Green steel
Increasing awareness of green steel as a sustainable solution in the steel industry is driving the growth of the green steel industry. The global green steel market size was $83.4 million in 2021 and is projected to reach $386,110.3 million by 2031, registering a CAGR of 131.8% from 2022 to 2031 (Digvijay & Onkar, 2022). Green steel refers to steel produced using processes that significantly reduce carbon emissions compared to conventional steelmaking methods.
Green hydrogen
At the heart of this transformation lies the growing green hydrogen market, which provides a clean and renewable energy source for green steel production. Green hydrogen is produced through the electrolysis of water using renewable electricity, resulting in zero carbon emissions.
Market outlook
Consumer and producer motivation for sustainable products and increasing government initiatives around the world have contributed significantly to boosting the growth of the global green steel market. The synergistic relationship between these two sectors brings us closer to achieving a low-carbon economy, where the steel industry plays a crucial role in global decarbonisation efforts. By harnessing the potential of green hydrogen, green steel can lead the way toward a cleaner, greener, and more sustainable future.
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