Direct Reduced Iron (DRI) Market Key Drivers, Market Research, and Insights for the US$ 50.64 Bn Market 2021-2031

The direct reduced iron (DRI) market, valued at over US$ 21.87 Bn in 2020, is poised for substantial growth, estimated to expand at a robust CAGR of 8% from 2021 to 2031, reaching a staggering value of US$ 50.64 Bn by 2031. As industrialists in this sector embrace contingency planning to surmount supply chain disruptions amid the COVID-19 pandemic, compliance with greenhouse gas (GHG) regulations emerges as a key strategy to enhance credibility credentials. Despite challenges posed by the high reactivity of DRI with moisture, the market remains buoyant, buoyed by the burgeoning demand for steel in various sectors.

𝐆𝐞𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐃𝐅 𝐂𝐨𝐩𝐲 𝐨𝐟 𝐭𝐡𝐢𝐬 𝐫𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐫𝐞𝐩𝐨𝐫𝐭 @ https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=81077
Key Players and Market Developments
• 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.
• Tuwairqi Steel Mills Limited

Driving Forces and Market Dynamics

Industrialists are increasingly focusing on green hydrogen-based DRI production as part of efforts to transition towards a sustainable, bio-based economy, driven by concerns over global warming and environmental issues. This shift is particularly significant as traditional steel production processes generate substantial CO2 emissions. Thus, the adoption of hydrogen-based DRI production presents a pivotal opportunity to reduce carbon footprints and embrace cleaner, more efficient manufacturing practices.

Data-driven decision-making has emerged as a crucial tool for stakeholders amidst the pandemic-induced uncertainties, enabling them to identify lucrative opportunities and navigate market challenges effectively. Moreover, measures such as passivation and ageing processes are being employed to mitigate the reactivity of DRI with moisture, ensuring product quality and reliability during transit.

Key Market Segments

Form: The dominance of the lumps segment underscores the preference for this form of DRI in applications such as construction and automotive industries, owing to its higher iron content and suitability for various manufacturing processes. However, the pellets segment is also poised for steady growth, albeit at a slower pace, due to its limited applications.

Production Process: Coal-based production processes currently dominate the market, utilizing rotary kilns to convert iron ore into metallic iron. While gas-based production processes hold potential in certain applications, their growth is expected to be more gradual.

Grade: Grade-A DRI, characterized by high iron content and metallization, is expected to maintain its dominance, driven by increasing demand from construction and automotive sectors.

Role of DRI in Steel Production

Direct reduced iron plays a pivotal role in the production of cost-effective carbon steel, offering advantages over steel in terms of emissions and product quality. With steel prices exhibiting volatility, the demand for DRI continues to soar, further fueling market growth.

𝐁𝐮𝐲 𝐭𝐡𝐢𝐬 𝐏𝐫𝐞𝐦𝐢𝐮𝐦 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 | 𝐈𝐦𝐦𝐞𝐝𝐢𝐚𝐭𝐞 𝐃𝐞𝐥𝐢𝐯𝐞𝐫𝐲 𝐀𝐯𝐚𝐢𝐥𝐚𝐛𝐥𝐞 𝐚𝐭 - https://www.transparencymarketresearch.com/checkout.php?rep_id=81077

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