Sustainability Revolution in Steelmaking: Exploring Europe’s Fastest-Growing Green Steel Market

DUBLIN, Nov. 20, 2023 /PRNewswire/ — The “European Green Steel Market: Insights and Forecast (2023-2028)” report has been added to’s offering.


The European green steel industry is projected to develop in the future as European steelmaking rivals such as Germany’s Thyssenkrupp and ArcelorMittal consider utilizing hydrogen to replace coking coal. With demand growing fast, green steel providers are likely to benefit from a very tight supply/demand balance over the next decade, with considerable profit upside forecast. However, as supply expands and green steel becomes the standard, price power is expected to dwindle. Europe’s green steel market is expected to reach US$76.97 million by 2023, growing at a CAGR of 75.24% during the forecast period.

The outlook for green steel demand has positively surprised over recent years with a larger range of end users than projected. It is clear that demand for green steel has spread into many more end sectors than was anticipated. Green steel demand is ultimately driven by a mix of two primary drivers: Scope 3 emissions reduction objectives and end-user demand. Green steel market demand in Europe is expected to reach 3.68 million tonnes in 2023. 

Segmentation Overview: The report provides insights into the European green steel market through two key segments:

Type: The market is categorized into two types: Molten Oxide Electrolysis (MOE) and Electric Arc Furnace (EAF). MOE dominates the market due to its elimination of coking ovens and blast furnaces, using an electrolyte solution to reduce iron ore into liquid form. EAF is expected to have the highest future growth rate, with the potential to significantly reduce carbon emissions.

End Users: The market is segmented into four end-user segments: Automotive, Construction, Electronics, and Other End Users. Automotive is the largest segment, with automakers increasingly using green steel to support eco-friendly manufacturing. Major international automakers have committed to becoming carbon neutral by 2040.

Geographic Coverage

Sweden’s green steel market enjoyed the highest market share, primarily owing to aims for climate neutrality by 2045 and accounts for the biggest investment volume that has been announced. Swedish steel venture H2 Green Steel – founded in 2020 – announced that some of the most prominent European financial institutions have decided to support the hydrogen-based steel plant construction in northern Sweden. These investments and funding would increase the supply as many players would establish green steel plants in Europe. Swedish steel companies will ramp up the country’s steel production over the next few years as green hydrogen helps drive the transformation of one of the hardest industries to decarbonize.

Key Impacting Factors:

  • Driver: Rising Green Penetration: Growing environmental concerns have led to increased demand for green steel, aligning with decarbonization efforts. Investments from governments and financial institutions are expected to drive market growth.

  • Challenge: Energy Crisis: The ongoing European energy crisis has resulted in cost inflation and challenges for the steel industry. Decarbonization efforts may increase the industry’s vulnerability to power and gas costs.

  • Trend: New Technologies: The market is evolving rapidly, with new technologies expected to emerge post-2025. Green hydrogen and direct reduced iron (DRI) plants, powered by renewable energy, are set to transform the industry.

Analysis of Key Players

The European green steel market is concentrated with SSAB, Salzgitter and ArcelorMittal as best positioned, in Europe. Key players covered in the report include:

  • ArcelorMittal
  • GFG Alliance (Liberty Steel Group Holdings UK Ltd)
  • H2 Green Steel
  • SSAB
  • Salzgitter
  • Swiss Steel Group
  • Tata Steel Europe 
  • Tenaris
  • ThyssenKrupp
  • Vanir Green Industries
  • Voestalpine

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