The Reports and Insights, a leading market research company, has recently releases report titled “Direct Reduced Iron (DRI) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032.” The study provides a detailed analysis of the industry, including the global Direct Reduced Iron (DRI) Market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights:
How big is the Direct Reduced Iron (DRI) market?
The global direct reduced iron market was valued at US$ 52.27 Billion in 2023 and is expected to register a CAGR of 9.3% over the forecast period and reach US$ 116.37 Bn in 2032.
What is Direct Reduced Iron (DRI)?
Direct Reduced Iron (DRI) is a form of iron created by reducing iron ore in its solid state, typically with natural gas or coal, rather than melting it in a blast furnace. This direct reduction process yields a highly pure iron product that serves as an ideal feedstock for steelmaking in electric arc furnaces or as an alternative to scrap iron. DRI is prized for its high iron content and low impurities, making it a preferred raw material in the steel industry for producing high-quality, consistent steel.
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What are the growth prospects and trends in the Direct Reduced Iron (DRI) industry?
The direct reduced iron (DRI) market growth is driven by various factors and trends. The direct reduced iron (DRI) market refers to the global industry engaged in producing and supplying DRI, which is a pure form of iron made by reducing iron ore with natural gas or coal. DRI is a crucial raw material for steelmaking in electric arc furnaces and is also used as a substitute for scrap iron. Market growth is fueled by rising steel demand, particularly in developing economies, and the cost-effectiveness and environmental advantages of DRI in steel production. Major market players are concentrating on expanding production capacities and enhancing DRI quality to meet the increasing demand across various sectors like automotive, construction, and manufacturing. Hence, all these factors contribute to direct reduced iron (DRI) market growth.
What is included in market segmentation?
The report has segmented the market into the following categories:
By Type
- Cold Direct Reduced Iron
- Hot Direct Reduced Iron
By Form
- Lump
- Pellets
By Production Process
- Coal-based
o Rotary Kiln Furnaces
o Rotary Hearth
- Gas-Based
o Shaft Furnace Processes
o Fluidized Bed Processes
By Application
- Steel Making
- Construction
By Region:
- North America
- Asia-Pacific
- Europe
- Latin America
- Middle East
- Africa
Who are the key players operating in the industry?
The report covers the major market players including:
· Midrex Technologies
· Tosyali Algerie
· ArcelorMittal
· LIBERTY Steel Group
· Essar Steel
· Qatar Steel
· Hadeed
· SIDOR
· Libyan Iron and Steel Company
· Paul Wurth
· Khouzestan Steel Co.
· Jindal Steel & Power
· Nucor
· JSW Ispat Special Products Limited
· Kobe Steel Ltd
· Gallantt Group of Industries
· Welspun Group
· AM/NS India
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