It is estimated that the global market for sustainable steel will reach $795.8 billion by 2031, up from $327.3 billion in 2021, growing at a CAGR of 8.97% during the forecast period 2022-2031, as shown in the latest analysis conducted by BIS Research.

Growth Dependent on Regulations

The growth in the global sustainable steel market is expected to be driven by strict government regulations, carbon neutrality objectives, energy efficiency, and cost savings due to the use of recycled steel, as well as a significant increase in steel demand with raw material and energy shortages.

However, impurities in recycled steel due to incomplete separation and complex product design, as well as the high cost of producing green steel against the backdrop of high infrastructure costs and green hydrogen prices, are some key restricting factors for the market.

Life Cycle Stage of the Market

The global sustainable steel market is in a growth phase. New trends, such as increased investments in green technologies, shifts in business models due to climate action, growing demand for green steel along the value chain, and the development of cost-effective and environmentally friendly technologies, are expected to provide market opportunities for growth in the coming years.

Industrial Impact

With a heightened global focus on eco-friendly, high-quality, recyclable, and sustainable materials, there is an increasing shift towards green and recycled steel in end-use industries, thereby creating demand for sustainable steel.

This shift is particularly prominent in the construction and transportation industries in regions such as China, Europe, and North America.