Global Direct Reduced Iron Market Growth Drivers 2024, Forecast To 2033
8 Mar, 2024
The direct reduced iron market has seen robust growth, expected to increase from $28.98 billion in 2023 to $31.8 billion in 2024, reflecting a CAGR of 9.7%. Factors such as global infrastructure development and renewable energy integration are driving this growth. Forecasts suggest sustained expansion, with the market projected to reach $44.31 billion by 2028, with a CAGR of 8.7%. Focus on carbon capture and storage, alongside governmental regulations, are expected to influence market trends, along with a shift towards electric arc furnace steel production.
Global Direct Reduced Iron Market Key Driver
Rising demand for steel products is fueling growth in the direct reduced iron market. With increased steel production worldwide, there's a growing need for alternative raw materials like direct reduced iron. Data from the World Steel Association reveals a significant rise in crude steel production, driving market expansion for direct reduced iron.
Get A Free Sample Of The Global Direct Reduced Iron Market ReportGlobal Direct Reduced Iron Market Segments
The direct reduced iron market covered in this report is segmented –
1) Production Process:Coal-Based, Gas-Based Or Midrex
2) Form:Pellets, Lumps
3) Application:Steel Making, Construction
By Geography: The countries covered in the direct reduced iron market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
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
Major Direct Reduced Iron Industry Players
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.
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Direct Reduced Iron Market Overview
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.