New Research: Green Steel Market to Hit $364.4 Billion by 2032

SEATTLE (Scrap Monster): The latest report published by Allied Market Research suggests notable growth to green steel market.

According to the report, the global green steel industry is projected to generate $364,493.53 million by 2032. This is upon comparison with approximately $200.0 million generated in the previous year. This translates to a tremendous CAGR growth of 113.6% during the ten-year period from 2023 to 2032.

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The increasing awareness about the importance and benefits of green production of steel coupled with collaborations between leading players on R&D activities to boost green steel making capacities will trigger significant growth. On the contrary, the extremely high upfront costs association with production of green hydrogen are likely to restrain market growth, the report noted.

The molten oxide electrolysis segment held the highest market share in 2022, accounting for more than 75% share of the global green steel market. The segment is predicted to maintain its leadership status during the forecast period.

The automotive segment, which accounted for almost 80% of the global green steel market during the previous year, held the highest market share. The segment, along with electronics segment will dominate the market growth during the period until 2032.

Based on region, Europe will continue to maintain its market dominance, along with Asia-Pacific region.