Global Direct Reduced Iron (DRI) Market: Snapshot
Increased production of electric arc furnaces (EAF) is projected to generate promising sales opportunities for vendors working in the global direct reduced iron (DRI) market during the forecast period 2020–2030. Based on the production process, the products from the market for direct reduced iron (DRI) are divided into two parts, namely, coal-based and gas-based.
TMR’s upcoming research report on the direct reduced iron (DRI) market provides complete study of important factors shaping the growth of this market. Thus, the report offers deep explanation on drivers, challenges, restraints, and growth opportunities in this market in the forthcoming years. Moving forward, the present study sheds light on several important statistics such as shares, volume, and revenues of the market for direct reduced iron (DRI).
The research report performs bifurcation of the global direct reduced iron (DRI) market based on many important parameters such as production process, application, form, and region. Based on form, the market for direct reduced iron (DRI) is classified into two parts, namely, pellets and lumps.
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Global Direct Reduced Iron (DRI) Market: Growth Dynamics
In recent few years, many companies engaged in the steel manufacturing industry are shifting from blast furnace (BF)/blast oxygen furnace (BOF) to EAF. This strategy is helping steel manufacturers in advancing the quality of steel they produce, improve their profit margins, and help in reducing CO2 emissions. This scenario is creating lucrative avenues for the vendors working in the global direct reduced iron (DRI) market.
Direct reduced iron (DRI) helps the companies working in the steel manufacturing industry for the production of cost-effective carbon steel, which is used in the manufacturing of high-quality flat products. Owing to this factor, there is remarkable growth in the use of direct reduced iron (DRI) in this industry. Apart from this, many players in the global direct reduced iron (DRI) market are estimated to witness promising sales opportunities as the rising prices of steel scrap together with increased restrictions on scrap imports are compelling steel manufacturers to select direct reduced iron (DRI) over other options.
Global Direct Reduced Iron (DRI) Market: Competitive Analysis
The global direct reduced iron (DRI) market experiences presence of many well-entrenched players. This scenario connotes that the competitive landscape of the market for direct reduced iron (DRI) is highly intense, which makes the entry of new players quite difficult.
To maintain leading position in the direct reduced iron (DRI) market, key players are using several organic as well as inorganic strategies. Some of the important strategies include collaborations, partnerships, joint ventures, and strengthening of production capabilities.
The list of key players in the global direct reduced iron (DRI) market includes:
- AM/NS India
- Tuwairqi Steel Mills
- Khouzestan Steel Company
- Ferrominera Orinoco (FMO)
- Mobarakeh Steel Company
- Venezolana de Prerreducidos Caroní C.A. (Venprecar)
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Global Direct Reduced Iron (DRI) Market: Regional Assessment
In terms of region, the global direct reduced iron (DRI) market shows existence in many regions including North America, Europe, Latin America, South Asia and Pacific, East Asia, and the Middle East and Africa. The market for direct reduced iron (DRI) experiences promising growth opportunities in India and several countries in the Middle East. These countries account for around 50% of direct reduced iron (DRI) production. The direct reduced iron (DRI) market is expected to continue this trend of production in these countries.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.