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The Rise of Cross-Industry Partnerships Driving Large-Scale Investments in Hydrogen-Based Green Steel
The Green Steel market was valued at USD 738 million in 2023 and is projected to grow to USD 39,526 million by 2030, with a compound annual growth rate (CAGR) of 78.9% from 2025 to 2030.
Pune, Maharashtra, India, 24th Jun 2025 – The Green Steel Market focuses on producing steel using environmentally sustainable technologies to reduce carbon emissions significantly. Traditional steel production is energy-intensive, relying heavily on coking coal, which leads to high levels of CO2 emissions.
In 2025, the green steel market is experiencing significant growth as countries across the globe strive to decarbonize an industry known for its high carbon emissions. Within Europe, nations such as Germany and Sweden are at the forefront of transforming their steel production methods, moving away from traditional coal-powered blast furnaces in favor of electric arc furnaces (EAFs) that utilize renewable energy sources. Considerable investments are being directed toward green hydrogen-based direct reduction of iron (H-DRI), with multiple projects expected to commence production in the next few years. However, some of these initiatives face delays or restructuring due to high energy costs and uncertainties surrounding the development of hydrogen infrastructure.
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Meanwhile, China has achieved a notable advancement by initiating one of its first large-scale H-DRI plants, which reflects the nation’s strong commitment to the adoption of green steel technology. In the Middle East, countries like Saudi Arabia and the UAE are seizing the opportunity presented by low-cost solar energy and natural gas to establish green steel production hubs, aiming to cater to export markets influenced by carbon regulations, such as the EU’s Carbon Border Adjustment Mechanism (CBAM).
In North America, innovation is being spurred by emerging startups focused on developing electrolysis-based methods for steel production. These companies are operating demonstration plants that produce steel on a pilot scale using renewable electricity, showcasing significant potential for commercial implementation in the near future.
A significant trend driving the green steel market in 2025 is the rise of cross-industry alliances and off-take agreements between steel producers and major end-users, such as automakers, construction companies, and technology firms. Industry giants like BMW, Volvo, and Apple are entering into long-term contracts with green steel manufacturers to secure low-carbon materials for their supply chains. These collaborations not only mitigate risks associated with substantial investments in green hydrogen-based steel production but also stimulate demand ahead of full-scale production. This marks a transition from a traditional supply-led model to a demand-driven approach to decarbonization, wherein end-user industries actively influence the methods and locations of green steel production.
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Simultaneously, corporate carbon neutrality goals and Scope 3 emissions targets are encouraging these companies to invest in steel plants or share in R&D funding, speeding up the path to commercialization. Another noteworthy investment trend involves the establishment of green steel certification platforms and trading hubs, particularly across Europe and the Middle East. These platforms seek to create clear carbon benchmarks and facilitate premium pricing for green steel, incentivizing producers to move away from conventional steelmaking practices.
Furthermore, governments are fostering this change through carbon border taxes and green procurement policies, which introduce new regulatory pressures and market differentiators for low-emission steel. Countries such as India and Saudi Arabia are leveraging these market signals alongside green industrial zones that provide affordable renewable energy, dedicated hydrogen pipelines, and logistical solutions specifically for green steel production. This development of integrated ecosystems is reducing barriers for both domestic and international investors, transforming green steel from a niche sustainability initiative into a mainstream, investable commodity with evident commercial viability.
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