The direct reduced iron market value is expected to rise from USD 28,195.90 million in 2024 to USD 60,013.60 million by 2034. This market is analyzed to surge ahead at a CAGR of 7.60% over the next decade.
Significant changes in the steel industry are pushing forward the demand for direct reduced iron. Presently, the steel industry is going through a pivotal shift toward lower-carbon production. This is raising the demand for alternative technologies like direct reduced iron.
The production of direct reduced iron is projected to separate from steel production, as the global steel sector gradually decarbonizes. More iron ore is expected to be processed in places where renewable energy sources are available and where cheap green hydrogen can be produced.
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The resultant direct reduced iron is planned to be shipped to places with higher steel demand. Going forward, North America and the Middle East are assessed to become global leaders in DRI trade.
“Key players are investing in new establishments and technologies to propel their growth,” says an analyst of Future Market Insights.
Key Takeaways from the Direct Reduced Iron Market Report
- Direct reduced iron (DRI) market attained a valuation of USD 23,375.80 million in 2019. By 2023, the market attained a value of USD 26,470.50 million, expanding at a CAGR of 2.50% over the historical period.
- By form, the lumps segment is predicted to account for a value share of 97.60% in 2024.
- Based on the production process, the gas-based direct reduced iron is predicted to acquire a share of 71.40% in 2024.
- India and China are predicted to record a CAGR of 11.30% and 8.40%, respectively, over the forecast period.
- In North America, the United States is set to expand at a CAGR of 4.20% over the forecast period, whereas Canada is slated to register a CAGR of 4.60% during the same time.
- In Europe, Spain and France are in line to observe significant CAGRs of 5.60% and 5.30% over the forecast period.
New Developments in the Market
- In November 2023, JSW Steel Ltd., a prominent maker of alloy in India, announced plans to develop a green steel manufacturing facility by the year 2030. This is in response to the European Union’s (EU’s) Carbon Border Adjustment Mechanism (CBAM).
- In August 2023, H2 Green Steel signed agreements with Rio Tinto for a flat reduction of iron ore pellets and hot briquetted iron in Sweden.
Direct Reduced Iron Market Key Players
- ArcelorMittal
- Mobarakeh Steel
- Essar Steel
- Qatar Steel
- Hadeed
- SIDOR
- Khouzestan Steel Co.
- Jindal Steel & Power
- Gol-e-Gohar
- Nucor
- Others
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Market Segmentation of Direct Reduced Iron
Bifurcation by Form:
- Lump
- Pellets
By Production Process:
- Coal-based
- Gas-based
Based on Application:
- Steel Making
- Construction
Based on Region:
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
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 ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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