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Hot Briquetted Iron Market Share, Growth, and Regional Industry Overview

The global hot briquetted iron market size was valued at USD 3.69 billion in 2022. The market is poised to surge 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 deployed in numerous iron and steel processes considering that it can be transported over long distances. The product comes as the briquetted form and is highly compacted, which restricts its exposure to air.


Fortune Business Insights™ provides this information in its research report, titled “Hot Briquetted Iron Market, 2023-2030”.


COVID-19 Impact:


Pandemic Period Recorded Production Disruptions in Light of Lockdown Restrictions


The coronavirus pandemic had a negative impact on the industry. This was due to hindrances in production processes given the enforcement of lockdown restrictions by the governments of several countries. In addition, the period registered the postponement of the facility construction plans of numerous companies.


To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit:


Segmentation:


Fe Content 90-92% Segment Held a Prominent Market Share Due to the Cost-effectiveness of the Product


Based on type, the market for hot briquetted iron is fragmented into Fe Content 90-92% and Fe Content >92%. The Fe Content 90-92% segment held the largest market share in 2022. This can be credited to the high cost-efficiency offered by this product type.


Electric Arc Furnaces Segment Records Dominant Share Driven by Small Environmental Footprint offered by the Product


Based on application, the market for hot briquetted iron is segregated into electric arc furnaces, blast furnaces, basic oxygen furnaces, and others. The electric arc furnaces segment accounts for a dominating share in the market. This can be attributed to the surging usage of the product given that it results in a smaller environmental footprint and helps improve productivity.


On the basis of geography, the market for hot briquetted iron is segmented into Asia Pacific, Europe, Latin America, North America, and the Middle East & Africa.


Report Coverage:


The report delves into the major driving and restraining factors. It also gives an overview of the vital strategies deployed by key industry players in expanding the reach of their products. Other components include the impact of COVID-19 pandemic and latest industry trends, among others.


Drivers and Restraints:


Market Value to Surge Due to Escalating Inclination toward Environmentally Sustainable Iron Production


The rising consumer demand for greener products and an upsurge in environmental regulations have led to a greater emphasis on environmentally sustainable production. Hot briquetted iron provides better energy efficiency and emits lower greenhouse gases, providing an eco-friendly alternative to conventional blast furnaces. This is set to drive the market growth over the forecast period.


However, the high costs associated with product operation may restrain the hot briquetted iron market growth in the coming years.


Regional Insights:


Europe Held a Key Share Driven by Increasing Deployment of Newer Steel Incorporation Processes


Europe hot briquetted iron market share is anticipated to record notable expansion over the analysis period. The region accounted for the largest share in the market in 2022. The rise is due to the growing adoption of innovative technologies and newer processes by automotive companies for the incorporation of steel in the automotive.


The Latin America market is poised to register appreciable growth over the forecast period. The expansion is due to the growing infrastructure demand in the region.


List of Key Players Mentioned in the Report:


METALLOINVEST MC LLC (Russia)
Voestalpine Group (US)
Cleveland-Cliffs Inc. (US)
ArcelorMittal (Luxembourg)
Libyan Iron and Steel Company (Libya)
Orinoco Iron SCS (Venezuela)
QATAR STEEL (Qatar)
COMSIGUA CA (Venezuela)
Jindal Shadeed Iron & Steel LLC (Oman)
JSW Group (India)
Information Source-https://www.fortunebusinessinsights.com/hot-briquetted-iron-market-108649