Direct Reduced Iron Market to Surpass USD XX Billion by 2030, Driven by Demand for Low-Carbon Steelmaking Solutions

The global direct reduced iron (DRI) market is on a robust growth trajectory, projected to reach USD 47.76 billion by 2024 and expand further to USD 68.98 billion by 2030, registering a CAGR of 7.1% from 2025 to 2030. DRI, a key feedstock in steel production, is gaining widespread adoption due to its lower carbon emissions and cost advantages over conventional blast furnace-based ironmaking.

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End-use Insights

In 2024, the steelmaking segment dominated the DRI market with an 83.8% revenue share. DRI is extensively used in EAFs, which are central to producing cleaner, low-carbon steel. The continued growth in construction, automotive, and industrial manufacturing sectors is sustaining this demand.

Other notable applications include foundries and ferroalloy production, where DRI is favored for its consistency, lower impurity levels, and suitability in high-performance casting, especially in the automotive and machinery industries.

Form Insights

Cold Direct Reduced Iron (CDRI) accounted for approximately 78.8% of the global revenue in 2024. Its compatibility with EAFs and lower greenhouse gas emissions have made it a preferred choice. In 2023, global production of CDRI stood at 108.7 million tons.

Hot Briquetted Iron (HBI) is also gaining prominence due to its ease of handling, superior shelf-life, and cleaner emission profile. Advancements in natural gas and hydrogen-based reduction technologies are expected to drive further growth in this segment.

Market Drivers and Growth Trends

The rising emphasis on sustainable steelmaking is a significant driver for the DRI market. Produced by reducing iron ore using natural gas or coal, DRI offers a cleaner alternative to traditional methods. In 2023, global DRI production reached 135.7 million tons—up 6.5% from the previous year. Over the last five years, output has surged by 25.6%, supported by increasing investment in green technologies and favorable government initiatives aimed at reducing industrial carbon footprints.

Technological innovation continues to enhance the scalability and efficiency of DRI processes. The adoption of modular DRI plants has opened doors for small to mid-sized manufacturers, reducing capital intensity and allowing flexible deployment. Moreover, the growing preference for hydrogen-based and gas-based reduction technologies is expected to accelerate the decarbonization of steel production.

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