Los Angeles, United States -- (SBWIRE) -- 10/19/2022 -- Hot Briquetted Iron (HBI) is a premium form of DRI that has been compacted at a temperature greater than 650° C at time of compaction and has a density greater than 5,000 kilograms per cubic metre (5,000 kg/m3).
HBI was developed as a product in order to overcome the problems associated with shipping and handling of DRI - due to the process of compaction it is very much less porous and therefore very much less reactive than DRI and does not suffer from the risk of self-heating associated with DRI.
Rise in demand for HBI to overcome issues associated with DRI during shipping and handling is driving the HBI market. Compaction process of HBI is less porous and reactive than DRI; therefore, it does not create self-heating issues. This, in turn, is anticipated to propel the demand for the global HBI market during the forecast period.
Due to the COVID-19 pandemic, the global Hot Briquetted Iron (HBI) market size is estimated to be worth US$ 3615.9 million in 2022 and is forecast to a readjusted size of US$ 4218 million by 2028 with a CAGR of 2.6% during the forecast period 2022-2028. Fully considering the economic change by this health crisis, Fe Content 90-92% accounting for % of the Hot Briquetted Iron (HBI) global market in 2021, is projected to value US$ million by 2028, growing at a revised % CAGR from 2022 to 2028. While Electric Arc Furnaces segment is altered to an % CAGR throughout this forecast period.
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Europe is the largest Hot Briquetted Iron (HBI) market with about 48% market share. Americas is follower, accounting for about 28% market share.
The key players are Metalloinvest, Orinoco Iron, Voestalpine, Jindal Shadeed, Qatar Steel, Essar Steel, Lisco, Comsigua, Lion Group, JSW Steel etc. Top 3 companies occupied about 80% market share.
Key Players Mentioned in the Global Hot Briquetted Iron Market Research Report:
Stena Metal Inc.
Voestalpine AG
Metalloinvest Mc Llc
Comsigua
Essar Steel
Lion Group
JSW Steel
Lisco
Qatar Steel
Metalloinvest
Global Hot Briquetted Iron Market by Process:
Gas
Coal
Global Hot Briquetted Iron Market by Application:
Electric Arc Furnace (EAF) Steelmaking
Blast Furnace Feedstock
Trim Coolant in Basic Oxygen Furnace (BOF) Steelmaking
Others
North America is a leading consumer of HBI, followed by Asia Pacific. The market in North America is estimated to expand at a rapid pace during the forecast period. Growth in industrialization in countries such as China, India, and Vietnam is expected to propel the demand for HBI for steel making processes in Asia Pacific. Revival of the economy in Europe is expected to create lucrative opportunities for HBI manufacturers that operate in the region.
Key Questions Answered in the Report Include:
This Hot Briquetted Iron report gives all the information about the industry analysis, revenue, and overview, of this market.
What will be the rate of increase in Hot Briquetted Iron market size and growth rate by the end of the forecast period?
What are the major global Hot Briquetted Iron market trends influencing the development of the market?
What are the vital results of SWOT analysis of the major players operating in the Hot Briquetted Iron market?
What are the potential growth opportunities and threats faced by Major competitors in the Hot Briquetted Iron market?
What are the market opportunities and threats faced by vendors in the Global Hot Briquetted Iron market?
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