Global Direct Reduced Iron Market to Grow with a CAGR of ~7% During 2023-2035;
Research Nester published a report titled “Direct Reduced Iron Market”: Global Demand Analysis & Opportunity Outlook 2035” which delivers detailed overview of the global direct reduced iron market in terms of market segmentation form, process, application, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global direct reduced iron market is anticipated to grow with a CAGR of ~7% during the forecast period, i.e., 2023-2035. The market is segmented by process into MIDREX, coal cased, and others. Out of these, the MIDREX segment captured the largest market share of 55% in the year 2022. Furthermore, an increasing number of electric arc furnaces (EAFs) are making use of DRI in place of scrap iron as a raw material, which is anticipated to drive segment growth during the forecast period.
The global direct reduced iron market is estimated to garner revenue of ~USD 61,446.9 Million by the end of 2033, up from revenue of ~USD 26,537.2 in the year 2022. Increasing crude steel production, expansion of the automotive and construction industry, large-scale production of DRI along with growing industrialization worldwide are some of the major factors anticipated to drive the growth of the market during the forecast period.
Geographically, the global direct reduced iron market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Out of these, the market in Asia Pacific held the largest market share of 40% in the year 2022 backed by the growth of the construction sector. Based on estimates, it is projected that by the end of 2025, the Indian construction industry will be worth a total of USD 1.3 trillion. Moreover, rising steel manufacturing coupled with growing demand in the automotive and aerospace industries is expected to drive the market during the forecast period.
The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
Access Full Report, here: https://www.researchnester.com/reports/direct-reduced-iron-market/4416
Growth In The Automotive Sector Worldwide To Drive The Market Growth
According to industry experts, India's automotive industry will grow by 250 billion dollars by 2031, making it the third largest industry in the world by the year 2031.
The widespread use of DRI in the manufacturing vehicles and various components along with the expansion of the automotive sector is expected to propel the demand for direct reduced iron during the forecast period.
However, higher cost of production is expected to operate as key restraint to the growth of global direct reduced iron market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global direct reduced iron market which includes company profiling of Midrex Technologies, Inc., 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 and Nucor Corporation. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global direct reduced iron market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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