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Direct Reduced Iron Market Trends

Report ID: GMI6398
Published Date: Apr 2024
Report Format: PDF

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Direct Reduced Iron Market Trends

Steel consumption is increasing as the world's urbanization and infrastructure development accelerates. Direct reduced iron is an important feedstock in steelmaking, especially in Electric Arc Furnaces (EAFs), which are gaining popularity due to their efficiency and environmental benefits.

Furthermore, advancements in furnace design and reduced agent consumption are resulting in more efficient DRI production. According to research conducted by the International Energy Agency (IEA), new technology might reduce energy usage in DRI manufacturing by 10-15%.

Authors: Kiran Pulidindi, Kunal Ahuja

Frequently Asked Questions (FAQ) :

Direct reduced iron industry size was USD 67.8 billion in 2023 and is projected to expand at 9.1% CAGR from 2024 to 2032, owing to the increasing urbanization, infrastructure development, and expanding manufacturing sectors.

Cold direct reduced iron (CDRI) market accumulated 76% revenue share in 2023 and is estimated to depict substantial growth between 2024 and 2032, due to the increasing environmental restrictions aimed at decreasing carbon emissions and improving air quality.

MEA direct reduced iron (DRI) system industry held 39.3% revenue share in 2023 and is anticipated to grow at 6.1% CAGR from 2024 to 2032, on account of the strong presence of vast natural resources and the rising emphasis on technological innovations.

ArcelorMittal, Essar, JFE Steel, Jindal Steel & Power Ltd, Jindal Steel & Power Ltd, JSW Steel Limited, JSW Steel Limited, Kobe Steel, Metinvest Holding LLC, MIDREX Technologies, Mobarakeh steel, NLMK Group, NUCOR Corporation, Qatar Steel Company FZE, Sinosteel Corporation, Tata Steel Limited, Tenova S.p.A, and Ternium