Market Overview - The Green Steel Market was valued at USD 7.4 Billion in 2024 and is projected to reach USD 19.4 Billion by 2029, with a CAGR of 21.4% [1] - The rising sustainability and growing demand for steel make green steel an attractive alternative, significantly increasing its potential in the global market [2] Environmental Impact - Traditional steel manufacturing is energy and carbon-intensive, contributing to about 7% of global carbon dioxide emissions [3] - Green steel production aims to reduce carbon emissions through innovative technologies and renewable energy sources [4][5] Production Techniques - Green steel can be produced using various techniques, including electric arc furnaces, hydrogen-based production, and other fossil-free processing methods [6] - The use of low-carbon energy sources, such as green hydrogen, is essential for transforming the steel industry towards sustainable practices [5][8] Market Drivers and Opportunities - Government support through policies and funding initiatives is expected to propel the development of green steel technologies [7] - Significant investments from leading steel manufacturers are driving the transition to environmentally friendly practices [6] Technological Advancements - Hydrogen-based direct reduction of iron (HDRI) is a leading technology, replacing coal with green hydrogen and producing water instead of CO2 [8] - The Swedish company H2 Green Steel secured $4.54 billion in financing to build a large-scale green steel plant, aiming to produce 5 million tons annually by 2030 [8] Market Segmentation - The green steel market is segmented by processing technique, end-use industries (such as building and construction, transportation, and machinery), and geographic regions [21]