The global green steel market is on a trajectory of remarkable expansion, with a projected CAGR of 142.3% from 2024 to 2031, soaring from US$ 456.35 million in 2023 to a staggering US$ 513,409.32 million by 2031. Green steel, produced through sustainable processes, is a pivotal player in reducing the carbon footprint of traditional steel manufacturing. Key industries like automotive giants General Motors and BMW are embracing low-carbon and recycled steel, influencing future demand. Government support, exemplified by India's National Hydrogen Mission, showcases a commitment to sustainable practices. Despite challenges like high production costs, the market is witnessing a shift towards green steel technologies. Hydrogen-based green steel, valued at US$ 49.70 million in 2023, is forecasted to reach US$ 53,538.74 million by 2031, with Swedish startup H2 Green Steel leading the way. Electric Arc Furnaces (EAF) are set to dominate production, offering an environmentally friendly alternative and supporting the circular economy by recycling scrap steel. The building and construction industry is anticipated to be a significant driver of green steel demand. The market's rapid evolution underscores a global push towards sustainability and carbon reduction. While challenges persist, advancements in technology are poised to make green steel more cost-competitive, potentially surpassing traditional methods in efficiency and environmental impact. The green steel revolution signifies a transformative shift towards sustainable manufacturing practices and a greener future for the steel industry.