Direct Reduced Iron (DRI) Market Trends and Opportunities Report by Forecast to 2030

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. Direct reduced iron (DRI) has recently emerged as a quality supplement, in place of 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.

Direct Reduced Iron Market Value (2021A) US$ 8,249.0 Mn
Direct Reduced Iron Market Estimation (2022E) US$ 8,908.3 Mn
Direct Reduced Iron Market Forecast (2030F) US$ 16,789.0 Mn
Value CAGR (2022-2030) 8.2%
Collective Value Share: Top 3 Countries (2022E) 42.4%

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 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.

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DRI Market: Key Participant Insights

While DRI will not replace 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 focus of the globally leading manufacturers to stay ahead of the competition.

Key Takeaways from DRI 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
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
By Region, the market of Direct Reduced Iron is segmented as:

North America
Latin America
East Asia
Europe
South Asia & Pacific
Middle East & Africa

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Future Market Insights
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Future Market Insights (ESOMAR certified market research organization and a member of 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

This release was published on openPR.