Press release
Direct Reduced Iron Market: Growth Drivers, Key Players, Trends, and Forecast for 2024-2029
Direct Reduced Iron Market Size
What Is The Projected Market Size Of The Global Direct Reduced Iron Market And Its Growth Rate?
The Direct Reduced Iron market is experiencing noteworthy growth, attributed to raw material availability, steel industry dynamics, energy efficiency, and environmental regulations.
• Market Size in 2024: $31.36 billion
• Projected Market Size in 2025: $34.18 billion (9.0% CAGR)
• Forecasted Market Size in 2029: $48.85 billion (9.3% CAGR)
This growth trend is expected to continue due to global infrastructure development, renewable energy integration, evolving steelmaking technologies, urbanization, and construction demand.
What Is Driving The Growth In The Direct Reduced Iron Market?
The rising demand for steel products is significantly propelling the growth of the Direct Reduced Iron market. These steel products, manufactured using steel as the primary raw material, are seeing a demand surge worldwide. Direct reduced iron, which is used as a cra*p metal and pig iron substitute in steel production, results in reduced greenhouse gas emissions and energy conservation. According to the World Steel Association, the steel demand in 2022 is 1840.2 metric tons, 0.4% more than the previous year, and is set to increase 2.2% in 2023, reaching 1881.4 metric tons. Therefore, this rising demand for steel products is a key driver for the Direct Reduced Iron market growth.
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Who Are the Key Players Driving Direct Reduced Iron Market Growth?
• 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
• 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
What Are The Key Trends In The Direct Reduced Iron Market?
Key trends in the market include:
• Focus on carbon capture and storage (CCS)
• Shift towards EAF steel production
• Strategic investments in DRI capacity
• Implementing governmental regulations and policies
What Are The Segments Of The Global Direct Reduced Iron Market?
• By Production Process: Coal-Based, Gas-Based or Midrex
• By Form: Pellets, Lumps
• By Application: Steel Making, Construction
Which Region Leads The Direct Reduced Iron Market?
Asia-Pacific held the largest market share in the direct reduced iron market in 2024. The report also covers other regions such as Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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What Is Covered In The Direct Reduced Iron Market Global Market Report?
- Market Size Analysis: Analyze the Direct Reduced Iron Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Direct Reduced Iron Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Direct Reduced Iron Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Direct Reduced Iron Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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