Pune, India, April 13, 2023 (GLOBE NEWSWIRE) -- The global Direct Reduced Iron Market size was valued at USD 29.80 billion in 2021 and is expected to reach from USD 31.49 billion in 2022 to USD 57.57 billion by 2029 with a CAGR of 9.0% during the forecast period. Direct Reduced Iron (DRI) is an iron ore that is used for removing the oxygen from its ore or ferrous substances. Increasing usage of DRI in steelmaking is projected to aid market development. Fortune Business Insights™ shares this information in its report titled “Direct Reduced Iron Market, 2022-2029.”
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List of Key Players Profiled in the Direct Reduced Iron Market Report
- Qatar Steel (Qatar)
- Kobe Steel Ltd (Japan)
- ArcelorMittal (Luxembourg)
- NUCOR (U.S.)
- Midrex Technologies Inc. (U.S.)
- Khouzestan Steel Company (Khuzestan)
- Welspun Group (India)
- Jindal Shadeed Iron & Steel LLC (Oman)
- AM/NS India (India)
- Tosyali Algeria A.S. (Algeria)
Report Scope & Segmentation:
| Report Attributes | Details |
| Forecast Period | 2022-2029 |
| Forecast CAGR | 9.0% |
| 2029 Value Projection | USD 57.57 Billion |
| Market Size in 2021 | USD 29.80 Billion |
| Historical Data | 2018-2020 |
| No. of Pages | 250 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
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| Regions Covered |
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| Direct Reduced Iron Market Growth Drivers | Utilization of the Technology in the Steelmaking Industry to Propel the Demand for Product |
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Segmentation
Pellet Form Accounted for Largest Part As It Have Better Reactivity And Easy To Transport
On the basis of the form, the market is divided into pellets and others. DRI in the form of pellets is anticipated to lead. Pellet form is set to capture the largest part in the segment as DRI made from the pellets offers highly metalized raw material for both traditional blast furnaces and electric arc furnaces. They are also the most preferred form as they have better reactivity and are easy to transport.
Gas-Based Accounted for Largest Part As It Produces High-Quality Steel
On the basis of the production process, the market is bifurcated into gas-based and coal-based. Gas-based accounted for the largest part in 2021 as resulting iron is likely to be purer and produce higher-quality steel. Gas condensation contains fewer impurities than coal condensation. Coal-based segment is also set to have a significant share as rotary kilns are used in coal-based reduction processes that convert the iron ore directly into metallic iron without the materials melting.
Steel Production To Lead The Segment Due To Preference For High Quality Steel
On the basis of the application, the market is divided into steel production, construction, and others. Steel production accounted for the largest part due to rise in the production of high-quality steel due to the adverse impact of low-quality raw materials on the environment. Construction segment is also set to have a significant share due to residential infrastructure performing well and a surge in activity in various non-residential sectors.
Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
COVID-19 Impact:
Limitations in the Flow of Products Led to a Decline in the Market Progress
The COVID-19 pandemic affected various countries such as China, Japan, U.S., India, Germany, Italy, and Canada, announcing lockdowns, and limiting the flow of products and resources. Disruptions in the supply chains affected the supply of raw materials and finished goods. Recovery of the market is attributed to the increase in production to meet the demand for steel solutions. The manufacturers have started their activities by first implementing the indicated preventative measures.
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Drivers and Restraints
Utilization of the Technology in the Steelmaking Industry to Propel the Demand for Product
Increasing utilization of the technology in the steelmaking industry is anticipated to drive the direct reduced iron market growth. It is extensively used for steelmaking, reflecting remarkable advantages compared to traditional blast furnace techniques. DRI manufacturing and products have been developed throughout the years to keep up with the growing needs of the steelmaking industry. In addition, it helps in enhancing the capacity to produce higher-quality steels owing to their adjustable carbon level, high metallic iron content, and consistent physical and chemical characteristics.
However, handling of direct reduced iron and risk of storage are expected to hamper the market growth.
Regional Insights
Asia Pacific to Lead Market Share Due to Growth in Construction Industry
Asia Pacific is expected to have a high part in the direct reduced iron market share due to increasing demand for the product in various applications. Growing construction industry in India is set to propel market growth. Residential infrastructure production and demand from various industries such as automotive and aerospace are expected to push regional market growth.
North America is expected to have substantial growth with a significant CAGR due to increased production of oil and other natural gas, which require DRI for the fracking process. Growth in the steel industry is one of the major driving factors for market growth.
The market in Europe is witnessing a significant growth rate owing to increasing investments in R&D activities and steel products demand from raised building and construction activities.
Competitive Landscape
Acquisition Strategies by the Market Players to Propel Market Development
The market has various players operating; Qatar Steel, Kobe Steel Ltd, ArcelorMittal, and NUCOR. Companies have been signing contracts, acquisitions, and strategic partnerships with other market leaders to expand their existing markets. Market players have been acquiring share in other companies to expand their presence. In November 2022, Kobe Steel bought 25% of Millcon Steel’s share in Kobelco Millcon Steel Co., Ltd. (KMS), a Thai company producing wire rods. In the ASEAN region, KMS is the only manufacturer of special steel wire rods.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Trends
- Key Developments
- Insights on Regulatory Scenario
- Latest Technological Advancements
- Porters Five Forces Analysis
- Qualitative Insights – Impact of COVID-19 on Market
- Supply Chain Challenges
- Steps taken by Government/Companies to overcome this impact
- Potential opportunities due to COVID-19 outbreak
- Global Direct Reduced Iron (DRI) Market Analysis, Insights and Forecast, 2022-2029
- Key Findings / Summary
- By Form (Value/Volume)
- Pellets
- Others
- By Production Process (Value/Volume)
- Gas-based
- Coal-based
- By Application (Value/Volume)
- Steel Production
- Construction
- Others
- By Region (Value/Volume)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
TOC Continued...!
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Key Industry Development
- March 2022- ArcelorMittal announced an investment of USD 292 million for the creation of a new production unit in the north of France for electrical steels at the Mardyck. The facility specializes in producing electrical steels for the engines of electric vehicles, which complements ArcelorMittal’s existing electrical steel plant. The new industrial unit will have a 200 kilos ton production capacity and will strengthen the French electromobility sector.
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