Direct Reduced Iron Market To Reach Valuation Of US$ 50.64 Bn By 2031

Direct Reduced Iron Market: Introduction

Transparency Market Research delivers key insights on the global direct reduced iron market. In terms of revenue, the global direct reduced iron market is estimated to expand at a CAGR of 8% during the forecast period, owing to numerous factors regarding which TMR offers thorough insights and forecast in its report on the global direct reduced iron market.

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The global direct reduced iron market is broadly affected by several factors including increase in usage of direct reduced iron in steel production. The demand for steel is rising in various end-use industries, primarily construction, automotive, mechanical, and electrical & electronics. The growth of construction and automotive industries is significantly driving the usage of direct reduced iron.

Direct Reduced Iron Market: Dynamics

Direct reduced iron, which is also known as sponge iron, is obtained from direct reduction of iron ore (pellets and lumps) into iron ore by reducing gas obtained from natural-gas or coal. Direct reduced iron (DRI) is primarily used in steel production.

Steel is utilized to construct residential and commercial buildings, warehouses, aircraft hangers, hospital and school buildings, metro stations, stadiums, bridges, etc. The construction of these structures is carried out with the help of structural steel design components such as channels, beams, angles, and plates.

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Steel is extensively utilized in the automobile industry. Different types of steels are used in a car body, doors, engine, suspension, and interiors. Rapid urbanization in developing economies, such as China and India, is fuelling the construction industry. The expansion of construction and automobile industries is a key factor that is likely to drive the direct reduced iron market.

The global construction industry is expected to expand considerably during the forecast period. Thus, rise in production of construction and automotive products is projected to boost the demand for direct reduced iron during the forecast period.

Manufacturers are focusing on construction, as the share held by this segment in the direct reduced iron market is likely to increase during the forecast period.

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Direct Reduced Iron Market: Prominent Regions

Asia Pacific holds major share of the global direct reduced iron market. The market in the region is anticipated to expand at a CAGR of more than 8.6% during the forecast period. Increase in demand for direct reduced iron in various end-use industries, such as construction and automotive, is driving the direct reduced iron market in Asia Pacific. China is a key country of the direct reduced iron market in Asia Pacific. It held significant share of the direct reduced iron market in Asia Pacific in 2020. The country is estimated to maintain its dominant position in the region during the forecast period.

Europe is also a major region of the global direct reduced iron market. Germany led the direct reduced iron market in Europe in 2020. Increase in demand direct reduced iron in construction and automotive industries in Germany is augmenting the market in the country.

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Direct Reduced Iron Market: Major Players

The global direct reduced iron market is consolidated with the presence of key players. Prominent players operating in the global direct reduced iron market include Qatar Steel, JSW Ispat Special Products Limited, Kobe Steel Ltd, ArcelorMittal, NUCOR, Midrex Technologies Inc., Khouzestan Steel Company, Gallantt Group of Industries, Welspun Group, Jindal Shadeed Iron & Steel LLC, AM/NS India, Tosyali Algeria A.S., and Tuwairqi Steel Mills Limited.

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