London, UK – The global green steel market is projected for substantial expansion, with forecasts indicating a rise from $7.4 billion in 2024 to $19.4 billion by 2029, achieving a compound annual growth rate of 21.4%. This surge is primarily driven by increasing societal pressures for sustainable practices, ambitious CO2 emission reduction targets, and a growing demand for eco-friendly products from both consumers and corporations.
Green steel, which significantly reduces carbon emissions by replacing fossil fuels with renewable energy and green hydrogen, is critical for decarbonizing the steel industry, a sector currently responsible for 7-9% of global CO2 emissions.Despite this optimistic outlook, challenges persist, including higher production costs, the need for extensive infrastructure upgrades, and the limited availability of green hydrogen.
