그린 스틸 시장 : 제조 공정별, 제품 형태별, 용도별, 최종사용자별, 지역별 - 시장 규모, 업계 역학, 기회 분석 및 예측(2026-2035년)

The green steel market represents a fundamental transformation of the global steel industry as manufacturers, governments, and end-use sectors accelerate the transition toward low-carbon production methods. Valued at approximately USD 5.0 billion in 2025, the market is projected to expand significantly to reach nearly USD 120 billion by 2035, registering an impressive compound annual growth rate (CAGR) of 37.4% during the forecast period from 2026 to 2035.

The primary driver behind this market growth is the implementation of stricter environmental regulations and climate policies aimed at reducing industrial greenhouse gas emissions. Steel production has traditionally relied on coal-intensive blast furnace processes, which contribute significantly to global carbon emissions. As governments introduce carbon pricing mechanisms, emissions reduction targets, and policies designed to encourage cleaner manufacturing, steel producers are facing increasing pressure to transition toward sustainable production pathways.

Noteworthy Market Developments

The global green steel market is being shaped by several leading steel producers that are accelerating the transition from carbon-intensive manufacturing toward hydrogen-based production, renewable electricity integration, and low-emission steelmaking technologies. Among the most influential players driving this transformation are SSAB, Stegra (formerly H2 Green Steel), ArcelorMittal, Thyssenkrupp, and Salzgitter AG, each pursuing distinct strategies to establish leadership in the emerging low-carbon steel industry.

SSAB has established itself as one of the leading pioneers in the green steel sector through its groundbreaking HYBRIT initiative, a collaboration focused on replacing traditional coal-based steel production with hydrogen-based technology. Stegra, formerly known as H2 Green Steel, has emerged as a disruptive force in the green steel market by pursuing one of the industry's most ambitious integrated production projects.

ArcelorMittal, one of the world's largest steel producers, is leveraging its extensive global footprint and industrial expertise to accelerate the adoption of green steel technologies. Thyssenkrupp is playing a central role in Germany's industrial decarbonization efforts through its tkH2Steel initiative, which focuses on transforming traditional steel production using hydrogen-based direct reduction technology. Salzgitter AG has positioned itself as an early mover in green steel production through its SALCOS (Salzgitter Low CO2 Steelmaking) program, which aims to reduce and eventually eliminate coal-based steel production.

Core Growth Drivers

Government mandates have become a major factor driving the growth of the green steel market by creating strong incentives for industries to reduce emissions and transition away from carbon-intensive production methods. Steel manufacturing is one of the largest industrial sources of greenhouse gas emissions due to its historical dependence on coal-based blast furnace technologies. As governments strengthen climate policies and introduce stricter environmental regulations, steel producers and downstream industries are facing increasing pressure to adopt cleaner production pathways. These policy measures are accelerating investments in hydrogen-based steelmaking, renewable electricity-powered electric arc furnaces, and other low-carbon technologies.

Emerging Opportunity Trends

Electric Arc Furnaces (EAF) are emerging as a significant opportunity trend driving growth in the green steel market as the steel industry accelerates its transition away from traditional carbon-intensive blast furnace production. EAF technology offers a more flexible and lower-emission alternative by using electricity to melt and process steel rather than relying heavily on coal-based reduction methods. As governments, manufacturers, and industrial customers increasingly prioritize decarbonization, the adoption of renewable electricity-powered EAF systems is gaining momentum as a practical pathway for reducing emissions and supporting long-term climate goals.

Barriers to Optimization

Beneath the rapid technological progress and investment momentum surrounding green steel production, raw material availability remains one of the most significant challenges threatening the scalability of low-carbon steelmaking. While advanced production pathways such as hydrogen-based direct reduced iron (H2-DRI) and electric arc furnace (EAF) technologies offer substantial emissions reduction potential, their successful deployment depends heavily on access to suitable iron ore resources. Unlike conventional blast furnace operations, which can process a wider range of iron ore qualities through established beneficiation methods, direct reduction processes require consistently high-quality feedstock with higher iron content and lower levels of impurities. This dependency creates a critical supply chain vulnerability for the expanding green steel industry.

Detailed Market Segmentation

By production route, the Hydrogen Direct Reduced Iron combined with Electric Arc Furnace (H2-DRI + EAF) pathway holds the leading position in the green steel market, driven by its ability to deliver substantial emissions reductions compared with conventional steelmaking processes. This technology has emerged as one of the most promising solutions for decarbonizing the steel industry, which has historically depended on carbon-intensive blast furnace operations using coking coal as a primary reducing agent. As governments, steel producers, and industrial consumers accelerate efforts to achieve net-zero targets, H2-DRI + EAF technology is gaining widespread attention as a commercially viable route toward near-zero-emission steel production.

By product form, flat steel maintains the leading position in the green steel market, supported by strong and increasing demand from major end-use industries, particularly automotive manufacturing and consumer appliances. Flat steel products, including sheets, plates, and coils, are essential components across a wide range of industrial applications due to their strength, flexibility, surface quality, and suitability for high-volume manufacturing processes. As industries accelerate their transition toward low-carbon production models, demand for sustainably produced flat steel has increased significantly, positioning this product category as a major contributor to the overall expansion of the green steel market.

By application, the automotive segment represents the largest revenue contributor in the green steel market, driven by the industry's increasing focus on reducing lifecycle emissions and achieving ambitious sustainability targets. Automakers are undergoing a significant transformation in their material sourcing strategies as they face growing regulatory requirements, investor expectations, and consumer demand for lower-carbon vehicles. Since steel remains one of the most widely used materials in vehicle manufacturing, the transition from conventional steel to green steel has become a critical pathway for reducing the overall environmental impact of automotive production.

By end user, the global construction and infrastructure sector emerged as the largest consumer of green steel, accounting for approximately 44% of total market demand. This dominant position reflects the sector's increasing focus on reducing embodied carbon emissions associated with the production and use of construction materials. Steel remains one of the most widely used materials in buildings, transportation networks, industrial facilities, and large-scale infrastructure projects, making its decarbonization a critical priority for achieving global climate objectives. As governments, developers, and investors place greater emphasis on sustainable construction practices, demand for low-emission steel alternatives has increased significantly.

Segment Breakdown

By Production Route

• H2-DRI + EAF
• Scrap-Based EAF (Green-Powered)
• Molten Oxide Electrolysis
• CCUS-Abated BF-BOF

By Product Form

• Flat Steel
• Long Steel

By Application

• Automotive
• Construction & Infrastructure
• Machinery & Equipment
• Appliances & Packaging
• Energy (Wind/Grid)

By End User

• Automotive OEMs
• Construction
• Industrial Manufacturing

By Region

• North America
• The U.S.
• Canada
• Mexico
• Europe
• Western Europe
• The UK
• Germany
• France
• Italy
• Spain
• Rest of Western Europe
• Eastern Europe
• Poland
• Russia
• Rest of Eastern Europe
• Asia Pacific
• China
• India
• Japan
• Australia & New Zealand
• South Korea
• ASEAN
• Rest of Asia Pacific
• Middle East & Africa (MEA)
• Saudi Arabia
• South Africa
• UAE
• Rest of MEA
• South America
• Argentina
• Brazil
• Rest of South America

Geography Breakdown

• Europe commanded the largest share of the global green steel market in 2025, supported by a combination of ambitious regulatory frameworks, substantial government-backed investments, and strong industrial decarbonization initiatives. The region has taken an early leadership position by establishing clear climate policies, creating incentives for low-carbon industrial transformation, and encouraging manufacturers to adopt cleaner production technologies.
• A major factor strengthening Europe's market position has been the implementation of the Carbon Border Adjustment Mechanism (CBAM), which introduced additional pressure on industries relying on high-carbon production methods. By applying carbon-related costs to certain imported goods, the mechanism encouraged domestic manufacturers and international suppliers to reduce emissions intensity and align with Europe's climate objectives.
• Sweden has emerged as a leading force within Europe's green steel transition by leveraging its abundant renewable electricity resources, particularly hydropower, to support large-scale hydrogen production. The country's access to reliable low-carbon energy has provided a significant advantage for operating hydrogen electrolyzers required for fossil-free steel manufacturing.

Leading Market Participants

• ArcelorMittal
• Tata Steel
• ThyssenKrupp AG
• SSAB
• Emirates Steel Arkan
• Nucor Corporation
• voestalpine AG
• Nippon Steel Corporation
• Outokumpu
• Salzgitter AG
• China BaoWu Steel Group Corporation Limited
• Other Prominent Players

Table of Content

Chapter 1. Executive Summary: Global Green Steel Market

Chapter 2. Research Methodology & Research Framework

• 2.1. Research Objective
• 2.2. Product Overview
• 2.3. Market Segmentation
• 2.4. Qualitative Research
  • 2.4.1. Primary & Secondary Sources
• 2.5. Quantitative Research
  • 2.5.1. Primary & Secondary Sources
• 2.6. Breakdown of Primary Research Respondents, By Region
• 2.7. Assumption for Study
• 2.8. Market Size Estimation
• 2.9. Data Triangulation

Chapter 3. Global Green Steel Market Overview

• 3.1. Industry Value Chain Analysis
  • 3.1.1. Green Hydrogen, Renewable Power & High-Grade Iron Ore Suppliers
  • 3.1.2. DRI, Electrolyzer & Electric Arc Furnace Equipment Providers
  • 3.1.3. Green Steel Producers (H2-DRI + EAF, Scrap-Based EAF, Electrolysis)
  • 3.1.4. Certification, CBAM Compliance & Offtake / Distribution Partners
  • 3.1.5. End Users (Automotive OEMs, Construction, Industrial Manufacturing)
• 3.2. Industry Outlook
  • 3.2.1. Overview of the Global Green (Low-Emission) Steel Industry
  • 3.2.2. H2-DRI + EAF Scale-Up, Green-Hydrogen Cost Tipping Point & Near-Zero Emissions Standards
  • 3.2.3. CBAM Border Mechanism, Green-Premium Dynamics & Automotive/Construction Offtake
• 3.3. PESTLE Analysis
• 3.4. Porter's Five Forces Analysis
  • 3.4.1. Bargaining Power of Suppliers
  • 3.4.2. Bargaining Power of Buyers
  • 3.4.3. Threat of Substitutes
  • 3.4.4. Threat of New Entrants
  • 3.4.5. Degree of Competition
• 3.5. Market Growth and Outlook
  • 3.5.1. Market Revenue Estimates and Forecast (US$ Mn), 2020-2035
  • 3.5.2. Price Trend Analysis, By Production Route

Chapter 4. Global Green Steel Market Analysis

• 4.1. Competition Dashboard
  • 4.1.1. Market Concentration Rate
  • 4.1.2. Company Market Share Analysis (Value %), 2025
  • 4.1.3. Competitor Mapping & Benchmarking

Chapter 5. Global Green Steel Market Analysis

• 5.1. Market Dynamics and Trends
  • 5.1.1. Growth Drivers
  • 5.1.2. Restraints
  • 5.1.3. Opportunity
  • 5.1.4. Key Trends
• 5.2. Market Size and Forecast, 2020-2035 (US$ Mn)
  • 5.2.1. By Production Route
    • 5.2.1.1. Key Insights
      • 5.2.1.1.1. H2-DRI + EAF
      • 5.2.1.1.2. Scrap-Based EAF (Green-Powered)
      • 5.2.1.1.3. Molten Oxide Electrolysis
      • 5.2.1.1.4. CCUS-Abated BF-BOF
  • 5.2.2. By Product Form
    • 5.2.2.1. Key Insights
      • 5.2.2.1.1. Flat Steel
      • 5.2.2.1.2. Long Steel
  • 5.2.3. By Application
    • 5.2.3.1. Key Insights
      • 5.2.3.1.1. Automotive
      • 5.2.3.1.2. Construction & Infrastructure
      • 5.2.3.1.3. Machinery & Equipment
      • 5.2.3.1.4. Appliances & Packaging
      • 5.2.3.1.5. Energy (Wind/Grid)
  • 5.2.4. By End User
    • 5.2.4.1. Key Insights
      • 5.2.4.1.1. Automotive OEMs
      • 5.2.4.1.2. Construction
      • 5.2.4.1.3. Industrial Manufacturing
  • 5.2.5. By Region
    • 5.2.5.1. Key Insights
      • 5.2.5.1.1. North America
        • 5.2.5.1.1.1. The U.S.
        • 5.2.5.1.1.2. Canada
        • 5.2.5.1.1.3. Mexico
      • 5.2.5.1.2. Europe
        • 5.2.5.1.2.1. Western Europe
          • 5.2.5.1.2.1.1. The UK
          • 5.2.5.1.2.1.2. Germany
          • 5.2.5.1.2.1.3. France
          • 5.2.5.1.2.1.4. Italy
          • 5.2.5.1.2.1.5. Spain
          • 5.2.5.1.2.1.6. Rest of Western Europe
        • 5.2.5.1.2.2. Eastern Europe
          • 5.2.5.1.2.2.1. Poland
          • 5.2.5.1.2.2.2. Russia
          • 5.2.5.1.2.2.3. Rest of Eastern Europe
      • 5.2.5.1.3. Asia Pacific
        • 5.2.5.1.3.1. China
        • 5.2.5.1.3.2. India
        • 5.2.5.1.3.3. Japan
        • 5.2.5.1.3.4. Australia & New Zealand
        • 5.2.5.1.3.5. South Korea
        • 5.2.5.1.3.6. ASEAN
        • 5.2.5.1.3.7. Rest of Asia Pacific
      • 5.2.5.1.4. Middle East & Africa (MEA)
        • 5.2.5.1.4.1. Saudi Arabia
        • 5.2.5.1.4.2. South Africa
        • 5.2.5.1.4.3. UAE
        • 5.2.5.1.4.4. Rest of MEA
      • 5.2.5.1.5. South America
        • 5.2.5.1.5.1. Argentina
        • 5.2.5.1.5.2. Brazil
        • 5.2.5.1.5.3. Rest of South America

Chapter 6. North America Market Analysis

• 6.1. Market Dynamics and Trends
  • 6.1.1. Growth Drivers
  • 6.1.2. Restraints
  • 6.1.3. Opportunity
  • 6.1.4. Key Trends
• 6.2. Market Size and Forecast, 2020-2035 (US$ Mn)
  • 6.2.1. Key Insights
    • 6.2.1.1. By Production Route
    • 6.2.1.2. By Product Form
    • 6.2.1.3. By Application
    • 6.2.1.4. By End User
    • 6.2.1.5. By Country

Chapter 7. Europe Market Analysis

• 7.1. Market Dynamics and Trends
  • 7.1.1. Growth Drivers
  • 7.1.2. Restraints
  • 7.1.3. Opportunity
  • 7.1.4. Key Trends
• 7.2. Market Size and Forecast, 2020-2035 (US$ Mn)
  • 7.2.1. Key Insights
    • 7.2.1.1. By Production Route
    • 7.2.1.2. By Product Form
    • 7.2.1.3. By Application
    • 7.2.1.4. By End User
    • 7.2.1.5. By Country

Chapter 8. Asia Pacific Market Analysis

• 8.1. Market Dynamics and Trends
  • 8.1.1. Growth Drivers
  • 8.1.2. Restraints
  • 8.1.3. Opportunity
  • 8.1.4. Key Trends
• 8.2. Market Size and Forecast, 2020-2035 (US$ Mn)
  • 8.2.1. Key Insights
    • 8.2.1.1. By Production Route
    • 8.2.1.2. By Product Form
    • 8.2.1.3. By Application
    • 8.2.1.4. By End User
    • 8.2.1.5. By Country

Chapter 9. Middle East & Africa Market Analysis

• 9.1. Market Dynamics and Trends
  • 9.1.1. Growth Drivers
  • 9.1.2. Restraints
  • 9.1.3. Opportunity
  • 9.1.4. Key Trends
• 9.2. Market Size and Forecast, 2020-2035 (US$ Mn)
  • 9.2.1. Key Insights
    • 9.2.1.1. By Production Route
    • 9.2.1.2. By Product Form
    • 9.2.1.3. By Application
    • 9.2.1.4. By End User
    • 9.2.1.5. By Country

Chapter 10. South America Market Analysis

• 10.1. Market Dynamics and Trends
  • 10.1.1. Growth Drivers
  • 10.1.2. Restraints
  • 10.1.3. Opportunity
  • 10.1.4. Key Trends
• 10.2. Market Size and Forecast, 2020-2035 (US$ Mn)
  • 10.2.1. Key Insights
    • 10.2.1.1. By Production Route
    • 10.2.1.2. By Product Form
    • 10.2.1.3. By Application
    • 10.2.1.4. By End User
    • 10.2.1.5. By Country

Chapter 11. Company Profile (Company Overview, Financial Matrix, Key Product landscape, Key Personnel, Key Competitors, Contact Address, and Business Strategy Outlook)

• 11.1. ArcelorMittal
• 11.2. Tata Steel
• 11.3. ThyssenKrupp AG
• 11.4. SSAB
• 11.5. Emirates Steel Arkan
• 11.6. Nucor Corporation
• 11.7. voestalpine AG
• 11.8. Nippon Steel Corporation
• 11.9. Outokumpu
• 11.10. Salzgitter AG
• 11.11. China BaoWu Steel Group Corporation Limited
• 11.12. Other Prominent Players

Chapter 12. Annexure

• 12.1. List of Secondary Sources
• 12.2. Key Country Markets- Macro Economic Outlook/Indicators