The Direct Reduced Iron Market size was USD 51.68 billion in 2023 and is expected to Reach USD 105.44 billion by 2031 and grow at a CAGR of 9.3% over the forecast period of 2024-2031.
Direct Reduced Iron (DRI), also known as sponge iron, is a high-quality iron ore. Direct reduced iron is used as a raw material in steelmaking grades. DRI is produced in many forms including pellets, lumps, hot briquette iron (HBI), and cold briquette iron (CBI). It is produced by the reduction of iron ore (typically in the form of pellets or lumps) using a precursor-reduced gas derived from natural gas-based or coal-based sources. DRI is mainly used as an alternative for scrap in the electric steel product.
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In recent years, it has gained popularity due to its advantages over traditional iron formation methods, such as blast furnace technology. DRI has features such as high iron content, low impurity level, flexible iron sizing, energy service, and customization as compared to iron produced through the blast furnace route. These features make direct-reduced iron a valuable material in other industrial sectors other than steelmaking. DRI Formation emits fewer greenhouse gases and pollutants like CO2, lowering its environmental impact. It has an industrial production process in iron-based alloys such as ferroalloys or is a reducing agent in the formation of metal. Direct Reduced Iron in the pellet forms is used mostly in the Formation of crude oil, supplement in the scrap in the EAF Grade. Other Factors such as Urbanization, Industrialization, and Infrastructure development are increasing the demand for Direct Reduced Iron material production worldwide. Steel manufacturers are having demand of high-quality steel which depends upon the quality of raw materials used. DRI material is used to improve the quality of steel as per demand.
KEY DRIVERS:
Direct Reduced Iron (DRI) in the pellet forms is the largest used segment in the forecasting period
The increase in Direct Reduced Iron material demand due to high use in steelmaking
Direct Reduced Iron in the pellet forms is used in the Formation of crude oil, supplement in the scrap in the EAF Grade. These are preferred over lumps because less expensive, more reactive, and easier to transport. DRI pellets are used in the manufacturing of steel which is highly used in the construction sector. Hence DRI pellets and other DRI forms have high demand in the future.
RESTRAIN:
Direct Reduced Iron has to be handling and storage is the main concern as these get oxidized as steel
The trade barrier, energy cost storage, and the competition faced by ironmaking technologies, such as electric arc furnaces
DRI is equally adept at re-oxidizing ambient oxygen as steel. For bulk cargo, the heat generated during the oxidation process is crucial. The sponge-like structure of DRI also stops heat from escaping, enabling isolated pockets of DRI to heat up rapidly in volume. DRI has its self-heat which may grow to 30° when kept in bulk. When it comes in contact with water it emits hydrogen. This DRI cargo produces heat, and hydrogen when came in contact with air, and water. It combines can be a d explosive mixture.
OPPORTUNITY:
Factors such as Urbanization, Industrialization, and Infrastructure development are boosting the Formation demand for Direct Reduced Iron
An increase in construction projects will demand steel which indirectly boosts DRI market growth
Due to Growth in economies of developing countries, large-scale building & infrastructure projects are carried out which boosts the Formation of steel which drives the demand for steel Formation ion. Direct-reduced iron material has about the same iron content as pig iron, typically around 90% of total iron. So, it is an excellent biofuel for the electric furnaces used by mini mills, allowing them to use produce higher grades of steel.
CHALLENGES:
Price fluctuation due to the availability of raw material
Decrease in construction projects can be factor will reduce DRI demand
The price of DRI may fluctuate due to the availability of raw materials like natural gas, and iron ore. As a raw material used comes after mining activities. Mining cost, labour payment, transportation, and increase in operating costs affect the profit margin for the Formation of Direct-reduced iron material. Hence, the high cost of DRI can be a barrier to growth.
The Russia-Ukraine war has impacted many countries, including the US, Japan, Germany, China, and many others. It has had a major effect on the supply chain of raw materials needed to produce direct-reduced iron materials such as iron ore and natural gas. Ukraine is a significant producer and exporter of raw materials such as iron ore, which can affect the availability and price of direct-reduced iron in the global market. Ukraine's steel plants stopped forming, and the EU and USA faced shortages. Similarly, Russia, a major exporter of natural gas, can impact the formation and operation costs of direct-reduced iron. Sanctions applied to Russia and trade restrictions have a major impact on the scarcity of raw materials. Geopolitical tensions and conflicts between countries after the sanctions caused market instability. These major disruptions disrupted the flow of DRI imports and exports, making the market face challenges. Maintaining supply chains and trade regulations increased the number of companies operating in DRI sectors. Energy security concern. Fluctuations in steel demand, prices, market dynamics, and the trade cycle directly affected the overall steel industry and related markets.
The Russia-Ukraine war has impacted many countries, including the US, Japan, Germany, China, and many others. It has had a major effect on the supply chain of raw materials needed to produce direct-reduced iron materials such as iron ore and natural gas. Ukraine is a significant producer and exporter of raw materials such as iron ore, which can affect the availability and price of direct-reduced iron in the global market. Ukraine's steel plants stopped forming, and the EU and USA faced shortages. Similarly, Russia, a major exporter of natural gas, can impact the formation and operation costs of direct-reduced iron. Sanctions applied to Russia and trade restrictions have a major impact on the scarcity of raw materials. Geopolitical tensions and conflicts between countries after the sanctions caused market instability. These major disruptions disrupted the flow of DRI imports and exports, making the market face challenges. Maintaining supply chains and trade regulations increased the number of companies operating in DRI sectors. Energy security concern. Fluctuations in steel demand, prices, market dynamics, and the trade cycle directly affected the overall steel industry and related markets.
By Form
Lumps
Pellets
Others
By Production Process
Gas-Based
Coal-Based
By Grade
Grade-A (Fem-81% Min)
Grade-B (Fem-78-80%)
Grade-C (Fem-<78%)
By Application
Steel Formation
Construction
Others
Asia Pacific region has high demand due to the increasing number of steel production and construction projects. Countries in the Asia Pacific have large steel manufacturing units and are among the major steel exporters. Steel industries have demand from various end-user industries like automotive and aerospace.
In North America, the market is being driven by the production of oil and other natural gases and various end users having prominent growth in construction projects, Aerospace, machine, and infrastructure development.
Europe has substantial market growth in DRI. The market is driven by steel products and to improve low carbon emission steelmaking process and they have been investing in research and development.
The MENA region has large petrol fuel reserves that are required for the manufacturing of DRI, particularly in nations like Saudi Arabia, Iran, and Qatar. These nations contribute significantly to the expansion of the DRI industry. Due to the growth in product demand from steel production and construction, there is high demand for steel products and the low carbon emissions associated with manufacturing steel which makes Asia-Pacific one of the significant in the DRI market share.
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REGIONAL COVERAGE:
North America
USA
Canada
Mexico
Europe
Germany
UK
France
Italy
Spain
The Netherlands
Rest of Europe
Asia-Pacific
Japan
South Korea
China
India
Australia
Rest of Asia-Pacific
The Middle East & Africa
Israel
UAE
South Africa
Rest of the Middle East & Africa
Latin America
Brazil
Argentina
Rest of Latin American
Welspun Group, Midrex Technologies, Inc., Tosyali Algeria A.S., Voestalpine AG, Khouzestan Steel Company, Qatar Stee, Hadeed Steel Industries, Jindal Shadeed Iron & Steel LLC, NUCOR (U.S), ArcelorMittal, and Other key players mentioned in the final report.
Jindal Shadeed Group: In 2022, Jindal Steel Industries announces a $3 billion investment in plans to build a green steel plant that will utilize green hydrogen to produce the steel. Production is carried out at the Special Economic Zone at Duqm (Sezad) in Oman.
Midrex Technologies: Midrex and Paul Wurth collaborated on the world’s first greenfield steel mill based on totally green technology for H2 Green Steel in Boden, Sweden, with MIDREX H2TM technology being used to produce 2.1 Mt/yr of HDRI and hot briquetted iron (HBI).
| Report Attributes | Details |
| Market Size in 2023 | US$ 51.68 Bn |
| Market Size by 2031 | US$ 105.44 Bn |
| CAGR | CAGR of 9.3% From 2024 to 2031 |
| Base Year | 2023 |
| Forecast Period | 2024-2031 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Form (Lump, Pellet, Other) • By Production Process (Coal Based, Gas Based) • By Grade (Grade-A (FeM-81%), Grade-B (FeM-78 to 81%), Grade-C (Fem-<78%)) • By Application (Steel Production, Construction) |
| Regional Analysis/Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
| Company Profiles | Welspun Group, Midrex Technologies, Inc., Tosyali Algeria A.S., Voestalpine AG, Khouzestan Steel Company, Qatar Stee, Hadeed Steel Industries, Jindal Shadeed Iron & Steel LLC, NUCOR (U.S), ArcelorMittal |
| Key Drivers | • Direct Reduced Iron (DRI) in the pellet forms is the largest used segment in the forecasting period. • The increase in Direct Reduced Iron material demand due to high use in steelmaking. |
| Market Opportunities | • Factors such as Urbanization, Industrialization, and Infrastructure development are boosting the Formation demand for Direct Reduced Iron. • An increase in construction projects will demand steel which indirectly boosts DRI market growth. |
Ans: The compound annual growth rate (CAGR) of the Direct Reduced Iron Market for the forecast period is 9.3%.
Ans: The projected market size value of the Direct Reduced Iron Market in 2031 is expected to reach USD 105.44 Billion.
Ans: Direct Reduced Iron Market was valued at USD 51.68 billion in 2023.
Ans: Steel manufacturer are the potential of Direct Reduced Iron.
Ans: The segments in Direct Reduced Iron Market are Form, Grade, Production Process, Application.
Table of Contents
1.Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 Impact of the Russia-Ukraine War
4.2 Impact of Ongoing Recession
4.2.1 Introduction
4.2.2 Impact on major economies
4.2.2.1 US
4.2.2.2 Canada
4.2.2.3 Germany
4.2.2.4 France
4.2.2.5 United Kingdom
4.2.2.6 China
4.2.2.7 Japan
4.2.2.8 South Korea
4.2.2.9 Rest of the World
4.3 Supply Demand Gap Analysis
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Direct Reduced Iron Market Segmentation, By Form
8.1 Lump
8.2 Pellet
8.3 Other
9. Direct Reduced Iron Market Segmentation, By Production Process
9.1 Gas Based
9.2 Coal Based
10. Direct Reduced Iron Market Segmentation, By Grade
10.1 Grade-A (Fem-81% Min)
10.2 Grade-B (Fem-78-80%)
10.3 Grade-C (Fem-<78%)
11. Direct Reduced Iron Market Segmentation, By Application
11.1 Steel Production
11.2 Construction
11.3 Other
12. Regional Analysis
12.1 Introduction
12.2 North America
12.2.1 North America Direct Reduced Iron Market by Country
12.2.2 North America Direct Reduced Iron Market by Form
12.2.3 North America Direct Reduced Iron Market by Production Process
12.2.4 North America Direct Reduced Iron Market by Grade
12.2.5 North America Direct Reduced Iron Market by Application
12.2.6 USA
12.2.6.1 USA Direct Reduced Iron Market by Form
12.2.6.2 USA Direct Reduced Iron Market by Production Process
12.2.6.3 USA Direct Reduced Iron Market by Grade
12.2.6.4 USA Direct Reduced Iron Market by Application
12.2.7 Canada
12.2.7.1 Canada Direct Reduced Iron Market by Form
12.2.7.2 Canada Direct Reduced Iron Market by Production Process
12.2.7.3 Canada Direct Reduced Iron Market by Grade
12.2.7.4 Canada Direct Reduced Iron Market by Application
12.2.8 Mexico
12.2.8.1 Mexico Direct Reduced Iron Market by Form
12.2.8.2 Mexico Direct Reduced Iron Market by Production Process
12.2.8.3 Mexico Direct Reduced Iron Market by Grade
12.2.8.4 Mexico Direct Reduced Iron Market by Application
12.3 Europe
12.3.1 Europe Direct Reduced Iron Market by Country
12.3.2 Europe Direct Reduced Iron Market by Form
12.3.3 Europe Direct Reduced Iron Market by Production Process
12.3.4 Europe Direct Reduced Iron Market by Grade
12.3.5 Europe Direct Reduced Iron Market by Application
12.3.6 Germany
12.3.6.1 Germany Direct Reduced Iron Market by Form
12.3.6.2 Germany Direct Reduced Iron Market by Production Process
12.3.6.3 Germany Direct Reduced Iron Market by Grade
12.3.6.4 Germany Direct Reduced Iron Market by Application
12.3.7 UK
12.3.7.1 UK Direct Reduced Iron Market by Form
12.3.7.2 UK Direct Reduced Iron Market by Production Process
12.3.7.3 UK Direct Reduced Iron Market by Grade
12.3.7.4 UK Direct Reduced Iron Market by Application
12.3.8 France
12.3.8.1 France Direct Reduced Iron Market by Form
12.3.8.2 France Direct Reduced Iron Market by Production Process
12.3.8.3 France Direct Reduced Iron Market by Grade
12.3.8.4 France Direct Reduced Iron Market by Application
12.3.9 Italy
12.3.9.1 Italy Direct Reduced Iron Market by Form
12.3.9.2 Italy Direct Reduced Iron Market by Production Process
12.3.9.3 Italy Direct Reduced Iron Market by Grade
12.3.9.4 Italy Direct Reduced Iron Market by Application
12.3.10 Spain
12.3.10.1 Spain Direct Reduced Iron Market by Form
12.3.10.2 Spain Direct Reduced Iron Market by Production Process
12.3.10.3 Spain Direct Reduced Iron Market by Grade
12.3.10.4 Spain Direct Reduced Iron Market by Application
12.3.12 The Netherlands
12.3.12.1 Netherlands Direct Reduced Iron Market by Form
12.3.12.2 Netherlands Direct Reduced Iron Market by Production Process
12.3.12.3 Netherlands Direct Reduced Iron Market by Grade
12.3.12.4 Netherlands Direct Reduced Iron Market by Application
12.3.12 Rest of Europe
12.3.12.1 Rest of Europe Direct Reduced Iron Market by Form
12.3.12.2 Rest of Europe Direct Reduced Iron Market by Production Process
12.3.12.3 Rest of Europe Direct Reduced Iron Market by Grade
12.3.12.4 Rest of Europe Direct Reduced Iron Market by Application
12.4 Asia-Pacific
12.4.1 Asia Pacific Direct Reduced Iron Market by Country
12.4.2 Asia Pacific Direct Reduced Iron Market by Form
12.4.3 Asia Pacific Direct Reduced Iron Market by Production Process
12.4.4Asia Pacific Direct Reduced Iron Market by Grade
12.4.5Asia Pacific Direct Reduced Iron Market by Application
12.4.6 Japan
12.4.6.1 Japan Direct Reduced Iron Market by Form
12.4.6.2 Japan Direct Reduced Iron Market by Production Process
12.4.6.3 Japan Direct Reduced Iron Market by Grade
12.4.6.4 Japan Direct Reduced Iron Market by Application
12.4.7 South Korea
12.4.7.1 South Korea Direct Reduced Iron Market by Form
12.4.7.2 South Korea Direct Reduced Iron Market by Production Process
12.4.7.3 South Korea Direct Reduced Iron Market by Grade
12.4.7.4 South Korea Direct Reduced Iron Market by Application
12.4.8 China
12.4.8.1 China Direct Reduced Iron Market by Form
12.4.8.2 China Direct Reduced Iron Market by Production Process
12.4.8.3 China Direct Reduced Iron Market by Grade
12.4.8.4 China Direct Reduced Iron Market by Application
12.4.9 India
12.4.9.1 India Direct Reduced Iron Market by Form
12.4.9.2 India Direct Reduced Iron Market by Production Process
12.4.9.3 India Direct Reduced Iron Market by Grade
12.4.9.4 India Direct Reduced Iron Market by Application
12.4.12 Australia
12.4.10.1 Australia Direct Reduced Iron Market by Form
12.4.10.2 Australia Direct Reduced Iron Market by Production Process
12.4.10.3 Australia Direct Reduced Iron Market by Grade
12.4.10.4 Australia Direct Reduced Iron Market by Application
12.4.12 Rest of Asia-Pacific
12.4.12.1 APAC Direct Reduced Iron Market by Form
12.4.12.2 APAC Direct Reduced Iron Market by Production Process
12.4.12.3 APAC Direct Reduced Iron Market by Grade
12.4.12.4 APAC Direct Reduced Iron Market by Application
12.5 The Middle East & Africa
12.5.1 The Middle East & Africa Direct Reduced Iron Market by Country
12.5.2 The Middle East & Africa Direct Reduced Iron Market by Form
12.5.3 The Middle East & Africa Direct Reduced Iron Market by Production Process
12.5.4The Middle East & Africa Direct Reduced Iron Market by Grade
12.5.5 The Middle East & Africa Direct Reduced Iron Market by Application
12.5.6 Israel
12.5.6.1 Israel Direct Reduced Iron Market by Form
12.5.6.2 Israel Direct Reduced Iron Market by Production Process
12.5.6.3 Israel Direct Reduced Iron Market by Grade
12.5.6.4 Israel Direct Reduced Iron Market by Application
12.5.7 UAE
12.5.7.1 UAE Direct Reduced Iron Market by Form
12.5.7.2 UAE Direct Reduced Iron Market by Production Process
12.5.7.3 UAE Direct Reduced Iron Market by Grade
12.5.7.4 UAE Direct Reduced Iron Market by Application
12.5.8South Africa
12.5.8.1 South Africa Direct Reduced Iron Market by Form
12.5.8.2 South Africa Direct Reduced Iron Market by Production Process
12.5.8.3 South Africa Direct Reduced Iron Market by Grade
12.5.8.4 South Africa Direct Reduced Iron Market by Application
12.5.9 Rest of Middle East & Africa
12.5.9.1 Rest of Middle East & Asia Direct Reduced Iron Market by Form
12.5.9.2 Rest of Middle East & Asia Direct Reduced Iron Market by Production Process
12.5.9.3 Rest of Middle East & Asia Direct Reduced Iron Market by Grade
12.5.9.4 Rest of Middle East & Asia Direct Reduced Iron Market by Application
12.6 Latin America
12.6.1 Latin America Direct Reduced Iron Market by Country
12.6.2 Latin America Direct Reduced Iron Market by Form
12.6.3 Latin America Direct Reduced Iron Market by Production Process
12.6.4 Latin America Direct Reduced Iron Market by Grade
12.6.5 Latin America Direct Reduced Iron Market by Application
12.6.6 Brazil
12.6.6.1 Brazil Direct Reduced Iron Market by Form
12.6.6.2 Brazil Africa Direct Reduced Iron Market by Production Process
12.6.6.3 Brazil Direct Reduced Iron Market by Grade
12.6.6.4 Brazil Direct Reduced Iron Market by Application
12.6.7 Argentina
12.6.7.1 Argentina Direct Reduced Iron Market by Form
12.6.7.2 Argentina Direct Reduced Iron Market by Production Process
12.6.7.3 Argentina Direct Reduced Iron Market by Grade
12.6.7.4 Argentina Direct Reduced Iron Market by Application
12.6.8 Rest of Latin America
12.6.8.1 Rest of Latin America Direct Reduced Iron Market by Form
12.6.8.2 Rest of Latin America Direct Reduced Iron Market by Production Process
12.6.8.3 Rest of Latin America Direct Reduced Iron Market by Grade
12.6.8.4Rest of Latin America Direct Reduced Iron Market by Application
13 Company Profile
13.1 Midrex Technologies, Inc.
13.1.1 Market Overview
13.1.2 Financials
13.1.3 Product/Services/Offerings
13.1.4 SWOT Analysis
13.1.5 The SNS View
13.2 Tosyali Algeria A.S.
13.2.1 Market Overview
13.2.2 Financials
13.2.3 Product/Services/Offerings
13.2.4 SWOT Analysis
13.2.5 The SNS View
13.3 Voestalpine AG
13.3.1 Market Overview
13.3.2 Financials
13.3.3 Product/Services/Offerings
13.3.4 SWOT Analysis
13.3.5 The SNS View
13.4 Khouzestan Steel Company
13.4.1 Market Overview
13.4.2 Financials
13.4.3 Product/Services/Offerings
13.4.4 SWOT Analysis
13.4.5 The SNS View
13.5 Qatar Steel
13.5.1 Market Overview
13.5.2 Financials
13.5.3 Product/Services/Offerings
13.5.4 SWOT Analysis
13.5.5 The SNS View
13.6 Hadeed Steel Industries
13.6.1 Market Overview
13.6.2 Financials
13.6.3 Product/Services/Offerings
13.6.4 SWOT Analysis
13.6.5 The SNS View
13.7. Jindal Shadeed Iron & Steel LLC
13.7.1 Market Overview
13.7.2 Financials
13.7.3 Product/Services/Offerings
13.7.4 SWOT Analysis
13.7.5 The SNS View
13.8 Welspun group
13.8.1 Market Overview
13.8.2 Financials
13.8.3 Product/Services/Offerings
13.8.4 SWOT Analysis
13.8.5 The SNS View
13.9 ArcelorMittal
13.9.1 Market Overview
13.9.2 Financials
13.9.3 Product/Services/Offerings
13.9.4 SWOT Analysis
13.9.5 The SNS View
13.10 NUCOR (US)
13.10.1 Market Overview
13.10.2 Financials
13.10.3 Product/Services/Offerings
13.10.4 SWOT Analysis
13.10.5 The SNS View
14. Competitive Landscape
14.1 Competitive Benchmarking
14.2 Market Share Analysis
14.3 Recent Developments
15. USE Cases and Best Practices
16. Conclusion
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