Direct Reduced Iron Market 2024-2033: Production Analysis, Segmentation, Key Drivers And Top Players

"The Business Research Company recently released a comprehensive report on the Global Direct Reduced Iron Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The direct reduced iron market size has grown strongly in recent years. It will grow from $28.98 billion in 2023 to $31.8 billion in 2024 at a compound annual growth rate (CAGR) of 9.7%. The growth in the historic period can be attributed to raw material availability, steel industry dynamics, energy efficiency concerns, environmental regulations, cost competitiveness.

The direct reduced iron market size is expected to see strong growth in the next few years. It will grow to $44.31 billion in 2028 at a compound annual growth rate (CAGR) of 8.7%. The growth in the forecast period can be attributed to global infrastructure development, renewable energy integration, evolving steelmaking technologies, urbanization and construction demand, trade dynamics and supply chains. Major trends in the forecast period include focus on carbon capture and storage (ccs), shift towards eaf steel production, strategic investments in dri capacity, governmental regulations and policies.

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Market Drivers and Trends:

Rising demand for steel products is expected to propel the growth of the direct reduced iron market going forward. Steel products refer to a wide range of items and materials that are manufactured using steel as the primary raw material. Direct reduced iron is used in the production of steel, where it is used as a substitute for metal and pig iron resulting in lower greenhouse gas emissions and reduced energy consumption. For instance, according to the World Steel Association, a Belgium-based international trade body for the iron and steel industry, global crude steel production was 1,950.5 million tons (Mt) in 2021, a 3.7% increase compared to 1 880.4 million tons (Mt) in 2020. Therefore, rising demand for steel products is driving the growth of the direct reduced iron market.

Technological advancement is a key trend gaining popularity in the direct reduced iron market. Major companies operating in the direct reduced iron market are developing innovative products with advanced technologies to strengthen their position in the market. For instance, in October 2022, Metso Outotec, a Finland-based machinery manufacturing company, launched a direct reduced iron (DRI) smelting furnace to decarbonize the steel sector further. Direct reduced iron smelting technology development continues to optimize the process for customer-specific feed materials and complement Metso Outotec's Planet Positive offering to decarbonize the iron and steel industry.

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Major Key Players of the Market:

Welspun Group, ArcelorMittal, ArcelorMittal S.A., JFE Steel Corporation, Cleveland-Cliffs Inc., Kobe Steel Ltd., Steel Dynamics Inc., Gallantt Group of Industries, Voestalpine AG, Ternium SA, Liberty Steel Group, Nucor Corporation, Mobarakeh Steel Company, Kobe Steel Ltd, Hadeed Steel Industries, SMS Group GmbH, Jindal Steel and Power Ltd, Qatar Steel Company, Salzgitter AG, Jindal Shadeed Iron & Steel LLC, Tosyali Algeria,TATA Steel Long Product Limited, Tata Sponge, Tuwairqi Steel Mills Limited, JSW Ispat Special Products Limited, Midrex Technologies Inc., AM/NS India, Tenova SpA, Khouzestan Steel Company, Essar Steel.

Direct Reduced Iron Market 2024 Key Insights:

• The direct reduced iron market size is expected to see strong growth in the next few years. It will grow to $44.31 billion in 2028 at a compound annual growth rate (CAGR) of 8.7%.
• Surging Demand For Steel Products Fuels Growth In The Direct Reduced Iron Market
• Technological Advancements With Direct Reduced Iron Smelting Furnace
• Asia-Pacific was the largest region in the direct reduced iron market in 2023

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