[Latest] Global Direct Reduced Iron Market Size/Share Worth USD 96.4 Billion by 2034 at a 7.5% CAGR: Custom Market Insights (Analysis, Outlook, Leaders, Report, Trends, Forecast, Segmentation, Growth Rate, Value, SWOT Analysis)

[220+ Pages Latest Report] According to a market research study published by Custom Market Insights, the demand analysis of Global Direct Reduced Iron Market size & share revenue was valued at approximately USD 46.8 Billion in 2024 and is expected to reach USD 50.3 Billion in 2025 and is expected to reach around USD 96.4 Billion by 2034, at a CAGR of 7.5% between 2025 and 2034. The key market players listed in the report with their sales, revenues and strategies are MIDREX technologies, KOBE STEEL, Ltd., Jindal steel and power, Metinvest Holding LLC, Tenova HYL SA, JSW Steel Limited, Qatar Steel Company FZE, Nucor Corporation, Essar Steel India Limited, JFE Steel India Limited, Iron Dynamics LLC, Tata Steel Limited, NLMK Group, SAIL and Lloyds Metals, Energy Limited and others.

Austin, TX, USA, Oct. 07, 2025 (GLOBE NEWSWIRE) -- Custom Market Insights has published a new research report titled “Direct Reduced Iron Market Size, Trends and Insights By Product Type (Hot Briquetted Iron, Cold Direct Reduced Iron), By Technology (Gas Based, Coal Based), By Application (Steelmaking, Electric Arc Furnace, Basic Oxygen Furnace, Foundries, Others), By Industry Vertical (Construction, Automotive, Aerospace, Others), and By Region - Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2025 – 2034” in its research database.

"According to the latest research study, the global Direct Reduced Iron Market size and share were valued at approximately USD 46.8 billion in 2024, are expected to reach USD 50.3 billion in 2025, and are projected to grow to around USD 96.4 billion by 2034, with a compound annual growth rate (CAGR) of about 7.5% during the forecast period from 2025 to 2034."

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Overview

According to industry experts at CMI, Direct reduced iron (DRI), also known as sponge iron, is a solid form of metallic iron made by eliminating oxygen from iron ore at temperatures lower than its melting point. It is produced by a method known as direct reduction, which uses solid or gaseous reducing agents such as hydrogen and carbon monoxide to convert iron oxides to metallic iron without melting.

The resulting porous, sponge-like product is a valuable raw material for steel production, frequently substituting steel scrap. The direct reduced iron market is being driven by several factors, such as the growing steel industry, increasing investment in infrastructure development, and growing demand from end-use sectors such as automotive, aerospace and others. However, the shortage of feedstock and pellets hinders the industry's growth during the analysis period.

Key Trends & Drivers

• Growing partnership among the market players: The rising partnership among the key market players is expected to foster the industry expansion over the forecast period. For instance, in April 2025, Clariant , a specialty chemical business focusing on sustainability, announced that it has maintained its successful partnership with Midrex and will increase collaboration in direct reduced iron (DRI) technology for steel manufacturing. Natural gas-based DRI is a low-carbon alternative to traditional coal-based ironmaking, using natural gas with recovered CO₂ and H₂O to produce reducing gas for the production process. The technique combines MIDREX® Reformers with Clariant-manufactured REFORMEX® Catalysts, which provide superior activity and stability while increasing productivity, lowering energy usage, and reducing carbon emissions. The MIDREX DRI method saves approximately one ton of CO₂ for every ton of basic steel.

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• Incentives and policy support: There are many government policies and incentives around the world that enable the Direct Reduced Iron (DRI) sector to grow. One is making steel in a more eco-friendly, lower-carbon way. Governments grant tax breaks and incentives to induce people to invest in cleaner steelmaking that uses DRI, notably hydrogen-based DRI, which is frequently called “green DRI.” These financial incentives make it cheaper to get money for initiatives and make them more likely to succeed. For instance, the US and other countries offer tax breaks and other incentives to businesses that use green technologies to make clean steel. India and other nations have initiated significant government efforts to create green steel. These projects include concessional loans, risk assurances, and financial tools that will help both primary and secondary steel mills use DRI and green technologies. India’s Green Steel Mission, which costs ₹5,000 crore, intends to make a lot more steel in a way that is beneficial for the environment by 2050.

Report Scope

Feature of the Report	Details
Market Size in 2025	USD 50.3 Billion
Projected Market Size in 2034	USD 96.4 Billion
Market Size in 2024	USD 46.8 Billion
CAGR Growth Rate	7.5% CAGR
Base Year	2024
Forecast Period	2025-2034
Key Segment	By Product Type, Technology, Application, Industry Vertical and Region
Report Coverage	Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends
Regional Scope	North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America
Buying Options	Request tailored purchasing options to fulfil your requirements for research.

(A free sample of the Direct Reduced Iron report is available upon request; please contact us for more information.)

Our Free Sample Report Consists of the following:

• The updated report for 2025 includes an introduction, an overview, and an in-depth industry analysis.
• Provide detailed chapter-by-chapter guidance on the Request.
• Updated Regional Analysis with a Graphical Representation of Size, Share, and Trends for the Year 2025
• Includes Tables and figures have been updated.
• The most recent version of the report includes the Top Market Players, their Business Strategies, Sales Volume, and Revenue Analysis 
• Custom Market Insights (CMI) research methodology

(Please note that the sample of the Direct Reduced Iron report has been modified to include the COVID-19 impact study prior to delivery.)

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SWOT Analysis

• Strengths: The growing regulatory and environmental support is a main strength that drives the industry's expansion, as the government across the globe is forcing stringent regulation for factories and also providing incentives to adopt sustainable technology.

• Weakness: The major weakness for market growth is its dependence on natural gas and hydrogen. Hydrogen is an emerging technology that is more expensive to adopt, and companies are still in the initial stage of procuring it.

• Opportunities: The rapid infrastructure development, urbanization, and industrial growth in Asia-Pacific, the Middle East, and Africa, among other places, are driving up steel demand. These regions could be significant growth markets for DRI.

• Threats: Storage/self-heating concerns, transportation challenges, building hydrogen infrastructure, addressing reoxidation, and so on. These increase costs and risks.

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Key questions answered in this report:

• What is the size of the Direct Reduced Iron market, and what is its expected growth rate?
• What are the primary driving factors that push the Direct Reduced Iron market forward?
• What are the Direct Reduced Iron Industry's top companies?
• What are the different categories that the Direct Reduced Iron Market caters to?
• What will be the fastest-growing segment or region?
• In the value chain, what role do essential players play?
• What is the procedure for getting a free copy of the Direct Reduced Iron market sample report and company profiles?

Key Offerings:

• Market Share, Size & Forecast by Revenue | 2025−2034
• Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Leading Trends
• Market Segmentation – A detailed analysis by Types of Services, by End-User Services, and by regions
• Competitive Landscape – Top Key Vendors and Other Prominent Vendors

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Regional Analysis

The regional market is divided into North America, Europe, Asia-Pacific, and LAMEA. Here is a brief overview of each region:

• North America: North America is expected to dominate the market. Environmental regulations and the availability of natural gas are driving the region’s shift away from coal-based DRI production processes. This trend promotes clean steel production. This, in turn, is propelling the growth of the market.

• Europe: Europe holds a significant market share. Growing circular economy initiatives and the presence of major players in the region drive the geographical growth of the market. Furthermore, we expect the expanding automotive industry to propel the industry's growth.

• Asia-Pacific: The Asia Pacific region is expected to grow at the highest CAGR. The market growth in the region is ascribed to several factors, such as increasing adoption of EVs, particularly in India and China, the presence of several market players, government support to reduce carbon emissions.

• LAMEA: The LAMEA area, which includes Latin America, the Middle East, and Africa, is growing significantly over the forecast period. The rising investment in infrastructure development and growing adoption of environmentally friendly technology drive the industry expansion in the region.

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Browse the full “Direct Reduced Iron Market Size, Trends and Insights By Product Type (Hot Briquetted Iron, Cold Direct Reduced Iron), By Technology (Gas Based, Coal Based), By Application (Steelmaking, Electric Arc Furnace, Basic Oxygen Furnace, Foundries, Others), By Industry Vertical (Construction, Automotive, Aerospace, Others), and By Region - Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2025 – 2034” Report at https://www.custommarketinsights.com/report/direct-reduced-iron-market/

Leading Players

The Direct Reduced Iron market is highly competitive, with a large number of service providers globally. Some of the key players in the market include:

• MIDREX technologies
• KOBE STEEL LTD.
• Jindal steel and power
• Metinvest Holding LLC
• Tenova HYL SA
• JSW Steel Limited
• Qatar Steel Company FZE
• Nucor Corporation
• Essar Steel India Limited
• JFE Steel India Limited
• Iron Dynamics LLC
• Tata Steel Limited
• NLMK Group
• SAIL
• Lloyds Metals and Energy Limited
• Others

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The Direct Reduced Iron Market is segmented as follows:

By Product Type

• Hot Briquetted Iron
• Cold Direct Reduced Iron

By Technology

• Gas Based
• Coal Based

By Application

• Steelmaking
• Electric Arc Furnace
• Basic Oxygen Furnace
• Foundries
• Others

By Industry Vertical

• Construction
• Automotive
• Aerospace
• Others

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Regional Coverage:

North America

• U.S.
• Canada
• Mexico
• Rest of North America

Europe

• Germany
• France
• U.K.
• Russia
• Italy
• Spain
• Netherlands
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• New Zealand
• Australia
• South Korea
• Taiwan
• Rest of Asia Pacific

The Middle East & Africa

• Saudi Arabia
• UAE
• Egypt
• Kuwait
• South Africa
• Rest of the Middle East & Africa

Latin America

• Brazil
• Argentina
• Rest of Latin America

This Direct Reduced Iron Market Research/Analysis Report Contains Answers to the following Questions.

• Which Trends Are Causing These Developments?
• Who Are the Global Key Players in This Direct Reduced Iron Market? What are the company profiles, product information, and contact details for these key players?
• What Was the Global Market Status of the Direct Reduced Iron Market? What was the capacity, production value, cost, and profit of the direct-reduced iron market?
• What is the current market status of the direct-reduced iron industry? What's the market's competition in this industry, both company-wise and country-wise? What's Market Analysis of Direct Reduced Iron Market by Considering Applications and Types?
• What Are Projections of the Global Direct Reduced Iron Industry Considering Capacity, Production, and Production Value? What Will Be the Estimation of Cost and Profit? What Will Be Market Share, Supply, and Consumption? What about imports and exports?
• What is a Direct Reduced Iron market chain analysis of upstream raw materials and downstream industries?
• What is the economic impact on the Direct Reduced Iron industry? What are Global Macroeconomic Environment Analysis Results? What Are Global Macroeconomic Environment Development Trends?
• What Are the Market Dynamics of the Direct Reduced Iron Market? What Are Challenges and Opportunities?
• What Should Be Entry Strategies, Countermeasures to Economic Impact, and Marketing Channels for Direct Reduced Iron Industry?

Click Here to Access a Free Sample Report of the Global Direct Reduced Iron Market @  https://www.custommarketinsights.com/report/direct-reduced-iron-market/

Reasons to Purchase Direct Reduced Iron Market Report

• Direct Reduced Iron Market Report provides qualitative and quantitative analysis of the market based on segmentation involving economic and non-economic factors.
• Direct Reduced Iron The Market report outlines market value (USD) data for each segment and sub-segment.
• This report indicates the region and segment expected to witness the fastest growth and dominate the market.
• Direct Reduced Iron Market Analysis by geography highlights the consumption of the product/service in the region and indicates the factors affecting the market within each region.
• The competitive landscape incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled.
• Extensive company profiles comprise a company overview, company insights, product benchmarking, and SWOT analysis for the major market players.
• Recent developments, including growth opportunities and drivers, as well as challenges and restraints in both emerging and developed regions, shape the industry's current and future market outlook.
• Direct Reduced Iron Market: Includes in-depth market analysis from various perspectives through Porter's five forces analysis and offers an overview of the market through the value chain.

Reasons for the Research Report

• The study provides a thorough overview of the global Direct Reduced Iron market. Compare your performance to that of the market as a whole.

• Aim to maintain competitiveness while innovations from established leaders drive market growth.

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What does the report include?

• Drivers, restrictions, and opportunities are among the qualitative elements covered in the worldwide Direct Reduced Iron market analysis.

• The report covers the competitive environment of current and potential participants in the Direct Reduced Iron market, along with their strategic product development ambitions.

• This study conducts a qualitative and quantitative analysis of the Direct Reduced Iron market based on the component, application, and industry vertical. Additionally, the report provides comparable data for the key regions.

• The report provides actual market sizes and forecasts for each segment mentioned above.

Who should buy this report?

• Participants and stakeholders worldwide Direct Reduced Iron market should find this report useful. The research will be useful to all market participants in the Direct Reduced Iron industry.

• Managers in the Direct Reduced Iron sector are interested in publishing up-to-date and projected data about the worldwide Direct Reduced Iron market.

• Governmental agencies, regulatory bodies, decision-makers, and organizations want to invest in Direct Reduced Iron products' market trends.

• Analysts, researchers, educators, strategy managers, and government organizations seek market insights to develop plans. 

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