Direct Reduced Iron Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Direct Reduced Iron Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Direct Reduced Iron (DRI) Market

The Direct Reduced Iron (DRI) market size was valued at USD 52.27 billion in 2023, and the market is now projected to grow from USD 57.07 billion in 2024 to USD 115.41 billion by 2032, exhibiting a CAGR of 9.2% during the forecast period of 2024-2032.

The spread of COVID-19 in a few nations, including India, China, Japan, Germany, Italy, Canada, and the U.S., driven to lockdowns, subsequently limiting the stream of assets and products. As finished products dissemination and crude material supply were influenced, it extremely influenced the income and profitability of producers. However, once the widespread was beneath control, governments facilitated limitations to bolster countries and upscale the financial esteem chains by supporting small-scale and residential businesses to recommence manufacturing operations. In expansion, DRI companies sloped up generation to meet the developing demand for steel arrangements. The producers too begun their exercises by to begin with executing the indicated preventative measures.

Steelmaking is still a high-energy and CO2-emitting handle. However, the steel division is committed to keeping its operations and product utilization as low-impact as conceivable. According to the World Steel Organization, each ton of steel produced in 2021 brought about in an average of 1.89 tons of CO2 being discharged into the climate. Additionally, there has been a rise in industrial and logical interest in creating innovations to create direct diminished press due to the need for diminished vitality utilize and greenhouse gas outflows on a worldwide scale.

Expanding innovation utilization within the steelmaking industry is anticipated to be a major driving calculate behind advertise development. The innovation is broadly utilized for steelmaking, illustrating surprising preferences compared to traditional blast furnace strategies. The method has picked up traction for steelmaking that addresses the CO2 emanation limitation. Changing generation elements, which needs the start-and-go activity, is finished with the innovation, because it can be halted and restarted promptly and effectively.

Comprehensive Analysis Of Direct Reduced Iron (DRI) Market

Based on form, the advertise is bifurcated into pellets and others. The pellets fragment is expected to stay the biggest portion amid the figure period. DRI can be utilized in an assortment of forms within the generation of crude steel. By production process, the advertise is portioned into gas-based and coal-based. The gas-based section accounted for the biggest market share in 2023 and may proceed its dominance till 2032. Gas condensation contains less debasements than coal condensation. By application, the advertise is portioned into steel generation, development, and others. The steel production portion holds the biggest market share and rules the advertise due to a rise within the generation of high-quality steel due to the antagonistic effect of low-quality raw materials on the environment.

The Asia Pacific held the biggest direct reduced iron market share in 2023 with a valuation of 30.78 billion USD and recorded the most elevated CAGR, owing to expanded item demand from various applications such as steel generation and development. The development industry in India is expected to witness a critical development rate amid the figure period.

The worldwide market is moving toward solidification, with key players working within the market, such as: Jindal Shadeed Iron & Steel LLC (Oman), Qatar Steel (Qatar), Midrex Technologies Inc. (U.S.), Kobe Steel Ltd (Japan), ArcelorMittal (Luxembourg), NUCOR (U.S.), Khouzestan Steel Company (Khuzestan), Welspun Group (India), AM/NS India (India), Tosyali Algeria A.S. (Algeria).

In October 2022 the company H2 Green Steel set up a DRI plant fueled by 100% green hydrogen and based on Midrex technology. The Midrex H2 plant has a yearly generation of 2.1 million tons of hot DRI and Hot Briquette Iron (HBI), which bolsters the generation of an initial 2.5 million tons of green steel in the soil of northern Sweden. This special DRI framework is being provided by a consortium of Midrex and Paul Wurth, an SMS group company.

Segmentation Table

Attribute Details

Study Period 2019-2032

Base Year 2023

Estimated Year 2024

Forecast Period 2024-2032

Historical Period 2019-2022

Growth Rate CAGR of 9.2% from 2024 to 2032

Unit Value (USD Billion) and Volume (Kiloton)

Segmentation By Form

Pellets

Others

By Production Process

Gas-based

Coal-based

By Application

Steel Production

Construction

Others

By Region

North America (By Form, Production Process, Application, Country)

- U.S. (By Application)

- Canada (By Application)

Europe (By Form, Production Process, Application, Country)

- Germany (By Application)

- U.K. (By Application)

- France (By Application)

- CIS (By Application)

- Rest of Europe (By Application)

Asia Pacific (By Form, Production Process, Application, Country)

- China (By Application)

- India (By Application)

- Japan (By Application)

- ASEAN (By Application)

- Rest of the Asia Pacific (By Application)

Latin America (By Form, Production Process, Application, Country)

- Brazil (By Application)

- Mexico (By Application)

- Rest of Latin America (By Application)

Middle East & Africa (By Form, Production Process, Application, Country)

- South Africa (By Application)

- GCC (By Application)

- Rest of the Middle East & Africa (By Application)


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