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 CO₂ 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.

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.

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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:

• Lump
• Pellets

By Production Process, the market of Direct Reduced Iron is segmented as:

• Coal-based
• Gas-based

By Application, the market of Direct Reduced Iron is segmented as:

• Steel Making
• Construction