Wilmington, Delaware, United States, Transparency Market Research, Inc., July 18, 2024 (GLOBE NEWSWIRE) -- The global HBI additives market (Marché des additifs HBI) stood at US$ 273.5 million in 2023, and the global market is projected to reach US$ 537.6 million in 2034. The HBI additives market is anticipated to expand at a CAGR of 6.4% between 2024 and 2034.
The HBI (hot briquetted iron) additives market is experiencing significant growth, driven by two key factors: the advancement of the hydrogen economy in steelmaking and the overall rise in global steel production. The hydrogen economy is rapidly gaining traction as industries seek cleaner and more sustainable energy sources.
In steelmaking, this shift is promoting the use of hydrogen as a reducing agent, which significantly lowers carbon emissions compared to traditional methods using coal or natural gas. This transition is enhancing the dynamics of the HBI additives market, as additives are essential to optimize the quality and efficiency of HBI produced through hydrogen-based processes.
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Simultaneously, the global increase in steel production is propelling the value of the HBI additives industry. As steel demand rises in various sectors, including construction, automotive, and infrastructure development, the need for efficient and high-quality steel production methods becomes paramount.
HBI, known for its superior metallurgical properties and ease of handling, is increasingly favored as a feedstock in electric arc furnace (EAF) steelmaking. Additives play a crucial role in improving the characteristics of HBI, such as its density, reducibility, and stability, making it a more desirable input for steel producers.
These market dynamics are further supported by technological advancements and innovations in HBI additive formulations, which are tailored to meet specific requirements of steelmaking processes. The ongoing research and development efforts aim to enhance the performance of HBI, thereby driving the demand for specialized additives.
Moreover, the emphasis on reducing carbon footprints and achieving sustainability goals in the steel industry is expected to sustain the growth momentum of the HBI additives market in the foreseeable future. Overall, the confluence of environmental initiatives and industrial growth is positioning the HBI additives market for robust expansion.
Key Takeaways of Market Report
- Global HBI additives market to generate absolute dollar opportunity worth US$ 537.6 million until 2034.
- Global HBI additives market is valued at US$ 273.5 million in 2023.
- Asia Pacific is forecasted to hold the largest share in 2023.
HBI Additives Market: Growth Drivers
- The steel sector is transitioning to a hydrogen economy to meet carbon reduction targets, with the International Energy Agency (IEA) noting a carbon footprint of 1.4 tons per ton of steel produced. The use of green hydrogen in steelmaking is expected to rise as production costs decrease, aligning with global goals to achieve carbon neutrality by 2050.
- Global steel production continues to grow, boosting the supply and use of Direct Reduced Iron (DRI) and Hot Briquetted Iron (HBI). Electric Arc Furnaces (EAFs) are increasingly utilizing HBI due to its low residual element content, which enables the production of high-quality steel products.
HBI Additives Market: Regional Landscape
- In 2023, Asia Pacific held the largest market share, driven by increased investment in green steel initiatives. Stakeholders in the region's steel sector are actively exploring sustainable production methods to mitigate carbon emissions, contributing to market growth. This focus on green steel is enhancing the demand for HBI additives, essential for improving steel quality and production efficiency.
- The surge in HBI production investment is boosting the HBI additives market in Latin America. In 2023, Vale, a prominent metal and mining company, signed a Memorandum of Understanding (MoU) with the Port of Açu to explore the development of a Mega Hub in São João da Barra, Brazil. This hub aims to produce HBI using the direct reduction route, reflecting the region's commitment to sustainable steel production and driving market statistics.
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HBI Additives Market: Key Players
- Elkem ASA
- Glencore
- Carmeuse
- Lhoist
- Evonik Industries
- Sibelco
- BASF SE
- The Lubrizol Corporation
HBI Additives Market: Key Developments
- In 2023, Elkem ASA focused on enhancing its product offerings and production efficiency in the HBI additives market. One of the key developments was the expansion of its foundry alloys segment, which includes products crucial for steelmaking, such as HBI additives.
- In 2023, Glencore made significant strides in the HBI additives market, particularly through its investment in transition metals. The company committed $1.25 billion towards acquiring stakes in various mining projects, including a 30% equity stake in Alunorte and a 45% stake in Mineracao Rio do Norte S.A.
HBI Additives Market: Segmentation
By Product Type
- Binders
- Fluxing Agents
- Carbonaceous Materials
- Reducing Agents
- Antioxidants/Stabilizers
- Alloying Elements
- Deoxidizers
- Desulfurizers
By Additive Type
- Metallic Additives
- Non-metallic Additives
By Form
- Powders
- Briquettes
- Granules
By Application
- Steel Production
- Foundries and Castings
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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