Direct Reduced Iron Market Set to Soar to USD 60,013.60 Million by 2034 with a CAGR of 7.60% | Future Market Insights, Inc.

The United States direct reduced iron (DRI) market is set to grow at a compound annual growth rate (CAGR) of 4.20% over the forecast period.

North America as well as the Middle East and Africa Emerging as Top Contenders for Direct Reduced Iron (DRI) Trade. Increased demand for direct reduced iron in various applications, such as steel production and construction, is expected to drive the sales during the forecast period.

NEWARK, Del, Aug. 2, 2024 /PRNewswire/ --The direct reduced iron (DRI) market is projected to experience substantial growth, with its value anticipated to increase from USD 28,195.90 million in 2024 to USD 60,013.60 million by 2034. This impressive expansion, marked by a compound annual growth rate (CAGR) of 7.60% over the next decade, highlights the escalating demand and adoption of DRI in the steelmaking industry. Factors such as advancements in production technologies, rising emphasis on reducing carbon emissions, and increasing investments in steel infrastructure are driving this robust market growth. As industries seek more sustainable and efficient steel production methods, the DRI market is set to play a pivotal role in meeting global steel demands while aligning with environmental goals.

Significant changes in the steel industry are pushing forward the demand for direct reduced iron. Presently, the steel industry is going through a pivotal shift toward lower-carbon production. This is raising the demand for alternative technologies like direct reduced iron.

The production of direct reduced iron is projected to separate from steel production, as the global steel sector gradually decarbonizes. More iron ore is expected to be processed in places where renewable energy sources are available and where cheap green hydrogen can be produced.

The resultant direct reduced iron is planned to be shipped to places with higher steel demand. Going forward, North America and the Middle East are assessed to become global leaders in DRI trade.

Request Your Sample Report Now! https://www.futuremarketinsights.com/reports/sample/rep-gb-11635

How Demand for Iron & Steel to Shape the DRI Market Growth?

Iron & steel industry is considered the backbone of a healthy economy, owing to its major contribution to the growth of any country's economy. The Iron & steel market is expected to grow at a significantly healthy rate in the coming years. This creates an immense opportunity for market players offering DRI, which act as an environment-friendly, cost-effective and economically feasible raw material for steel making.