Pune, India, Dec. 18, 2023 (GLOBE NEWSWIRE) -- The global hot briquetted iron market size was valued at USD 3.69 billion in 2022 and is slated to rise from USD 3.80 billion in 2023 to USD 5.82 billion by 2030, exhibiting a CAGR of 6.3% over the study period.
Hot Briquetted Iron (HBI) is a compacted form of DRI (Direct Reduced Iron) and is known for its superior metallurgical and physical properties. The market growth is being driven by the surging investment in infrastructure and construction activities.
Fortune Business Insights™ provides this information in its research report, titled “Hot Briquetted Iron Market, 2023-2030”.
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List of Key Players Mentioned in the Hot Briquetted Iron Market Report:
- METALLOINVEST MC LLC (Russia)
- Voestalpine Group (U.S.)
- Cleveland-Cliffs Inc. (U.S.)
- ArcelorMittal (Luxembourg)
- Libyan Iron and Steel Company (Libya)
- Orinoco Iron S.C.S. (Venezuela)
- QATAR STEEL (Qatar)
- COMSIGUA CA (Venezuela)
- Jindal Shadeed Iron & Steel LLC (Oman)
- JSW Group (India)
Report Scope & Segmentation:
| Report Attributes | Details |
| Forecast Period | 2023-2030 |
| Forecast CAGR | 6.3% |
| 2030 Value Projection | USD 5.82 Billion |
| Market Size in 2022 | USD 3.69 Billion |
| Historical Data | 2019-2021 |
| No. of Pages | 210 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
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| Regions Covered |
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| hot briquetted iron market Growth Drivers | Europe Accounted for the Largest Share Impelled by Surging Demand for Steel Products |
| Electric Arc Furnaces Segment Registers Major Share Owing to the High Iron Content of the Product |
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/hot-briquetted-iron-market-108649
Segmentation:
Fe Content 90-92% Segment Recorded a Dominating Share Driven by High Consumption of the Product
Based on type, the market for hot briquetted iron is segmented into Fe Content >92% and Fe Content 90-92%. The Fe Content 90-92% segment accounted for a dominant share in the market in 2022. This was mainly due to the high consumption of the product considering its cost-efficiency.
Electric Arc Furnaces Segment Registers Major Share Owing to the High Iron Content of the Product
By application, the market for hot briquetted iron is subdivided into electric arc furnaces, basic oxygen furnaces, blast furnaces, and others. The electric arc furnaces segment holds a key share of the global market. This is due to the growing product deployment on account of low impurities and high iron content.
Based on geography, the market for hot briquetted iron has been analyzed across Asia Pacific, Europe, North America, Latin America, and the Middle East & Africa.
Report Coverage:
The report offers an in-depth analysis of the major industry trends. It further provides an insight into the pivotal steps undertaken by leading companies for expanding their geographical footprint. The report also covers an insight into the key driving and restraining factors.
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Drivers and Restraints:
Growing Adoption of Steel-Associated Products to Drive Industry Expansion
The hot briquetted iron market growth is being driven by the soaring consumption of steel-associated products in the building & construction and automotive industries. Structural steel is widely deployed for constructing parking garages, residential buildings, and industrial sheds, among others.
However, the high initial investment and operating costs associated with the product may hinder industry expansion to some extent.
Regional Insights:
Europe Accounted for the Largest Share Impelled by Surging Demand for Steel Products
Europe held a dominant position in the global market. The hot briquetted iron market share in the region is set to expand at a significant rate over the forecast period. The expansion can be attributed to the soaring steel demand from the building and construction sector.
The North America is anticipated to exhibit substantial expansion over the analysis period. This can be credited to the surging steel deployment in various applications such as automotive, oil & gas, appliances, industrial machines, and construction.
Competitive Landscape:
Leading Industry Players Ink Partnership Agreements to Strengthen Market Footing
Key market players are formulating and adopting a range of strategic initiatives to strengthen their industry footholds. These comprise merger agreements, partnerships, acquisitions, collaborations, and research activities. These steps are being undertaken for the expansion of product reach.
Key Industry Development:
April 2022 – ArcelorMittal secured an 80% stake in a Texas-based hot briquetted iron plant owned by Voestalpine. The deal would ensure supply security to ArcelorMittal facilities and help strengthen the company’s market position.
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Detailed Table of Contents:
- Market Overview
- Product Overview and Scope of Hot Briquetted Iron Market
- Hot Briquetted Iron Market Segment by Type
- Global Market Sales Growth Rate Comparison by Type (2019 VS 2023 VS 2030)
- Fe Content 90-92%
- Fe Content >92%
- Hot Briquetted Iron Market Analysis by Application
- Market Sales Comparison by Application (2023 VS 2030)
- Electric Arc Furnaces
- Blast Furnaces
- Basic Oxygen Furnaces
- Others
- Hot Briquetted Iron Market Growth Prospects
- Global Market Revenue Estimates and Forecasts (2023-2030)
- Global Market Sales Estimates and Forecasts (2023-2030)
- Global Market Size Estimates and Forecasts by Region: 2019 VS 2023 VS 2030
- Global Trade Flow
- Coronavirus Disease (COVID-19) Impact on Global
- Hot Briquetted Iron Market Competition by Manufacturers
- Global Market Sales and Market Share by Manufacturer
- Global Market Revenue and Market Share by Manufacturer
- Global Market Average Price by Manufacturers
- Manufacturers Hot Briquetted Iron Production Sites, Area Served, Product Types
- Market Competitive Situation and Trends
- Market Concentration Rate
- Global Top 5 and Top 10 Players Market Share by Revenue in 2023
- Mergers & Acquisitions, Expansion
- Hot Briquetted Iron Market Scenario by Region
- Global Hot Briquetted Iron Market Scenario in Consumption by Region: 2019-2023
- Global Market Consumption by Region
- Global Market Consumption Share by Region
- North America Market Consumption
- North America Market Consumption by Country (2019-2023)
- North America Market Revenue by Country (2019-2023)
- United States Market Consumption and Growth (2019-2023)
- Canada Market Consumption and Growth (2019-2023)
- Europe Market Consumption
- Europe Market Consumption by Country (2019-2023)
- Europe Market Revenue by Country (2019-2023)
- Germany Market Consumption and Growth (2019-2023)
- UK Market Consumption and Growth (2019-2023)
- France Market Consumption and Growth (2019-2023)
- Italy Market Consumption and Growth (2019-2023)
- Russia Market Consumption and Growth (2019-2023)
- Asia Pacific Market Consumption
- Asia Pacific Market Consumption by Country (2019-2023)
- Asia Pacific Market Revenue by Country (2019-2023)
- China Market Consumption and Growth (2019-2023)
- Japan Market Consumption and Growth (2019-2023)
- Southeast Asia Market Consumption and Growth (2019-2023)
- Korea Market Consumption and Growth (2019-2023)
- India Market Consumption and Growth (2019-2023)
- Latin America Market Consumption
- Latin America Market Consumption by Country (2019-2023)
- Latin America Market Revenue by Country (2019-2023)
- Brazil Market Consumption and Growth (2019-2023)
- Mexico Market Consumption and Growth (2019-2023)
- Middle East and Africa Market Consumption
- Middle East and Africa Market Consumption by Country (2019-2023)
- Middle East and Africa Market Revenue by Country (2019-2023)
- Saudi Arabia Market Consumption and Growth (2019-2023)
- UAE Market Consumption and Growth (2019-2023)
- Egypt Market Consumption and Growth (2019-2023)
- Nigeria Market Consumption and Growth (2019-2023)
- South Africa Market Consumption and Growth (2019-2023)
- Global Hot Briquetted Iron Market Scenario in Consumption by Region: 2019-2023
TOC Continued...!
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Read Related Insights:
Direct Reduced Iron Market to Hit USD 57.57 Billion by 2029 | With a 9.0% CAGR
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