in and demand for greener and more sustainable steel manufacture. This increased awareness, which is fueled by a number of causes, has helped the green steel sector expand. Businesses and consumers alike are becoming more aware of the detrimental effects that traditional steel production has on the environment, including high carbon emissions, air and water pollution, and depletion of resources. This issue has led to a shift in emphasis towards more ecologically friendly choices. A growing number of well-known companies and industries are realizing how important it is to include sustainable practices in their daily operations. Utilizing green steel production methods can help a business meet its CSR goals, enhance its reputation, and demonstrate its environmental consciousness. Products made with sustainable materials, such as green steel, are in greater demand as consumers' concerns about the environment grow in European countries. This demand forces industries to adopt greener practices in order to satisfy customer preferences.
Furthermore, the tendency of market participants engaging in greenfield projects is one of the main drivers driving the expansion of the green steel business in the European region. A project is called a "greenfield project" if it is started from the beginning. Buildings or plants are often constructed as part of these undertakings. This tactic makes it possible for companies to implement cutting-edge sustainable practices and technologies right away. The opportunity to include cutting-edge green steel technology and practices in the planning and construction phases is presented by beginning a new project. Production techniques that are more efficient, cost-effective, and ecologically friendly could arise from this.Thus,result in driving the Green Steel market revenue.
The Europe Green Steel market segmentation,based on Production Technology,includesRenewable - Electric Arc Furnace (R-EAF), Hydrogen Direct Reduced Iron - Electric Arc Furnace (H2 DRI - EAF), and Molten Oxide Electrolysis (MOE). The Hydrogen Direct Reduced Iron - Electric Arc Furnace (H2 DRI - EAF) segment dominated the market. Hydrogen will take the place of carbon in this production technique, which is now the primary reduction agent for the iron ore reduction stage. The steel created by this technique will be regarded as green steel if the hydrogen that is utilized in it is also produced using green technology. Steel producers have shown a great deal of interest in this technology due to its green attributes, and they have invested millions of dollars in its development.
Figure 1: Europe Green Steel Market, by Production Technology, 2023& 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The Europe Green Steel market segmentation, based on Application, includes Building & Construction, Automotive, Renewable Energy Infrastructure, Home Appliances, and Others. The Automotivecategory generated the most income. More than half of the materials used in the production of modern cars are made of metal. Since they consume more than 10% of the world's steel supply, cars rank among the biggest users of the metal. A lot of manufacturers are investing in the use of sustainable materials as part of the automobile industry's efforts to go green by implementing electric mobility.
In an effort to solve environmental issues, Germany has been actively pursuing green programs, one of which is lowering carbon emissions. These environmental objectives are supported by green steel, which is made with low-emission technologies and renewable energy. Government initiatives to lower carbon emissions and strict environmental rules are essential. The steel sector in Germany has been encouraged to adopt green technology through programs like the Energiewende, which will assist the country's transition to a low-carbon economy. For example, the European Research Council (ERC) provided USD 2.8 million for five years of initiatives aimed at employing hydrogen plasma to reduce iron oxides without the need for carbon. A fund of more than USD 50 million has been launched by the Australian Renewable Energy Agency (ARENA) to support research and development (R&D) on the production of low-carbon iron, steel, and renewable hydrogen.
Figure 2: Europe Green Steel Market Share By Region 2023 & 2032 (Usd Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Leading market playersare putting a lot of money into R&D to expand their product ranges, which will help the green steel market keep growing. In addition, market players are engaging in a range of calculated initiatives to increase their presence, with important market developmentsinvolving the introduction of new products, contracts, M&A transactions, increased investment, and cooperation with other enterprises. To grow and endure in an increasingly cutthroat and dynamic market, Green Steelindustry must offer cost-effective items.
Major players in the Green Steel marketare engaging in research and development activities in an effort to boost market demand includes Ansteel Group (China), Arcelor Mittal (Luxembourg), Boston Metal (U.S.), China Baowu Group (China), Cleveland-Cliffs (U.S.), H2 Green Steel (U.S.), Nippon Steel Corporation (Japan), Nucor Corporation (U.S.), Steel Dynamics, Inc. (U.S.), and United States Steel Corporation (U.S.).
June 2023:Mercedes-Benz and H2 Green Steel agreed in writing to supply roughly 50,000 tons of steel produced in Boden, northern Sweden, on a yearly basis.
August 2022:A delivery agreement for CO2-reduced steel was struck by BMW Group and H2 Green Steel. The agreement covers end-of-life and recycling procedures.
| Report Attribute/Metric | Details |
| Market Size2022 | USD 0.08Billion |
| Market Size 2023 | USD 0.14Billion |
| Market Size2032 | USD 10.4Billion |
| Compound Annual Growth Rate (CAGR) | 71.50% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2019-2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Production Technology, Application, and Region |
| Region Covered | Europe |
| Countries Covered | Germany, France, UK, Italy, Spain, Sweden, Denmark, Luxembourg, Norway, Austria, and Rest of Europe |
| Key Companies Profiled | Ansteel Group (China), ArcelorMittal (Luxembourg), Boston Metal (U.S.), China Baowu Group (China), Cleveland-Cliffs (U.S.), H2 Green Steel (U.S.), Nippon Steel Corporation (Japan), Nucor Corporation (U.S.), Steel Dynamics, Inc. (U.S.), and United States Steel Corporation (U.S.) |
| Key Market Opportunities | ·        Global urbanization's surge has raised the need for infrastructure. |
| Key Market Dynamics | ·        Market participants' increased investments in partnerships, greenfield projects, and strategic alliances to transform their businesses ·        Increasing government funding and support for the production of green steel |
Frequently Asked Questions (FAQ) :
In 2023, the size of the European green steel market was estimated to be USD 0.14 billion.
From 2024 to 2032, the market is expected to expand at a compound annual growth rate of 71.50%.
The leading companies in the market are: New York-based Ansteel Group (China), ArcelorMittal (Luxembourg), Boston Metal (USA), Cleveland-Cliffs (USA), H2 Green Steel (USA), Nippon Steel Corporation (Japan), New York-based Nucor Corporation (USA), and New York-based United States Steel Corporation (USA).
In 2023, the market was dominated by the Hydrogen Direct Reduced Iron - Electric Arc Furnace (H2 DRI - EAF) category.
The market share leader was the Automotive category.
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Team Lead - Research Anshula mandaokar holds an academic degree in chemical engineering and has been contributing to the field for more than 5 years. she has expertise in market research and business consulting and serves as a team lead for a reputed market research firm under the chemicals and materials domain spectrum. she has worked on multiple projects, generating explicit results in a quick turnaround time. her understanding of data interpretation justifies her role as a leader.
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