According to a recent report published by Future Market Insights (FMI), the global Direct reduced iron (DRI) market is projected to reach revenues worth US$ 17 Bn by 2030 end, with growth projected at an impressive CAGR between 2020 and 2030. (DRI) has recently emerged as a quality supplement, in place of scrap steel, among steel-making companies.
Increasing steel production capacities, heightened awareness about CO₂ emission control among steel producers, and accelerating demand for high-quality steel from end-users continue to drive DRI consumption in the global market.
While increasing steel production capacities in China, India, and some Middle Eastern countries account for the amplifying DRI demand, the COVID-19 pandemic has led to disruptions across end-use industries, thereby impeding demand for steel.
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Ban on steel scrap imports is significantly steering sales of DRI amid the global coronavirus outbreak. Surplus supply, low demand, and high storage volumes will result in considerably falling steel production in near term, ultimately affecting the demand for DRI.
Manufacturers based in the Middle East are aggressively expanding their DRI production capacities in response to the growing steel demand within region. This would help the regional industry reduce its dependence on imports and emerge as self-reliant in terms of raw material procurement.
Key Takeaways from DRI Market Study
- The gas-based production process remain as the go-to option among manufacturers, especially in North America, Europe, and the Middle East, due to lower natural gas prices
- Coal-based production is dominated by India, which accounts for almost 80% of the DRI produced through a coal-based process
- Pellets are the most preferred among DRI form types, as they are easy to transport, have better reactivity, and are cost-effective than lumps
- Over the recent past, DRI imports have been witnessing a steady rise despite facing stern competition from hot briquetted iron (HBI); the latter has low reactivity and is subject to lower transportation costs
- Vertical integration strategies adopted by steel manufacturers to produce DRI at their own facilities would remain an impending trend in the near future
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DRI Market: Key Participant Insights
While DRI will not replace scrap steel as the primary raw material for steel production, it is projected to be utilized as a key ingredient and in higher proportions. In addition, the growing demand for high-quality steel products is further expected to drive DRI demand.
Most of the leading tier-1 manufacturers in the DRI market, like ArcelorMittal, SIDOR, Jindal Steel, Mobarakeh Steel, and Nucor, use most of their production for captive consumption and the rest for exports to major steel manufacturers around the world. Capacity expansions are also one of the primary focuses of the globally leading manufacturers to stay ahead of the competition.
Direct Reduced Iron Market by Category
By Form, the market of Direct Reduced Iron is segmented as:
- Lump
- Pellets
By Production Process, the market of Direct Reduced Iron is segmented as:
- Coal-based
- Gas-based
By Application, the market of Direct Reduced Iron is segmented as:
- Steel Making
- Construction
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Key Questions Answered in the Report
- What is the current size of the global market of Direct Reduced Iron?
- What is the Consumption outlook for the market of Direct Reduced Iron?
- Which application is expected to contribute significant growth share to the Direct Reduced Iron industry in 2022?
- Who are the key market participants in the Global Direct Reduced Iron Market?
- What is the market outlook for Direct Reduced Iron in the U.S.?
About Future Market Insights, Inc.
Future Market Insights (ESOMAR-certified market research organization and a member of the Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel, and End Use over the next 10 years.
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