Direct Reduced Iron (DRI), also known as sponge iron, is a crucial raw material in the steelmaking industry. It is produced by reducing iron ore using a reducing gas derived from natural gas or coal. The DRI Market has witnessed significant growth over the years, driven by its unique advantages, environmental benefits, and its vital role in global steel production.
According to a recent report published by Future Market Insights (FMI), the global DRI market is projected to reach revenues worth US$ 17 Billion by 2030 end, with growth projected at an impressive CAGR between 2022 and 2030.
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Manufacturers based in the Middle East are aggressively expanding their DRI production capacities in response to the growing steel demand within region. This would help the regional industry reduce its dependence on imports and emerge as self-reliant in terms of raw material procurement.
Key Takeaways from DRI Market Study
- Gas-based production process to remain as the go-to option among manufacturers, especially in North America, Europe and Middle East, due to lower natural gas prices
- Coal-based production is dominated by India, which accounts for almost 80% of the DRI produced through coal-based process
- Pellets are the most preferred among DRI form type, as they are easy to transport, have better reactivity and are cost effective than lumps
- Over the recent past, DRI imports have been witnessing a steady rise despite facing stern competition from hot briquetted iron (HBI); the latter has low reactivity and is subject to lower transportation costs
- Vertical integration strategies adopted by steel manufacturers to produce DRI at their own facilities would remain an impending trend in the near future
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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 focus of the globally leading manufacturers to stay ahead of the competition.
Direct Reduced Iron (DRI) Market: Segmentation
Production Process
- Coal-based
- Gas-based
Application
- Steel Production
- Construction
Form
- Lumps
- Pellets
Region
- North America
- Latin America
- Europe
- South Asia & Pacific
- East Asia
- Middle East and Africa
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Know More About FMI’s DRI Market Report
A new market study by Future Market Insights (FMI) on the global Direct Reduced Iron (DRI) market provides deep dive analysis into DRI production and consumption trends on a global level as well as country level. The study gives in-depth analysis into market trends for DRI through four different segments- form, application, production process and region. The DRI research report also offers key insights into DRI cost structure analysis, BEP analysis, DRI transportation costs, DRI production costs, profit per ton analysis, export hotspots and trade routes, import/export trends and probable list of customers.
About Future Market Insights (FMI)
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