Kingspan, a building materials company headquartered in Ireland, has signed a Memorandum of Understanding (MoU) with Meranti Green Steel, a Singapore-based company developing Southeast Asia's first major green steel plant, to help accelerate green steel availability across the Asia Pacific region. 

The Asia Pacific green steel market is projected to experience the fastest growth globally between 2024 and 2034, reflecting strong regional demand. 

Through this partnership, Meranti Green Steel plans to produce seven to eight million tons of green steel annually via a network of strategic hubs in Thailand, Oman, and potentially Indonesia, Western Australia, and other Asia Pacific locations. 

Kingspan's Phu My facility in Vietnam's Ba Ria-Vung Tau province manufactures insulated panels for architectural, industrial, and controlled-environment applications throughout Asia. The facility achieved LEED Platinum certification in March 2025, representing the industry's highest environmental standard.