The global direct reduced iron market is currently valued at approximately US$ 8,249.0 Million, and it is poised for substantial growth, projected to reach US$ 16,789.0 Million by 2030. This expansion is expected to be driven by a robust Compound Annual Growth Rate (CAGR) of 8.2% during the period spanning 2022 to 2030. The escalating demand for DRI, a key raw material in steel production known for its efficiency and environmental advantages, is likely to fuel this remarkable market growth, reflecting the industry’s responsiveness to evolving economic and sustainability dynamics.
Direct reduced iron (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 global market.
Maximize Your Market Potential – Request Sample Report and Stay Ahead in Your Industry! https://www.futuremarketinsights.com/reports/sample/rep-gb-11635
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. Ban on steel scrap imports are significantly steering sales of DRI amid the global coronavirus outbreak. Surplus supply, and 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 Direct Reduced Iron Market Study
- Gas-based production process to remain as the go-to option among manufacturers, especially in North America, Europe and 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 coal-based process
- Pellets are the most preferred among DRI form type, 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
Key Companies Profiled in the Direct Reduced Iron Market
- ArcelorMittal
- Mobarakeh Steel
- Essar Steel
- Qatar Steel
- Hadeed
- SIDOR
- Khouzestan Steel Co.
- Jindal Steel & Power
- Gol-e-Gohar
- Nucor
Elevate Your Business Strategy! Purchase the Report for Market-Driven Insights: https://www.futuremarketinsights.com/checkout/11635
Direct Reduced Iron Market: Segmentation
Production Process
- Coal-based
- Gas-based
Application
- Steel Making
- Construction
Form
- Lumps
- Pellets
Region
- North America
- Latin America
- Europe
- South Asia & Pacific
- East Asia
- Middle East and Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube
