New York, Oct. 11, 2022 (GLOBE NEWSWIRE) — Research Nester has published a detailed market report on ‘Global Direct Reduced Iron Market' for the forecast period, i.e. 2023 – 2033, which includes the following factors:
Global Direct Reduced Iron Market Size:
The global direct reduced iron market is estimated to garner a revenue of around USD 61,446.9 Million by the end of 2033 by growing at a CAGR of ~7.5% over the forecast period, i.e., 2023 – 2033. Further, the market generated revenue of nearly USD 26,537.2 Million in the year 2022. The growth of the market can be attributed primarily to the rising production of steel worldwide. For instance, the Indian steel industry recorded a growth of nearly 25% in crude steel production in the year 2021. The global market is further anticipated to be propelled by factors, such as, rising demand for steel products of high quality, increasing production of direct reduced iron (DRI) around the world, growing urbanization and industrialization, rapid expansion of automotive sector worldwide, and growing chemical industry over the forecast period.
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Global Direct Reduced Iron Market: Key Takeaways
Growing Demand for Automotive Vehicles across the Globe to Boost the Market Growth
A direct reduced iron (DRI) also referred to as sponge iron is produced by reducing iron ore directly into iron through the use of a reducing gas, such as natural gas or coal, or even by the use of elemental carbon, such as carbon dioxide. Moreover, the production of high-grade steel, awareness of CO2 emission control, GDP growth, increasing infrastructure expenditure, along with expansion of iron and steel industry are anticipated to drive global direct reduced iron market growth over the forecast period. Sponge iron or DRI is also used widely in automotive manufacturing industry, which is growing rapidly throughout the years. Revenue of worldwide automotive manufacturing industry was sized at approximately USD 2.9 trillion in 2021 and it is estimated to increase significantly over the forecast period. Hence, this is anticipated to add to the global direct reduced iron market's growth significantly.
In addition to this, production of direct reduced iron has been increasing around the world throughout the years. It was observed that approximately 104 million tons (Mt) of direct reduced iron (DRI) were produced worldwide in 2020. Moreover, globally growing urbanization and industrialization is also expected to be a major factor to add to the growth of the global direct reduced iron market. Statistics provided by The World Bank indicate that approximately 4.5 million people reside in urban areas, representing 57% of the total population. Hence, this is also estimated to influence the global direct reduced iron market's growth majorly.
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Global Direct Reduced Iron Market: Regional Overview
The global direct reduced iron market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Increasing Expansion Rate of Construction Industry to Propel Market in the Asia Pacific Region
The direct reduced iron market in the Asia Pacific region captured the largest market share of 40% in the year 2022 backed by the expansion of the construction industry in the region. For instance, according to estimates, by the end of 2025, the construction industry in India is expected to reach a total value of USD 1.3 trillion. Moreover, increasing steel production, along with demand for DRI from various industries such as automotive and aerospace are factors expected to drive the direct reduced iron market in the region during the forecast period. Moreover, government support to expand the chemical industry in the region is further expected to drive the market in the region during the forecast period. For instance, within the Union Budget 2022-23, the Indian government allocated approximately USD 27 million to the Department of Chemicals and Petrochemicals.
Increasing Disposable Income Per Capita Regional Population to Propel the Market in the North America Region
On the other hand, the direct reduced iron market in the North America region is estimated to grow with a notable CAGR over the projection period. This growth can be primarily ascribed to the presence of a significant number of automotive manufacturers, and rising sales of vehicles in the region. Additionally, the expanding number of activities in the region that use direct reduced iron, such as vehicle manufacturing, chemical industrial work, and others, and increasing disposable income per capita throughout the region are anticipated to accelerate market growth. According to the U.S. Bureau of Economic Analysis, in March 2021, the disposable income per capita in North America region was USD 57,597 and this is anticipated to increase more over the forecast period.
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The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in:
Global Direct Reduced Iron Market, Segmentation by Process
The MIDREX segment held the largest market size of 55% in the year 2022 in the global direct reduced iron market. The MIDREX direct reduction ironmaking process uses natural gas to reduce iron ore. Moreover, the increasing use of DRI as a raw material in the manufacturing of electric arc furnaces (EAFs) in place of scrap iron is expected to augment segment growth over the forecast period. MIDREX process is the most used process in DRI production across the globe. For instance, the MIDREX Process was responsible for nearly 61% of all DRI produced globally, and 80% of all gas-based DRI as of 2019.
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Global Direct Reduced Iron Market, Segmentation by Application
The construction segment to hold a substantial market share in the global direct reduced iron market over the forecast period. The growth of this segment can be associated with the increasing value of industry including construction in the global GDP. As per the data by The World Bank, industry including construction accounted to 28.3% of world GDP in the year 2021.
Global Direct Reduced Iron Market, Segmentation by Form
Few of the well-known market leaders in the global direct reduced iron market that are profiled by Research Nester are Voestalpine AG, Khouzestan Steel Company, Qatar Stee, Hadeed Steel Industries, Jindal Shadeed Iron & Steel LLC, Tosyali Algeria A.S., Welspun Group, Gallantt Group of Industries, Midrex Technologies, Inc., Nucor Corporation, and others.
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Recent Developments in the Global Direct Reduced Iron Market
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