DRI market forecast to reach USD 96.4 billion

A market research study projected the global direct reduced iron market will reach USD 96.4 billion by 2034, a rise that would increase feedstock demand for steelmakers.

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2034 market size projection

Data showed the study put the market at USD 46.8 billion in 2024 and at USD 50.3 billion in 2025, and forecast a 7.5% compound annual growth rate from 2025 through 2034. The projection almost doubles the market value over the decade, the study said.

The study cited technology adoption and decarbonisation policy as the main drivers, and named industry participants including MIDREX technologies, KOBE STEEL, Ltd., Jindal steel and power, Metinvest Holding LLC and Nucor Corporation among others. Data showed these suppliers and steelmakers account for a sizeable share of current DRI capacity and technology supply.

If the forecast is realised, the study said demand for lower-carbon iron feedstocks would rise, which could prompt additional capital investment in DRI plants and alter feedstock sourcing across seaborne iron ore markets. The timing and scale of any capacity additions will depend on corporate capex decisions and policy signals.

Look for updated corporate capital-expenditure plans and policy guidance by December 31, 2026, which will indicate whether firms move to accelerate DRI projects.