The United States direct
reduced iron (DRI) market is set to grow at a compound annual
growth rate (CAGR) of 4.20% over the forecast period.
North America as well as the
Middle East and Africa Emerging as
Top Contenders for Direct Reduced Iron (DRI) Trade. Increased
demand for direct reduced iron in various applications, such as
steel production and construction, is expected to drive the sales
during the forecast period.
NEWARK,
Del, Aug. 2, 2024 /PRNewswire/ --The direct
reduced iron (DRI) market is projected to experience
substantial growth, with its value anticipated to increase from
USD 28,195.90 million in 2024 to
USD 60,013.60 million by 2034. This
impressive expansion, marked by a compound annual growth rate
(CAGR) of 7.60% over the next decade, highlights the escalating
demand and adoption of DRI in the steelmaking industry. Factors
such as advancements in production technologies, rising emphasis on
reducing carbon emissions, and increasing investments in steel
infrastructure are driving this robust market growth. As industries
seek more sustainable and efficient steel production methods, the
DRI market is set to play a pivotal role in meeting global steel
demands while aligning with environmental goals.
Significant changes in the steel industry are pushing forward
the demand for direct reduced iron. Presently, the steel
industry is going through a pivotal shift toward lower-carbon
production. This is raising the demand for alternative technologies
like direct reduced iron.
The production of direct reduced iron is projected to separate
from steel production, as the global steel sector gradually
decarbonizes. More iron ore is expected to be processed in places
where renewable energy sources are available and where cheap green
hydrogen can be produced.
The resultant direct reduced iron is planned to be shipped to
places with higher steel demand. Going forward, North America and the Middle East are assessed to become global
leaders in DRI trade.
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How Demand for Iron & Steel to Shape the DRI Market
Growth?
Iron & steel industry is considered the backbone of a
healthy economy, owing to its major contribution to the growth of
any country's economy. The Iron & steel market is expected to
grow at a significantly healthy rate in the coming years. This
creates an immense opportunity for market players offering DRI,
which act as an environment-friendly, cost-effective and
economically feasible raw material for steel making.
The iron & steel market is anticipated to grow significantly
as compared to its previous trends of growth. However, this is
anticipated to be a minor dip in the market, which will be overcome
with precautionary measures and other appropriate remedies. This
has the potential to create and improve opportunities for both new
competitors and existing market players. A substantial increase in
the iron and steel market is expected over the forecast period,
which is supposed to drive DRI demand significantly.
"Key players are investing in new establishments and
technologies to propel their growth," Says
Nikhil Kaitwade, Associate Vice President at
Future Market Insights (FMI).
Key Takeaways from the Direct Reduced Iron Market
Report
- Direct reduced iron (DRI) market attained a valuation of
USD 23,375.80 million in 2019. By
2023, the market attained a value of USD
26,470.50 million, expanding at a CAGR of 2.50% over the
historical period.
- By form, the lumps segment is predicted to account for a value
share of 97.60% in 2024.
- Based on the production process, the gas-based direct reduced
iron is predicted to acquire a share of 71.40% in 2024.
- India and China are predicted to record a CAGR of 11.30%
and 8.40%, respectively, over the forecast period.
- In North America, the United States is set to expand at a CAGR
of 4.20% over the forecast period, whereas Canada is slated to register a CAGR of 4.60%
during the same time.
- In Europe, Spain and France are in line to observe significant
CAGRs of 5.60% and 5.30% over the forecast period.
Country-wise Insights
What is the Demand Outlook for Direct Reduced Iron in GCC
Countries?
According to FMI, GCC Countries are expected to account for a
fair share of the global market. Over the forecast period, GCC
Countries are expected to dominate the Middle East & Africa market with a significant value share
in terms of consumption.
Steel production in the Gulf Cooperation Council (GCC) is under
pressure, owing primarily to a reduction in industrial output
caused by Covid-19. However, with a global recovery and a slew of
megaprojects on the frontier, the sector is poised for a brighter
future. Saudi Arabia is expected
to be the region's largest market due to higher steel consumption
and the proposition of infrastructure projects. One of the major
factors driving market growth in the GCC region is an increase in
construction activity.
What are the growth prospects of DRI in Russia?
Growing steel industry is a positive sign for DRI market
globally. Growing demand from end use sectors such as construction
& infrastructure, automotive, aerospace, appliances and others
sectors is a primary factor for the growth in steel industry over
the coming years, which is expected to have a significant impact of
the target market.
Over the last few years, the construction industry has grown
significantly. Furthermore, a rebound in residential construction
is expected to fuel the construction industry, which is expected to
have a significant impact on the target market. Growing consumption
of steel in Russia and expanding
construction sector are the driving factors for the country. Owing
to these factors market is expected to witness increasing demand
for DRI in the forecast period.
New Developments in the Market
- In November 2023, JSW Steel Ltd.,
a prominent maker of alloy in India, announced plans to develop a green
steel manufacturing facility by the year 2030. This is in response
to the European Union's (EU's) Carbon Border Adjustment Mechanism
(CBAM).
- In August 2023, H2 Green Steel
signed agreements with Rio Tinto for a flat reduction of iron ore
pellets and hot briquetted iron in Sweden.
Profile of Top Players Operating in Direct Reduced Iron
Market
ArcelorMittal S.A., based in Luxembourg City, is a multinational steel
manufacturing corporation. The company develops smarter steels for
people and the planet as the metal becomes an even more relevant
component in manufacturing.
Mobarakeh Steel is a private Iranian steel firm that is located
65 km southwest of Esfahan, close to Mobarakeh, Iran. It is a prominent steel entity in the
MENA region and has a substantial complex operating in Iran. The company offers extensive services in
specialized fields of the steel industry and provides them in all
parts of Iran.
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Top Market Players in the Direct Reduced Iron Market
- ArcelorMittal
- Mobarakeh Steel
- Essar Steel
- Qatar Steel
- Hadeed
- SIDOR
- Khouzestan Steel Co.
- Jindal Steel & Power
- Gol-e-Gohar
- Nucor
- Others
Market Segmentation of Direct Reduced Iron
Bifurcation by Form:
By Production Process:
Based on Application:
- Steel Making
- Construction
Different Regional Markets are as Follows:
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
Authored By
Nikhil Kaitwade (Associate Vice President at Future Market
Insights, Inc.) has over a decade of experience in market research
and business consulting. He has successfully delivered 1500+ client
assignments, predominantly in Automotive, Chemicals, Industrial
Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research
methodology, creating a unique analysis framework, statistical data
models for pricing analysis, competition mapping, and market
feasibility analysis. His expertise also extends wide and beyond
analysis, advising clients on identifying growth potential in
established and niche market segments, investment/divestment
decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in
Mechanical Engineering. Nikhil has authored several publications
and quoted in journals like EMS Now, EPR Magazine, and EE
Times.
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the
Stevie Award, and a member of the Greater
New York Chamber of Commerce) offers profound insights into
the driving factors that are boosting demand in the market. FMI
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and Beverage, Consumer Technology, Healthcare, Industrial, and
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provides global, regional, and local expertise on diverse domains
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