Overview and Scope
Direct reduced iron (DRI), also known as sponge iron, refers to an iron produced by reducing iron ore directly into iron using a reducing gas, such as natural gas or coal, or carbon dioxide. It is an effective feedstock for small-mill electric furnaces to employ lower grades of scrap for the rest of the charge or generate higher steel rates.
Sizing and Forecast
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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The direct reduced iron market covered in this report is segmented –
1) By Production Process: Coal-Based, Gas-Based Or Midrex
2) By Form: Pellets, Lumps
3) By Application: Steel Making, Construction
Asia-Pacific was the largest region in the direct reduced iron market in 2023. The regions covered in the direct reduced iron market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
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 scrap 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.
Key Industry Players
Major companies operating in the direct reduced iron market report are 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.
The direct reduced iron market report table of contents includes:
1. Executive Summary
2. Direct Reduced Iron Market Characteristics
3. Direct Reduced Iron Market Trends And Strategies
4. Direct Reduced Iron Market – Macro Economic Scenario
……..
32. Global Direct Reduced Iron Market Competitive Benchmarking
33. Global Direct Reduced Iron Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Direct Reduced Iron Market
35. Direct Reduced Iron Market Future Outlook and Potential Analysis
36. Appendix
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