Hot Briquetted Iron Market

Hot Briquetted Iron Market

Growth Factors of Hot Briquetted Iron Market

The hot briquetted iron market size was valued at USD 3.69 billion in 2023, and the market is now projected to grow from 3.80 billion in 2024 to USD 5.82 billion by 2032, exhibiting a CAGR of 6.3% during the forecast period of 2024-2032.

The COVID-19 breakout caused major challenges in the HBI market because of the disrupted supply chains and reduced demand from the producers of steel. COVID- 19 restrictions globally resulted in decreased production, disruption of logistics, and in some cases a shutdown of operations. In the last two years, the production has reduced due to downturn in construction and automotive industries, which are the key consumers of steel, therefore affecting demand of HBI. But as economies get out of the recession and industrialization gets back on track, the market is gradually moving up, upswing supported by increased steel consumption and infrastructure development.

The current trends include increasing efforts towards sustainable production of steel due to increased stringency of environmental standards, especially as pertains to the production of; Hot Briquetted Iron (HBI). HBI is being used increasingly as a substitute for scrap in EAFs because it has less impurities and a more consistent quality. The market is also growing due to increasing infrastructure development and urbanization of the area. Thirdly, advancing technologies moreover are enhancing operating efficiencies in HBI production making this method even more attractive to the steel making outfits. Thus, all the above mentioned factors are contributing towards the hot briquetted iron market growth.

Current trends in the HBI market include the increasing volumes of HBI production, higher environmental standards concerning emissions and, as a consequence, the transition to ‘green’ steel. The increased use of HBI as a substitute for scrap metal especially by the EAFs is on the increase due to its progeny in impurities and a more consistent quality. It is also being driven up by increasing infrastructure development and urbanization taking place in the market. Moreover, greater innovations in the method of HBI production are enhancing its productivity and making it cheaper to use among steelmakers.

Comprehensive Analysis Hot Briquetted Iron Market

The global HBI market is divided as per its type based on its iron content, and as per its applications in the steel manufacturing process. HBI with Fe content between 90-92% is mostly used in condition where both the cost and the performance are critical, while the HBI with Fe content greater than 92% is commonly used due to its high-quality especially in the high-quality steel making processes. Blast furnaces and Electric Arc Furnaces (EAFs) along with basic oxygen furnaces (BOFs) are the major applications where HBI is used comprehensively crest due to their efficiency and the effect on the environment, and additional HBI as a material to improve the quality of steel and reduce unwanted material.

Asia-Pacific controls the largest market share of global HBI requirement due to strong steel demand and progressive industrialization of countries such as China and India. These nations are major end users, relying on HBI to improve steel making in electric arc furnaces. Higher ambitions of sustainable production of steel and strict environment laws also utilize the necessity of HBI in the specified region. North America and Europe are also playing a large role in the intake of HBI as these regions are incorporated with the technologies helpful in advanced steel production as well as environment friendly policies making them important global players in HBI market.

Key players in this sector include METALLOINVEST MC LLC (Russia), Voestalpine Group (U.S.), Cleveland-Cliffs Inc. (U.S.), ArcelorMittal (Luxembourg), Libyan Iron and Steel Company (Libya), Orinoco Iron S.C.S. (Venezuela), QATAR STEEL (Qatar), COMSIGUA CA (Venezuela)

In the market of hot briquetted iron or HBI, current flow seen that consume market more prefer high grade HBI having more than 92% of iron percentage. This shift is as a result of high demand for scrap where raw material for use in EAF’s should be of high purity and have low impurities to enable production of good quality steel. There is also increasing concern towards sustainable production methods; this has placed pressure on the producers to incorporate modern technology that increases energy utilization efficiency and decreases energy impact through the fabrication process of HBI. The application of recycling processes together with the introduction of renewable energy sources are also emerging faster, proving the industry’s willingness to adapt environmentally sustainable processes.

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 5.7% from 2024-2032

Unit Value (USD billion)

Segmentation

By Product Type

Viscosupplements

Bone Growth Factors

Demineralized Bone Matrix (DBM)

Synthetic Bone Substitutes

Cellular Allograft

Others

By Application

Spinal Fusion

Maxillofacial & Dental

Soft Tissue Repair

Reconstructive & Fracture Surgery

Others

By End-user

Hospitals & ASCs

Specialty Clinics

Others

By Geography

North America (By Product Type, By Application, By End-user, and By Country)

• U.S. (By Application)
• Canada (By Application)

Europe (By Product Type, By Application, By End-user, and By Country/Sub-region)

• Germany (By Application)
• U.K. (By Application)
• France (By Application)
• Italy (By Application)
• Scandinavia (By Application)
• Rest of Europe (By Application)

Asia Pacific (By Product Type, By Application, By End-user, and By Country/Sub-region)

• China (By Application)
• India (By Application
• Japan (By Application)
• Australia (By Application)
• Southeast Asia (By Application)
• Rest of Asia Pacific (By Application)

Latin America (By Product Type, By Application, By End-user, and By Country/Sub-region)

• Brazil (By Application)
• Mexico (By Application)
• Rest of Latin America (By Application)

Middle East & Africa (By Product Type, By Application, By End-user, and By Country/Sub-region)

• South Africa (By Application)
• GCC (By Application)
• Rest of Middle East & Africa (By Application)


Please Note: It will take 5-6 business days to complete the report upon order confirmation.