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. - Seite 2

The iron & steel market is anticipated to grow significantly as compared to its previous trends of growth. However, this is anticipated to be a minor dip in the market, which will be overcome with precautionary measures and other appropriate remedies. This has the potential to create and improve opportunities for both new competitors and existing market players. A substantial increase in the iron and steel market is expected over the forecast period, which is supposed to drive DRI demand significantly.

"Key players are investing in new establishments and technologies to propel their growth," Says Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).

Key Takeaways from the Direct Reduced Iron Market Report

• Direct reduced iron (DRI) market attained a valuation of USD 23,375.80 million in 2019. By 2023, the market attained a value of USD 26,470.50 million, expanding at a CAGR of 2.50% over the historical period.
• By form, the lumps segment is predicted to account for a value share of 97.60% in 2024.
• Based on the production process, the gas-based direct reduced iron is predicted to acquire a share of 71.40% in 2024.
• India and China are predicted to record a CAGR of 11.30% and 8.40%, respectively, over the forecast period.
• In North America, the United States is set to expand at a CAGR of 4.20% over the forecast period, whereas Canada is slated to register a CAGR of 4.60% during the same time.
• In Europe, Spain and France are in line to observe significant CAGRs of 5.60% and 5.30% over the forecast period.

Country-wise Insights

What is the Demand Outlook for Direct Reduced Iron in GCC Countries?

According to FMI, GCC Countries are expected to account for a fair share of the global market. Over the forecast period, GCC Countries are expected to dominate the Middle East & Africa market with a significant value share in terms of consumption.

Steel production in the Gulf Cooperation Council (GCC) is under pressure, owing primarily to a reduction in industrial output caused by Covid-19. However, with a global recovery and a slew of megaprojects on the frontier, the sector is poised for a brighter future. Saudi Arabia is expected to be the region's largest market due to higher steel consumption and the proposition of infrastructure projects. One of the major factors driving market growth in the GCC region is an increase in construction activity.