Direct Reduced Iron Industry Growth: USD 60 Billion by 2034 at a CAGR of 7.6%
The direct reduced iron market value is expected to rise from USD 28,195.90 million in 2024 to USD 60,013.60 million by 2034. This market is ****yzed to surge ahead at a CAGR of 7.60% over the next decade.
Significant changes in the steel industry are pushing forward the demand for direct reduced iron. Presently, the steel industry is going through a pivotal shift toward lower-carbon production. This is raising the demand for alternative technologies like direct reduced iron.
The production of direct reduced iron is projected to separate from steel production, as the global steel sector gradually decarbonizes. More iron ore is expected to be processed in places where renewable energy sources are available and where cheap green hydrogen can be produced.
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