The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

LONDON, Dec. 07, 2023 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Direct Reduced Iron Global Market Report 2023, the global direct reduced iron market is poised for substantial expansion, with a projected growth from $26.37 billion in 2022 to $28.98 billion in 2023, representing a remarkable compound annual growth rate (CAGR) of 9.9%. Despite economic disruptions caused by the Russia-Ukraine war and ongoing challenges from the COVID-19 pandemic, the direct reduced iron market is anticipated to reach $40.65 billion in 2027, sustaining a steady CAGR of 8.8%.

Driving Forces: The rising demand for steel products emerges as a pivotal driver propelling the direct reduced iron market. Factors such as urbanization, increased construction activities, and growing business and consumer spending contribute to this surge. Direct reduced iron, serving as a substitute for scrap metal and pig iron in steel production, not only meets the escalating demand but also contributes to lower greenhouse gas emissions and reduced energy consumption.

Learn More In-Depth On The Direct Reduced Iron Market

https://www.thebusinessresearchcompany.com/report/direct-reduced-iron-global-market-report

Major Players: Prominent players in the direct reduced iron market include Welspun Group, ArcelorMittal, JFE Steel Corporation, Cleveland-Cliffs Inc., and other key industry stakeholders. Their strategic contributions underscore their commitment to shaping the market landscape.

Technological Advancements: Technological advancements stand out as a key trend in the direct reduced iron market. Companies like Metso Outotec are at the forefront, developing innovative products with advanced technologies. Notably, Metso Outotec's launch of a direct reduced iron (DRI) smelting furnace in October 2022 exemplifies the industry's commitment to decarbonizing the steel sector and meeting sustainability goals.

Strategic Partnerships: In October 2022, H2 Green Steel partnered with Midrex, showcasing the industry's collaborative efforts to address global carbon neutrality challenges. Such partnerships, including equity investments and plant supply agreements, contribute to advancing technologies and fostering sustainable practices in direct reduced iron production.

Regional Dynamics: Asia-Pacific dominated the direct reduced iron market in 2022, reflecting the region's pivotal role in industry growth.

Market Segmentation: The global direct reduced iron market is segmented by production process (coal-based, gas-based or Midrex), form (pellets, lumps), and application (steel making, construction).

Get A Free Sample Of The Global Direct Reduced Iron Market Report

https://www.thebusinessresearchcompany.com/sample_request?id=12402&type=smp

Utilizing the Market Report: Stakeholders across the value chain, including industry players, investors, and policymakers, can leverage the insights provided in the Global Market Report 2023. The comprehensive analysis offers valuable information on technological trends, market segments, and regional dynamics, empowering decision-makers to make informed choices, align strategies with industry developments, and capitalize on emerging opportunities for sustainable growth.

Direct Reduced Iron Global Market Report 2023 by The Business Research Company provides insights on the direct reduced iron market size, direct reduced iron market segments, direct reduced iron market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.

The Business Research Company has published over 6,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.

Check Out Similar Market Intelligence Reports By The Business Research Company:

Iron Ore Global Market Report 2023

https://www.thebusinessresearchcompany.com/report/iron-ore-global-market-report

Iron Ore Pellets Global Market Report 2023

https://www.thebusinessresearchcompany.com/report/iron-ore-pellets-global-market-report

Iron And Steel Casting Global Market Report 2023

https://www.thebusinessresearchcompany.com/report/iron-and-steel-casting-global-market-report

Learn More About The Business Research Company

The Business Research Company is a market intelligence firm pioneering in company, market, and consumer research. With offices all around the world, TBRC has specialist consultants in a variety of fields, including manufacturing, healthcare, financial services, chemicals, and technology.

Global Market Model – World’s Most Comprehensive Database

The Business Research Company’s flagship product, Global Market Model, is a market intelligence platform covering various macroeconomic indicators and metrics across 58 geographies and 27 industries. The Global Market Model covers multi-layered datasets which help its users assess supply-demand gaps.

The Business Research Company

Europe: +44 207 1930 708

Asia: +91 8897263534

Americas: +1 315 623 0293

Email: info@tbrc.info

Follow us on:

LinkedIn: https://in.linkedin.com/company/the-business-research-company

Twitter: https://twitter.com/tbrc_info

Facebook: https://www.facebook.com/TheBusinessResearchCompany

YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ

Blog: https://blog.tbrc.info/

Healthcare Blog: https://healthcareresearchreports.com/

Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.