Increased demand for direct reduced iron in various applications, such as steel production and construction, is expected to drive the sales during the forecast period.
According to a recent report published by Future Market Insights (FMI), the global Direct reduced iron (DRI) market is projected to reach revenues worth US$ 17 Bn by 2030 end, with growth projected at an impressive CAGR between 2020 and 2030. (DRI) has recently emerged as a quality supplement, in place of scrap steel, among steel-making companies.
Increasing steel production capacities, heightened awareness about CO? emission control among steel producers, and accelerating demand for high-quality steel from end-users continue to drive DRI consumption in the global market.
While increasing steel production capacities in China, India, and some Middle Eastern countries account for the amplifying DRI demand, the COVID-19 pandemic has led to disruptions across end-use industries, thereby impeding demand for steel.
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Ban on steel scrap imports is significantly steering sales of DRI amid the global coronavirus outbreak. Surplus supply, low demand, and high storage volumes will result in considerably falling steel production in the near term, ultimately affecting the demand for DRI.
Manufacturers based in the Middle East are aggressively expanding their DRI production capacities in response to the growing steel demand within region. This would help the regional industry reduce its dependence on imports and emerge as self-reliant in terms of raw material procurement.
Key Takeaways from DRI Market Study
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DRI Market: Key Participant Insights
While DRI will not replace scrap steel as the primary raw material for steel production, it is projected to be utilized as a key ingredient and in higher proportions. In addition, the growing demand for high-quality steel products is further expected to drive DRI demand.
Most of the leading tier-1 manufacturers in the DRI market, like ArcelorMittal, SIDOR, Jindal Steel, Mobarakeh Steel, and Nucor, use most of their production for captive consumption and the rest for exports to major steel manufacturers around the world. Capacity expansions are also one of the primary focuses of the globally leading manufacturers to stay ahead of the competition.
Direct Reduced Iron Market by Category
By Form, the market of Direct Reduced Iron is segmented as:
By Production Process, the market of Direct Reduced Iron is segmented as:
By Application, the market of Direct Reduced Iron is segmented as:
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Key Questions Answered in the Report
Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization, and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
May 30, 2023