Pune, India, June 22, 2023 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “Direct Reduced Iron Market Size Report, Share, Revenue, Growth Strategy, Industry Trends and 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$ 37.36 billion in 2022 and is projected to reach US$ 66.8 billion by 2030; it is expected to register a CAGR of 7.6% from 2023 to 2030. The projected growth of the market during the forecast period is attributed to rise in steel production and use.
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Direct Reduced Iron Market Report Scope, Segmentations, Regional & Country Scope:
| Report Coverage | Details |
| Market Size Value in | USD 37.36 billion in 2022 |
| Market Size Value by | USD 66.8 billion by 2030 |
| Growth rate | CAGR of 7.6% from 2023 to 2030 |
| Forecast Period | 2023-2030 |
| Base Year | 2023 |
| No. of Pages | 192 |
| No. of Tables | 115 |
| No. of Charts & Figures | 106 |
| Historical data available | Yes |
| Segments covered | Form, Production Process, and Application |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Companies Covered | 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, Bharat Engineering Works Pvt Ltd., Mobarakeh Steel Company, Khouzestan Steel Company, Tosyali Algerie, Emirates Steel Arkan, Tata Steel Ltd., Briquetera del Orinoco and OMK. |
Browse key market insights spread across 192 pages with 115 list of tables & 106 list of figures from the report, "Direct Reduced Iron (DRI) Market Forecast to 2030 - COVID-19 Impact and Global Analysis by Form (Lumps, Pellets, and Fine), Production Process (Coal Based and Gas Based), and Application (Steel Making and Construction)" in detail along with the table of contents: https://www.theinsightpartners.com/reports/direct-reduced-iron-dri-market
Global Direct Reduced Iron Market: Competitive Landscape and Key Developments
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 constantly focusing on strategies such as investments in research and development activities.
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In 2022, Middle East & Africa held the largest share of the global direct reduced iron (DRI) market. The Middle East & Africa direct reduced iron (DRI) market is segmented into Iran, Saudi Arabia, the UAE, and the Rest of Middle East & Africa. The steel industry in the region is dominated by direct reduced iron (DRI) utilized as a raw material. According to Institute for Energy Economics and Financial Analysis, the Middle East & Africa contributes almost 46% of the world DRI production. The abundant availability of DR-grade iron ore in the region is the prime factor for huge DRI production in the Middle East & Africa. This, in turn, is driving the direct reduced iron (DRI) market in the region.
Increasing Demand for Direct Reduced Iron (DRI) from Automotive Industry
Steel is a vital alloy to modern economies as it plays a major role in manufacturing industries. It is the world’s most important engineering and construction material. The construction of homes, schools, hospitals, bridges, and automotive vehicles, among others, relies heavily on steel. It is also an integral component of energy transition efforts of countries, as it is used in the production of solar panels, wind turbines, electric vehicles, etc. Steel is produced via two main processes: blast furnace-basic oxygen furnace (BF-BOF) and electric arc furnace (EAF). Steel manufacturing from direct reduced iron (DRI) is considered as a sustainable way of steel production. Direct reduced iron, also known as sponge iron, has a high degree of iron content. It exhibits a consistent quality, and low sulfur and phosphorus content, along with insignificant impurities. Therefore, sponge iron is used as a substitute for scrap in steel production. In mini steel plants, sponge iron can be directly dissolved in an electric arc furnace instead of melting the steel scraps. Thus, the use of direct reduced iron (DRI) in steel manufacturing is increasing with a continuous rise in the demand for steel.
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Direct Reduced Iron (DRI) Market: Segmental Overview
Based on form, the direct reduced iron (DRI) market is segregated into lumps, pellets, and fine. The pellets segment held the largest market share of the global direct reduced iron (DRI) market in 2022. Iron ore pellets are formed from mine iron fines. Iron ore fines are first agglomerated into pellets and then hardened in a furnace to create iron ore pellets. After that, these pellets are further reduced to remove oxygen for manufacturing DRI. Pelletization has proved to be an efficient way to utilize iron ore fines generated during mining. However, the difference in chemical composition and physical properties of iron ore and iron ore pellets impacts the quality of DRI output.
Based on production process, the direct reduced iron (DRI) market is bifurcated into coal based and gas based. The gas based segment held a larger market share of the global direct reduced iron (DRI) market in 2022. Gas-based shaft furnace process first converts iron oxides to pellets or lump ore and then to DRI. There are three popular gas-based processes: the HYL process, the Midrex process, and the PERED process. Gas-based process is executed in a shaft furnace, involving three major steps—iron ore reduction, gas preheating, and natural gas reforming.
Based on application, the direct reduced iron (DRI) market is bifurcated into steel making and construction. The steel making segment held a larger market share of the global direct reduced iron (DRI) market in 2022. After pig iron or hot metal produced in blast furnaces, DRI is the second most viable source of virgin iron in steelmaking. Natural gas-based shaft reactors for DRI production are commonly used in North and South America, while coal-based DRI production is popular among Asian markets.
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Impact of COVID-19 Pandemic on Direct Reduced Iron (DRI) Market
In 2020, various industries had to slow down their operations due to disruptions in value chains caused by the shutdown of national and international boundaries. The COVID-19 pandemic caused supply chain disruptions in chemical & materials and hampered the growth of the direct reduced iron (DRI) market. The adverse effect of the pandemic on manufacturing industries negatively impacted the demand for direct reduced iron (DRI) from these industries.
However, various economies have started reviving their operations. With this, the demand for direct reduced iron (DRI) started increasing. The increasing use of direct reduced iron (DRI) in steel making, and construction is expected to offer more growth opportunities for the global direct reduced iron (DRI) market during the forecast period.
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