At 7.2% CAGR, the Middle East & Africa Direct Reduced Iron (DRI) Market is projected to be worth US$ 27,608.12 million by 2030, says Business Market Insights

According to Business Market Insights research, the Middle East & Africa Direct Reduced Iron (DRI) Market was valued at US$ 16,966.67 million in 2023 and is expected to reach US$ 27,608.12 million by 2030, registering a CAGR of 7.2% from 2023 to 2030. Rise in steel production and use expansion of direct reduced iron plants attributed to the Middle East & Africa Direct Reduced Iron (DRI) Market expansion.     

Awareness regarding carbon emissions and taking a step ahead in achieving sustainable goals is the primary concern for manufacturing industries. Carbon emissions from manufacturing industries prominently contribute to the greenhouse gas generated throughout the world. According to the World Steel Association, the steel industry generated 3 billion tons of CO2 in 2021. CO2 emissions from the steel industry alone contribute to ~7–9% of overall greenhouse gas emissions, leading to a huge impact on the climate. Various government bodies are taking initiatives to reduce carbon emission levels to achieve a sustainable future. The hydrogen-based technology for ironmaking is one such process for nullifying carbon emissions by replacing coke and fossil fuel in traditional blast furnace-based steelmaking.

On the contrary, shortage of high-quality raw material hampers the Middle East & Africa Direct Reduced Iron (DRI) Market.  

Based on route of from, the Middle East & Africa Direct Reduced Iron (DRI) Market is segmented into lumps, pellets, and fine. The pellets held 88.2% share of Middle East & Africa Direct Reduced Iron (DRI) Market in 2023, amassing US$ 14,968.96 million. It is projected to garner US$ 24,532.02 million by 2030 to expand at 7.3% CAGR during 2023–2030. 

Based on production process, the Middle East & Africa Direct Reduced Iron (DRI) Market is segmented into coal based, and gas based. The gas-based segment held 88.2% share of Middle East & Africa Direct Reduced Iron (DRI) Market in 2023, amassing US$ 14,968.96 million. It is projected to garner US$ 24,532.02 million by 2030 to expand at 7.3% CAGR during 2023–2030.

Based on application, the Middle East & Africa Direct Reduced Iron (DRI) Market is segmented into steel making, and construction. The steel making segment held 53.4% share of Middle East & Africa Direct Reduced Iron (DRI) Market in 2023, amassing US$ 9,068.49 million. It is projected to garner US$ 14,435.15 million by 2030 to expand at 6.9% CAGR during 2023–2030.

Based on country, the Middle East & Africa Direct Reduced Iron (DRI) Market has been categorized into the Iran, Saudi Arabia, UAE, and rest of Middle East & Africa. Our regional analysis states that the Iran captured 52.4% share of Middle East & Africa Direct Reduced Iron (DRI) Market in 2023. It was assessed at US$ 8,923.72 million in 2023 and is likely to hit US$ 15,085.42  million by 2030, exhibiting a CAGR of 7.8% during the forecast period.      

Key players dominating the Middle East & Africa Direct Reduced Iron (DRI) Market are Nucor Corp; Kobe Steel Ltd; SMS Group GmbH; Voestalpine AG; JSW Steel Ltd; Tenova SpA; Liberty Steel Group Holdings UK Ltd; and Bharat Engineering Works Pvt Ltd.

• The company produces DRI through energiron technology. It is the innovative HYL Direct Reduction technology designed to use different types of reducing gas sources or pure H2 to reduce iron ores into metallic iron for its use in melting facilities for producing a wide set of high-quality steels. The continuous development, optimization, and maturity achieved by the energiron DR Process gives the flexibility to offer tailor made solutions for each user.

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