Direct Reduced Iron Market Segmentation:
Forms Segment Analysis
In terms of form segmentation, the pellets segment in the direct reduced iron market is predicted to hold the largest revenue share of 47% by 2035. The direct reduced iron pellets are made up of run-of-mine iron ores. In addition, iron ore pellets can provide several advantages, such as the common size and composition of iron ore pallets that help to ensure that there will be consistent feedstocks in the DRI process. With the consistency of these iron balls, it is thus easier to achieve a safe and controlled reduction process. The iron ore pellets have a high iron content of around 70%, which allows them to be more efficient in reducing and results in increased dried mineralization yields.
Production Process Segment Analysis
Direct reduced iron market share from the gas based segment is expected to surpass 53% by the end of 2035. Gas-based production is essentially a reverse current process in which hot and highly reducing gases are used to make lump iron ore or pellets into metallic iron. Compared to other processes, gas-based production is relatively efficient in terms of benefits provided by the Gas Production Process. The way this is done makes it possible to control the reduction process as precisely as other iron-making processes, resulting in lower energy consumption. Furthermore, owing high adoption of natural gas and considering environmental concerns the growth of this segment is predicted to grow in the projected period. The world's consumption of natural gas amounted to approximately 3,84 trillion cubic meters in 2022.
Our in-depth analysis of the global market includes the following segments:
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