Global Direct Reduced Iron Market Outlook 2023-2036

The global direct reduced iron market is predicted to account for a CAGR of 9.26% during the forecast period i.e., between 2024-2036. In the upcoming years, there will likely be an increase in demand for steel, especially from industries like renewable energy, automobiles, and construction. The sector of steelmaking in EAF will grow as a result of this increased demand. Due to its importance in the EAF steelmaking procedure, DRI will become more and more in demand. Due to its distinctive qualities, which include its homogenous composition, high iron concentration, and few impurities, DRI is a desirable feedstock for the steel industry. This gives the DRI market a chance to grow and meet the escalating demands of EAF steelmakers. The direct reduced iron market is anticipated to register a growth rate of USD 131.32 billion by the end of 2036 up from a growth rate of USD 41.73 billion in the year 2023.

The global direct reduced iron market is segmented into numerous segments, which include segmentation by application, form, production process, and by region. By form, the market is segmented into pellets, and lumps. By the end of 2036, the pellets segment is anticipated to garner the largest revenue of around USD 61.68 Billion, up from a revenue of close to USD19.74 Billion in the year 2023.

On the basis of region, the global medical device connectivity market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. The market in Asia Pacific, amongst the markets in all the other regions, is anticipated to garner the largest revenue of more than USD 66.27 Billion by the end of 2036. Moreover, in the year 2023, the market in the region generated a revenue of over USD 18.87 Billion.

Some of the prominent industry leaders in the global medical device connectivity market that are included in our report are Suez Steel Co., Qatar Steel, JFE Steel Corporation, Tata Steel, JSW Group, ArcelorMittal, SABIC, Welspun Group., and others.