-Rise in use of direct reduced iron in the steel manufacturing industry for the production of superior quality steel is expected to create lucrative prospects in the direct reduced iron market
-Expansion of construction and automotive industries is prognosticated to create ample opportunities in the market
ALBANY, N.Y., Jan. 18, 2022 /PRNewswire/ -- Analysts at Transparency Market Research (TMR) expect the global direct reduced iron market to register growth at a CAGR of 8% during the forecast period of 2021 to 2031.
Direct reduced iron find application in a wide range of end-use industries, such as automotive, construction, electrical & electronics, and mechanical industries. This factor is projected to help the market reach the valuation of US$ 50.64 Bn by 2031.
Major companies engaged in the steel production are inclining toward the use of direct reduced iron as raw materials in order to minimize emissions caused due to the use of steel scraps. Moreover, direct reduced iron is being increasingly adopted in the steel production industry, owing to its ability to develop cost-efficient carbon steel, which is one of the prominent elements used in high-quality steel products manufacturing. Hence, surge in the demand for steel products is projected to help in creating promising business prospects the global direct reduced iron market in the forecast period.
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Asia Pacific is anticipated to maintain its leading position in the direct reduced iron market and expand at a CAGR of 8.6% during the forecast period, owing to rise in the product use in regional construction and automotive industries. Moreover, China is prominent country in Asia Pacific, owing to increase in construction activities in the nation with rise in industrialization.
Europe is one of the important regions in the market that offers substantial growth prospects on the back of expansion of automotive and construction industries in Germany.
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Direct Reduced Iron Market: Key Findings
- Steel manufacturers use blast furnace-basic oxygen furnace (BF/BOF) process in which gas reduction is achieved using natural gas or coal, which result into high amount of CO2 emissions. Hence, players in the direct reduced iron market are boosting their R&D projects for the hydrogen-based DRI manufacturing. In this technology, companies are producing steel with the help of electric arc furnace (EAF).
- With rise in awareness on global warming and other environmental concerns, companies in the direct reduced iron market are growing focus on shifting from present fossil-based economy to environment-friendly economies. Hence, several companies are researching on green hydrogen-based direct reduced iron production.
- The lump form of direct reduced iron is gaining traction and is being utilized across varied end-use industries such as automotive and construction owing to its higher percentage of iron and lower percentage of other minerals
- Direct Reduced Iron Market: Growth Boosters
- Increase in use of direct reduced iron in the automotive industry is leading to revenue-generation prospects in the market
- Rising utilization of steel in developing aircraft hangers, metro stations, and commercial buildings is boosting the sales growth of the global direct reduced iron market
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Direct Reduced Iron Market: Competition Landscape
- Major companies in the market are using strategies such as joint ventures, collaborations, and mergers in order to expand their businesses
- Several players are focused on R&D projects so as to offer innovative products
- Prior to investment in advanced technologies and expand businesses in newer regions during the COVID-19 pandemic, companies in the direct reduced iron market are taking help of technologically advanced tools such as data-driven decision-makings
Direct Reduced Iron Market: Key Players
Some of the key players profiled in the report are:
- JSW Ispat Special Products Limited
- Qatar Steel
- ArcelorMittal
- Kobe Steel Ltd
- Midrex Technologies Inc.
- NUCOR
- Gallantt Group of Industries
- Khouzestan Steel Company
- Jindal Shadeed Iron & Steel LLC
- Welspun Group
- Tosyali Algeria A.S.
- AM/NS India
- Tuwairqi Steel Mills Limited
Direct Reduced Iron Market Segmentation
Form
- Pellets
- Lumps
Production Process
- Gas-based
- Coal-based
Grade
- Grade - A (FeM - 81% Min)
- Grade - B (FeM - 78 To 80 %)
- Grade - C (FeM - < 78%)
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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