Rising Penetration of Direct Reduced Iron (DRI) (DRI) in End-Use Industries
According to our latest market study on “Direct Reduced Iron (DRI) Market Forecast to 2030 – COVID-19 Impact and Global Analysis – by Form, Production Process, and Application, the direct reduced iron (DRI) market was valued at US$ 37,361.73 million in 2022 and is projected to reach US$ 66,803.85 million by 2030; it is expected to register a CAGR of 7.6% from 2023 to 2030. The report highlights key factors driving the market growth and prominent players along with their developments in the market.
Direct reduced iron (DRI), also called sponge iron, is the product of the direct reduction of iron ore in the solid state by carbon monoxide and hydrogen derived from natural gas or coal. A few steel companies ship DRI from their captive direct reduction plants to their remote steel mills and small volumes of DRI are usually traded globally. Major DRI technologies suppliers operating across the globe include MIDREX, HYL/Energiron, and Finmet. The gas-based DRI shaft furnace is highly acceptable process owing to abundance of natural gas and focus on sustainable green steel production. Moreover, DRI has emerged as a quality supplement alternative, in place of scrap steel, among steel making companies. Besides, direct reduced iron (DRI) has gained widespread popularity in a broad range of steel products including exposed auto body sheet steel, fine wire, reinforcing bars, structural steel, steel billets, seamless tubes, and shingles. In 2022, the Middle East & Africa dominates the direct reduced iron (DRI) market with the largest share, followed by Asia Pacific.
Global Direct Reduced Iron (DRI) Market Breakdown –by Region
Direct Reduced Iron (DRI) Market Forecast to 2030 - Global Analysis by Form (Lumps, Pellets, and Fine), Production Process (Coal Based and Gas Based), and Application (Steel Making and Construction)
Direct Reduced Iron Market Size Report and Global Analysis by 2030
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Nucor Corp, Cleveland-Cliffs Inc., Kobe Steel Ltd, Voestalpine AG, Ternium SA, SMS Group GmbH, JSW Steel Ltd, Tenova SpA, Liberty Steel Group Holdings UK Ltd, and Bharat Engineering Works Pvt Ltd. are among the major players operating in the global direct reduced iron (DRI) market. Players operating in the global direct reduced iron (DRI) market are highly focused toward the development of high quality and innovative product offerings to fulfil the customer’s requirements.
Impact of COVID-19 Pandemic on Direct Reduced Iron (DRI) Market
Due to the COVID-19 pandemic, many industries, such as chemical & materials, faced unprecedented challenges due to disruptions in the global supply chain that adversely affected the manufacturing, delivery schedules, and sales of various goods. The market size for direct reduced iron (DRI) decreased due to a decline in the growth of steel and other industries, which utilize steel for finished product manufacturing. Many production sites were either partially or fully closed to combat the spread of SARS-CoV-2. The COVID-19 pandemic also caused reduction in the production activities of direct reduced iron (DRI). However, as the economies began to revive their operations, the demand for direct reduced iron (DRI) accelerated globally.
The report includes the segmentation of the global direct reduced iron (DRI) market as follows:
The global direct reduced iron (DRI) market, by form, is segmented into lumps, pellets, and fine. Based on production process, the direct reduced iron (DRI) market is bifurcated into coal based and gas based. By application, the direct reduced iron (DRI) market is segmented into steel making and construction. By geography, the global direct reduced iron (DRI) market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. The global direct reduced iron (DRI) market in North America is further segmented into the US, Canada, and Mexico. The global direct reduced iron (DRI) market in Europe is sub segmented into Germany, France, the UK, Italy, Russia, and the Rest of Europe. The global direct reduced iron (DRI) market in Asia Pacific is analyzed on the basis of China, India, Japan, Malaysia, South Korea, and the Rest of Asia Pacific. The market in the MEA is further segmented into Iran, Saudi Arabia, the UAE, and Rest of MEA. The global direct reduced iron (DRI) market in South & Central America is studied on the basis of Brazil, Argentina, and the Rest of South & Central America.
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