Direct Reduced Iron (DRI) Market Size is Estimated to grow at a CAGR of 9.8% during the forecast period

• The direct reduced iron market was estimated to be worth USD 48.2 billion in 2022, and during the forecast period, a CAGR of 9.8% is anticipated. DRI is utilized for oxygen scavenging, food fortification, and as a source of food-grade iron powder.
• The market for direct-reduced iron is expanding steadily because of its benefits in the steelmaking process. The need for it is being driven by factors such as steel quality enhancement, cost-effectiveness, and environmental benefits.
• The direct iron market is growing as a result of increased steel production and technical developments.

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Growth Drivers

• The market growth of iron is generally impeded by factors such as the growing demand for steel production, the cost-effectiveness of iron compared to conventional methods, the environmental advantages of reduced carbon emissions, and technological advancements that enhance the efficiency of production processes.
• The direct-reduced iron market is expanding due to the rising demand for the product in various different industries, including building.
• The primary growth driver in the direct-reduced iron business is the recovery in the home construction sector following the pandemic. The current market is demanding more and more affordable, high-quality products that have all the needed features.
• Rapid urbanization and industrialization are propelling the direct market's expansion. The direct reduced iron market is expanding as a result of rising steel industry demand.
• The market is expanding due to the rise of the appliances, automotive, aerospace, and construction industries. The market is expanding due to rising demand for premium steel.

Segmentation

By Form

·?????????Lump

·?????????Pellets

By Production Process

·?????????Coal-based

·?????????Gas-based

By Application

·?????????Steel Making

·?????????Construction

Regional Outlook

·?????????Asia Pacific

·?????????North America

·?????????Latin America

·?????????Europe

·?????????Middle East and Africa

Key Players

·?????????AcrelorMittal

·?????????Essar Steel

·?????????Qatar Steel

·?????????Hadeed

·?????????Sidor

·?????????Jindal Sniteel and Power

·?????????Gol-e-Gohar

·?????????Nucor

·?????????Khouzestan Steel Company

·?????????Mobaraken Steel

·?????????Other Players

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