The Green Steel Market is fast catching momentum as industries across geographies look for cleaner ways to cut down on carbon emissions. According to the latest report by Metastat Insight, by all means, the green steel industry would become a highly rewarding market in the next few years.

Green steel is also known as low-carbon steel and is the emerging paradigm shift in the industry toward more environment-conscious ways of processing steel. Compared to the more traditional ways of producing steel—of which the majority rely on coal and coke as primary fuels—the production of green steel primarily centers around renewable energy sources, such as hydrogen-based direct reduction and other new technologies.

Key drivers of the Global Green Steel include increased awareness and growing regulatory pressure for a reduction in GHG emissions. Governments and different environmental agencies of the world are advocating more stringent carbon reduction targets, which is unwittingly urging industries toward more green options. The impetus behind this change is not merely compliance alone but the demand from consumers who have shown a liking for sustainable products more and more. 

Apart from the regulatory drivers, technological innovation is the second most important factor shaping the market landscape. However, increased innovation in renewable energy and especially in solar and wind power enables steelmakers to clean their energy sources. Also, innovations around the production and use of hydrogen are fundamentally changing steelmaking, opening the way for carbon-neutral steel production.