With the emergence and long-term Impact of COVID-19, Global Direct Reduced Iron Market to reach USD 64.72 Billion by 2030
Bizwit Research & Consulting LLP’s recent analysis on the Global Direct Reduced Iron Market points towards a potential rise to USD 64.72 Billion by 2030. Direct Reduced Iron (DRI) is a form of iron created from iron ore via a reduction process, commonly referred to as sponge iron. DRI is created by compressing the oxygen out of iron ore without melting, in contrast to conventional techniques of producing iron that require a blast furnace.
The reduction process takes place at a lower temperature, usually below the iron melting point. The growing production of natural gas, the imposition of various environmental regulations, surging demand for high-quality DRI, coupled with the increased use of DRI in new applications are the most prominent factors that are fostering market growth across the globe.
Geographically, the global Direct Reduced Iron market has been segmented into North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA). Asia Pacific dominated the market in 2022 owing to the rising product demand from numerous applications such as steel production and construction, as well as the rapid growth of the residential building sector. Whereas, Asia Pacific is expected as a fastest growing region CAGR over the forecast years. The growing steel industry, increased production of passenger and light commercial vehicles, along with the rising demand for high-quality DRI are significantly propelling the market demand across the region.
The global Direct Reduced Iron market is highly competitive owing to the presence of several key players such as Qatar Steel (Qatar) Kobe Steel Ltd (Japan) ArcelorMittal (Luxembourg) NUCOR Corporation (U.S.) Midrex Technologies Inc. (U.S.) Khouzestan Steel Company (Khuzestan) Welspun Group (India) Jindal Shadeed Iron & Steel LLC (Oman) AM/NS India Tosyali Algeria A.S. (Algeria), and others.
For further analysis on this or to request a sample copy of this report, please click the link mentioned below:
Global Direct Reduced Iron Market Size Study & Forecast, by Form (Pellets, Others), by Production Process (Gas-based, Coal-based), by Application (Steel Production, Construction, Others), and Regional Analysis, 2023-2030
Key findings of the study suggest:
- Global Direct Reduced Iron Market is anticipated to grow with a healthy growth rate of more than 9.0% over the forecast period 2023-2030.
- In the Form segment, Pellets emerged out as the leading market segment in 2022.
- Asia Pacific is anticipated to drive regional growth owing to the rising product demand from numerous applications such as steel production and construction, as well as the rapid growth of the residential building sector.
- Asia Pacific is expected to grow at higher rate followed by Europe during 2023-2030.
Bizwit Research & Consulting has considered following segments for the study:
By Production Process:
- Steel Production
- North America
- Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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