Global Direct Reduced Iron Market Set to Reach US$ 16,789.0 Million by 2030 with 8.2% CAGR

The global direct reduced iron market is anticipated to generate revenues of US$ 16,789.0 Million by 2030, with growth expected at an excellent 8.2% CAGR between 2022 and 2030, according to a recent analysis from Future Market Insights (FMI).

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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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

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

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DRI Market: Key Participant Insights

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.

Top Key Players in the Global Market

• ArcelorMittal
• Mobarakeh Steel
• Essar Steel
• Qatar Steel
• Hadeed
• SIDOR
• Khouzestan Steel Co.
• Jindal Steel & Power
• Gol-e-Gohar
• Nucor

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Direct Reduced Iron (DRI) Market: Segmentation

Production Process

Coal-based
Gas-based

Application

Steel Production
Construction

Form

Lumps
Pellets

Region

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

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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.

This release was published on openPR.