Direct Reduced Iron (DRI) Market By Production Technology (Gas-Based, Coal-Based, Hydrogen-Based); By Form (Hot DRI, Cold DRI); By Application (Electric Arc Furnaces, Induction Furnaces, Others); By Geography, Segment Revenue Estimation, Forecast, 2024–2030

Introduction And Strategic Context

The Global Direct Reduced Iron ( DRI ) Market will witness a resilient CAGR of 7.2% , valued at approximately $32.4 billion in 2024 , and projected to reach nearly $52.7 billion by 2030 , confirms Strategic Market Research.

 

Direct reduced iron — often referred to as sponge iron — has carved out a critical role in decarbonizing steel production. Unlike traditional blast furnaces that rely on coke, DRI is produced by directly reducing iron ore using natural gas or hydrogen. That shift dramatically reduces carbon emissions, which is why DRI has become a strategic lever for low-carbon steelmaking across the globe.

 

From 2024 to 2030, DRI isn’t just another feedstock. It’s a climate pivot. Global steelmakers, under pressure from both policymakers and investors, are racing to decarbonize. As a result, DRI is emerging as the go-to input for electric arc furnaces (EAFs), especially in greenfield steel plants in Europe and Asia. These plants aim to bypass the carbon-heavy coke ovens altogether.

 

Several macro forces are driving the DRI market into focus:

• Energy transition and climate policy : With carbon pricing expanding in the EU, Canada, and potentially the U.S., steelmakers face steep penalties for emissions. DRI offers a direct path to compliance.

• Hydrogen infrastructure buildout : As green hydrogen becomes more cost-competitive, hydrogen-based DRI could replace natural gas routes in select geographies. This could redefine the economics of steelmaking over the next decade.

• Raw material volatility : DRI provides greater flexibility in using different iron ore grades. That’s appealing in a market where pellet and lump ore availability fluctuates based on geopolitical tensions and export restrictions (e.g., India, Brazil).

• Circularity in steel : Steel scrap is limited in quality and quantity, especially for flat products. DRI blended with scrap in EAFs fills that gap — ensuring quality without sacrificing sustainability.

The market is pivoting faster than many expected. Saudi Arabia and Oman are scaling up DRI production with low-cost gas. In Europe, companies like SSAB and ArcelorMittal are integrating hydrogen-based DRI into their decarbonization roadmaps. Even traditionally coal-heavy players in India are exploring syngas-based DRI to stay ahead of tightening environmental norms.

 

Key stakeholders across this ecosystem include:

• Iron ore miners : Supplying DRI-grade pellets with specific chemistry and low gangue content.

• Steelmakers and EAF operators : Especially those transitioning from BF-BOF routes to hybrid or full-EAF operations.

• Technology licensors and plant engineers : Players like Midrex and Tenova HYL are key here.

• Hydrogen producers and gas suppliers : As DRI moves from gas to hydrogen, these companies will control cost structures.

• Governments and regulatory bodies : Shaping demand through emissions caps, subsidies for green hydrogen, and support for new infrastructure.

To be honest, DRI was once seen as niche. Today, it’s at the center of a generational transformation in steel. Over the next five years, it could shift from a tactical raw material to a strategic requirement in the global race for low-carbon steel.

 

Market Segmentation And Forecast Scope

The direct reduced iron market splits along a few critical lines — each shaped by shifting decarbonization priorities, fuel availability, and downstream steelmaking preferences. For this report, we segment the market across four primary dimensions:

By Production Technology

• Gas-Based DRI : Uses natural gas to reduce iron ore. It’s currently the most common method, especially in the Middle East and parts of Latin America. In 2024 , this segment represents roughly 76% of the market, primarily due to mature adoption of Midrex and HYL processes.

• Coal-Based DRI : More common in India and other coal-rich nations, where cost advantages outweigh environmental drawbacks. However, this method faces mounting pressure from regulators and sustainability-conscious investors.

• Hydrogen-Based DRI : Still in early stages but drawing serious attention. Pilots are underway in Sweden, Germany, and Japan. This subsegment is expected to be the fastest growing through 2030, as green hydrogen infrastructure expands and costs decline.

Hydrogen-based DRI may only make up a sliver of today’s production, but it’s where most of the strategic capital is flowing.

 

By Form

• Hot DRI (HDRI) : Fed directly into electric arc furnaces at high temperatures, reducing energy demand in the melting process. HDRI improves furnace productivity and reduces electricity consumption — a major plus in energy-constrained markets.

• Cold DRI (CDRI) : Cooled and stored after reduction. Easier to transport and stockpile, making it more practical for export markets or locations with long furnace restart cycles.

The choice between HDRI and CDRI often depends on how vertically integrated the plant is. Integrated setups favor HDRI for efficiency, while merchant producers lean on CDRI for flexibility.

 

By Application

• Electric Arc Furnaces (EAFs) : The primary destination for DRI. These furnaces rely on DRI either as a primary feedstock or to supplement steel scrap. The EAF segment dominates DRI consumption and is set to grow as more regions shift away from traditional blast furnaces.

• Induction Furnaces : Used in specific geographies like India for small-to-mid scale steelmaking. These furnaces also use DRI, particularly in areas with limited scrap supply or variable electricity grids.

• Others : Includes DRI used in foundries, alloy steel production, and emerging micro mill applications.

 

By Region

• Middle East & Africa : Leading the market thanks to natural gas availability and large-scale DRI capacity in countries like Iran and Saudi Arabia.

• Asia Pacific : India is the largest coal-based DRI producer globally. However, the region also includes emerging hydrogen DRI pilots in China, South Korea, and Japan.

• North America : Growing EAF demand, especially in the U.S., is creating new DRI supply chains, including investments in local pelletizing and HDRI units.

• Europe : Focused on decarbonization . Demand for hydrogen-based DRI is expected to grow sharply, but supply remains constrained by hydrogen infrastructure.

• Latin America : Brazil is an emerging player with gas-based DRI potential, especially tied to its renewable energy advantages and pellet supply.

Scope Note: While gas-based DRI dominates today, all signs point to hydrogen-based methods gaining ground. EAFs will continue to anchor demand, but regional differences in energy pricing, ore quality, and emissions policy will keep this market highly segmented. Strategic planning must factor in where supply is built — and whether local infrastructure can support HDRI or green hydrogen adoption.

 

Market Trends And Innovation Landscape

The direct reduced iron market is entering a pivotal era of innovation. While the basic chemistry hasn’t changed much in decades, the drivers behind DRI production—and how it’s integrated into steelmaking—are evolving fast. Technology, policy, and capital are aligning in ways that could make DRI the anchor of low-carbon steelmaking.

1. Hydrogen-Based DRI Moves from Concept to Reality

The single most talked-about shift? Replacing natural gas with green hydrogen . Several large-scale pilots are already underway:

• HYBRIT in Sweden , backed by SSAB, LKAB, and Vattenfall , is producing fossil-free steel using hydrogen-based DRI.

• ArcelorMittal is retrofitting its Spanish facilities to accommodate hydrogen in its DRI units, aiming for commercial output before 2030.

• Japan’s COURSE50 and SuperCOURSE50 programs are experimenting with hydrogen-rich gas blends to reduce coal-based emissions.

This isn’t just theoretical anymore. As one steel exec in Europe put it, “In five years, if you're still building gas-only DRI, you're building for obsolescence.”

The tech isn’t flawless yet—green hydrogen is still expensive, and electrolyzer capacity remains limited. But infrastructure investments across the EU, Gulf, and parts of Asia suggest we’re past the point of no return.

 

2. Midrex and Tenova Doubling Down on Low-Carbon Technology

The two leading DRI licensors— Midrex and Tenova HYL —are racing to future-proof their platforms.

• Midrex is now offering modules that can flexibly switch between natural gas and hydrogen, allowing producers to phase in cleaner feedstocks as they become available.

• Tenova’s ENERGIRON technology includes carbon capture modules by default, aimed at reducing total CO2 emissions by up to 90%.

Expect newer DRI plants to bake in this flexibility from day one. Retrofitting older systems is still tricky and capital-intensive, but newer designs are built to adapt to whatever fuel mix is economically or politically viable in a given region.

 

3. Integration of HDRI and EAF Automation

One less obvious—but equally transformative—trend is how DRI and electric arc furnaces (EAFs) are being integrated into single continuous meltshops . This allows for hot DRI (HDRI) to be fed directly into the furnace, minimizing energy loss and improving metallurgical efficiency.

What’s changing now is the level of automation and real-time process control . Players are starting to link DRI temperature sensors with furnace melt models, optimizing charge ratios, electrical load, and tap-to-tap times. That’s turning steelmaking into a software-driven process—not just a chemical one.

“It’s not just about the DRI anymore,” noted a process engineer in the U.S. “It’s about how well you can integrate it into a fully digital furnace operation.”

 

4. Merchant DRI Supply Is Emerging as a Growth Market

Traditionally, most DRI was produced and consumed on-site. But that’s shifting. Companies like Emirates Steel , Metinvest , and even new entrants in Latin America are setting up merchant DRI operations to serve EAFs across borders.

This trend is particularly strong in:

• Middle East , where low-cost gas gives DRI producers a competitive edge.

• North America , where steelmakers increasingly prefer merchant HDRI over scrap due to quality consistency.

• Europe , where scrap imports face tighter regulations and DRI offers a cleaner input route for premium steel.

That means DRI is becoming a tradable commodity —not just a captive input.

 

5. Carbon Capture and CCUS Integration

A less flashy, but essential trend is the integration of carbon capture, utilization, and storage (CCUS) into existing gas-based DRI plants. Midrex and ArcelorMittal are already testing CCUS modules at pilot scale. The idea is simple: even if you can’t use green hydrogen today, you can still cut your emissions footprint significantly.

For markets like the U.S. and Europe that offer carbon credits or tax rebates, this can shift project economics dramatically.

Bottom Line : DRI is no longer just a fuel substitution story. It’s being transformed by green hydrogen, smarter automation, modularity in plant design, and emerging merchant dynamics. If hydrogen and EAFs are the backbone of low-carbon steel, DRI is quickly becoming the spine.

 

Competitive Intelligence And Benchmarking

The direct reduced iron (DRI) market isn’t crowded, but it’s extremely strategic. A handful of global players — from licensors to producers to steelmakers — are shaping its future. Each one is staking out different positions based on technology, regional resource advantages, and decarbonization urgency.

Let’s walk through the major names driving the competitive landscape:

Midrex Technologies

• Core Role : The dominant DRI technology licensor globally.

• Edge : Proven reliability with 70+ operating plants. Recent focus is on hydrogen-capable upgrades and flexible modules that allow blending of natural gas and H2.

• Global Reach : Strong in the Middle East (e.g., Emirates Steel, Qatargas ), and expanding in the U.S. and Europe.

• Insight : Midrex is increasingly offering digital twins and remote optimization services — a shift from plant builder to process intelligence partner.

 

Tenova (ENERGIRON)

• Positioning : Challenger to Midrex with stronger focus on carbon capture and emissions tracking.

• Differentiator : Built-in CCUS readiness. Their plants can cut CO2 emissions by 90% with proper infrastructure.

• Geographic Strategy : Targeting regions with ambitious green steel plans like the EU and Japan.

• Insight : Tenova’s bet is that customers will need retrofit-friendly systems as carbon taxes rise — and they're designing accordingly.

 

ArcelorMittal

• Profile : The world’s second-largest steelmaker is betting big on hydrogen-based DRI.

• Actions : Retrofitting existing plants in Spain and Germany; co-investing in electrolyzer infrastructure to control fuel supply.

• Vertical Strategy : Integrating DRI into their EAF operations while reducing reliance on scrap.

• Insight : ArcelorMittal isn’t just adopting DRI — they’re building the upstream energy supply to make green DRI viable at scale.

 

JSPL (Jindal Steel and Power Limited)

• Strength : One of the largest producers of coal-based DRI globally, with core operations in India.

• Tactics : Investing in syngas-based alternatives to reduce emissions from coal-based reduction.

• Challenge : Facing regulatory pressure from India’s climate goals and shifting investor preferences.

• Insight : JSPL is likely to transition from coal to blended fuels — but infrastructure constraints remain a wildcard.

 

Emirates Steel Arkan

• Edge : Operates one of the largest gas-based DRI facilities using Midrex tech.

• Strategy : Looking to scale up merchant HDRI exports to EAFs in Asia and Europe.

• Export Vision : Positioned to become a hub for low-carbon iron exports, thanks to UAE’s natural gas access and renewable energy roadmap.

• Insight : If hydrogen costs drop, Emirates Steel could become a powerhouse in hydrogen DRI exports.

 

Cleveland-Cliffs

• Position : North America’s largest flat-rolled steel producer with integrated DRI and EAF capabilities.

• Key Move : Acquired AK Steel and built the Toledo DRI plant in Ohio.

• Integration Focus : Using DRI to reduce dependency on premium scrap and improve control over input chemistry.

• Insight : Cliffs is one of the few U.S. players with fully domestic DRI-EAF integration — a big win for local resilience.

 

Metinvest (Ukraine)

• Profile : Eastern European steelmaker exploring gas-based DRI for post-conflict rebuild.

• Challenges : Infrastructure damage and supply chain risks due to ongoing conflict.

• Opportunity : Strong ore reserves and proximity to EU markets position Metinvest well — if stability returns.

• Insight : Metinvest’s DRI ambitions are on hold, but its long-term potential could attract EU climate funding.

 

Competitive Landscape Summary

• Tech licensors ( Midrex , Tenova ) are the backbone of DRI capacity expansion.

• Steelmakers like ArcelorMittal and Cleveland-Cliffs are shifting toward vertical DRI-EAF integration to reduce emissions and improve cost control.

• Gas-rich regions (e.g., UAE, Oman) have a head start in producing low-cost DRI for export.

• Coal-based DRI players (like JSPL) face rising pressure to transition — and those who adapt quickly will lead in emerging markets.

To be honest, this isn’t a market about who can build the most plants. It’s about who can build the right kind of DRI capacity — flexible, low-carbon, and tightly integrated with modern steelmaking workflows.

 

Regional Landscape And Adoption Outlook

The global DRI market is anything but uniform. Adoption patterns vary dramatically across regions — shaped by energy access, emissions policy, steelmaking infrastructure, and ore quality. Some countries are already world leaders in DRI production. Others are just starting to explore it as a path to cleaner steel.

Here’s how things are playing out by region:

Middle East & Africa (MEA)

This region leads global DRI production — and not by accident.

• Natural gas availability has made it the ideal location for gas-based DRI, with countries like Iran, Saudi Arabia, and the UAE hosting some of the world’s largest and most efficient Midrex -based plants.

• Saudi Arabia’s Vision 2030 includes hydrogen infrastructure buildout, positioning it to shift from gas-based to green hydrogen DRI .

• Oman is actively courting investors for merchant DRI production linked to solar-powered hydrogen.

DRI here is both a domestic steel feedstock and a future export commodity . HDRI is already being tested for long-distance export — including to Europe — as buyers seek low-CO2 alternatives to scrap.

If hydrogen economics improve, MEA could become the first region to mass-export green DRI pellets to EAF operators worldwide.

 

Asia Pacific

Asia is the largest consumer of steel — and a highly fragmented DRI story.

• India dominates in coal-based DRI, largely produced in induction furnace-based mini-mills. However, environmental pressure is mounting. The Indian government has introduced carbon accounting schemes that could penalize coal-heavy production.

• China is prioritizing hydrogen DRI pilots as part of its dual carbon goals. Several state-owned enterprises are running hydrogen-blended reduction tests in coastal industrial parks.

• Japan and South Korea are investing heavily in green hydrogen routes, backed by national net-zero commitments. DRI is central to these countries’ plans to retrofit blast furnace operations or shift toward EAFs.

That said, infrastructure challenges and ore quality variation remain constraints — especially for hydrogen-based DRI.

Bottom line? APAC is a mixed bag: India is still coal-driven, while North Asia is racing toward clean-tech pilots.

 

North America

North America, particularly the United States , is experiencing a quiet revolution in DRI.

• Electric arc furnace adoption is rising fast, replacing legacy integrated mills. DRI is being used to supplement or replace prime scrap in EAFs.

• Cleveland-Cliffs’ Toledo plant is the largest DRI facility in the U.S., designed to feed internal EAFs and reduce dependency on volatile scrap prices.

• Low-emissions incentives , such as the Inflation Reduction Act and local tax credits for clean steel, are accelerating interest in hydrogen-capable DRI.

Also, expect to see more merchant DRI producers emerge in the Midwest and Texas as infrastructure improves and more EAFs come online.

The U.S. may not be leading in DRI volume, but it's leading in EAF-DRI integration strategy.

 

Europe

Europe is DRI’s most climate-motivated region — but also the most supply-constrained.

• National steelmakers are actively piloting hydrogen-based DRI . Germany’s Salzgitter and Spain’s ArcelorMittal operations are turning into case studies in low-carbon transformation.

• The EU Carbon Border Adjustment Mechanism (CBAM) is placing a real price on carbon, giving DRI a strong edge over traditional blast furnace iron.

• Europe lacks cheap gas or consistent hydrogen supply, which could limit its ability to scale DRI without importing green DRI from MENA.

Expect more joint ventures between European steelmakers and Middle Eastern suppliers — hydrogen DRI imports could fill the gap while local electrolyzers catch up.

For Europe, DRI isn’t a nice-to-have. It’s becoming a compliance requirement.

 

Latin America

Latin America, especially Brazil and Mexico , is an emerging force in DRI — though still under the radar.

• Brazil has natural gas, high-quality iron ore, and growing renewable energy capacity — the perfect recipe for low-carbon DRI.

• Mexico’s mini-mill expansion , driven by nearshoring trends and proximity to the U.S., is creating more demand for merchant DRI.

However, fragmented energy infrastructure and policy gaps are slowing broader adoption. Still, this region is well-positioned to scale DRI in the 2030s.

 

Key Regional Takeaways:

• MEA : Global leader in gas-based DRI, and poised to dominate green DRI exports.

• Asia Pacific : India leads in volume (coal-based); Japan, China, and Korea lead in hydrogen innovation.

• North America : Focused on DRI-EAF integration and domestic scrap replacement.

• Europe : Regulation is forcing rapid DRI adoption, despite supply hurdles.

• Latin America : High potential but limited current capacity.

To be honest, where you build your DRI plant might matter as much as how you build it. The best tech can’t overcome the wrong geography. And the right geography — with gas, ore, and green energy — is fast becoming the real competitive edge.

 

End-User Dynamics And Use Case

Direct Reduced Iron is mostly invisible to end consumers — but it’s become one of the most strategic raw materials inside steel plants. Its adoption depends heavily on the type of steelmaker, the technology they operate, and the geography they work in. While end-use demand for steel stays strong across construction, automotive, and infrastructure, the real DRI story unfolds behind the mill gate.

Electric Arc Furnace (EAF) Operators

This is where the bulk of DRI ends up — and it’s only growing.

• DRI is especially valuable in flat steel production , where scrap quality and chemistry consistency matter more.

• EAF producers use DRI to dilute residual elements in scrap, improving mechanical properties in high-spec applications like automotive and white goods.

• In high-efficiency setups, DRI (especially HDRI) reduces electricity consumption by keeping furnace temperatures more stable.

North American producers like Steel Dynamics and Cleveland-Cliffs have leaned hard into this model. In fact, many new mini-mills being built today include co-located DRI modules to reduce transport and energy loss.

 

Integrated Steel Plants in Transition

Large blast furnace operators — especially in Europe and Japan — are pivoting toward hybrid setups. Here’s what that looks like:

• Adding DRI modules as a first step toward full EAF conversion.

• Using DRI to blend with molten iron and gradually reduce coke dependency.

• Piloting hydrogen DRI + EAF systems to meet regulatory emissions targets.

In these plants, DRI is part of the decarbonization roadmap. It’s not just about cost — it’s about meeting ESG targets, avoiding penalties, and retaining customers demanding green steel.

 

Mini-Mills and Induction Furnace Operators

In countries like India, Bangladesh, and parts of Africa , mini-mills often rely on coal-based DRI fed into induction furnaces .

• These setups are lower-cost but higher-emission.

• DRI is essential because scrap availability is limited or inconsistent.

• As regulators increase pressure on emissions, many of these producers are exploring syngas or blended fuel DRI routes.

To be honest, this segment is where the largest shift needs to happen. The potential to decarbonize is high — but capital constraints and infrastructure gaps make the transition slow.

 

Emerging Merchant DRI Consumers

A newer trend is the rise of merchant DRI customers — mills that buy DRI from third-party producers instead of making it in-house. This is growing in:

• Europe , where hydrogen-based DRI imports could bridge supply gaps.

• Latin America , where small-to-mid scale EAF operators don’t have the scale to justify their own DRI plant.

• Southeast Asia , where infrastructure for scrap import is strained.

This shift opens up a logistics and supply chain angle to DRI — turning it from an internal process into a traded raw material.

 

Use Case Highlight

A steel mill in Northern Spain , part of ArcelorMittal’s operations, faced a regulatory deadline to reduce Scope 1 emissions by 35% before 2030. Instead of shutting down blast furnaces, the company installed a hydrogen-capable DRI module at its Gijón plant.

During initial pilot runs in 2024, they blended green hydrogen into the Midrex unit at a 40% ratio, cutting direct emissions by over 50% compared to traditional coke-based ironmaking.

More importantly, the DRI produced was directly fed into an upgraded EAF on-site using hot charging , slashing total energy usage and improving yield.

The project avoided €10M+ in potential carbon taxes under the EU’s CBAM regulation — and qualified the plant’s output for green steel certification, unlocking premium pricing with automotive OEMs across Europe.

 

Bottom Line: End-users don’t just “buy” DRI — they build whole strategies around it. Whether it’s a cost play, a compliance requirement, or a path to premium steel, DRI is now central to how modern steel is made. And the real transformation happens when plants pair DRI with the right furnace tech, energy source, and data integration.

 

Recent Developments + Opportunities & Restraints

Recent Developments (Last 2 Years)

• ArcelorMittal launched Europe’s first commercial hydrogen-ready DRI plant in Gijón , Spain, in late 2024. The facility is designed to run entirely on green hydrogen once supply ramps up, marking a significant milestone in the EU’s decarbonization roadmap.

• Midrex and Emirates Steel Arkan commissioned a hot briquetted iron (HBI) unit in Abu Dhabi in 2023, aiming to export low-carbon DRI to Europe and Asia. The plant includes hydrogen-ready infrastructure and has become a model for merchant DRI deployment.

• JSPL initiated syngas trials at its Angul plant in India, aiming to reduce coal usage in DRI production. The company also submitted plans to the Indian government for a pilot hydrogen blending project.

• Hydrogen Europe published guidelines for certifying green DRI in 2024, creating a foundation for carbon-credit markets and cross-border trade of low-emission iron.

• Cleveland-Cliffs signed a long-term DRI supply agreement with a U.S.-based EV manufacturer in 2023, linking clean steel supply with battery-grade material sourcing.

 

Opportunities

• Green Steel Premium Markets As automotive and appliance OEMs commit to net-zero supply chains, DRI-fed EAF steel is now eligible for green premiums. Producers that offer certified low-emission DRI can tap into new B2B channels and command better margins.

• Hydrogen Infrastructure Scaling Electrolyzer capacity is increasing rapidly in the EU, Gulf states, and East Asia. This is creating fertile ground for hydrogen-based DRI — especially in regions with excess renewable power.

• Scrap Substitution in Developed Markets DRI is becoming the go-to substitute for high-quality scrap in North America and Europe. As scrap becomes more constrained (and expensive), demand for consistent, low-residual feedstock like DRI is rising.

 

Restraints

• High Capital and Operating Costs Hydrogen-ready DRI plants require major investment. Even gas-based DRI units carry hefty upfront costs, especially if integrated with EAFs or CCUS modules. For smaller producers, this remains a real barrier.

• Hydrogen Supply Limitations Even in optimistic scenarios, green hydrogen is in short supply. Competing demand from refining, ammonia, and transport could slow its adoption in ironmaking. Without policy-driven allocation, DRI producers may struggle to source enough H2 affordably.

To be honest, DRI is at an inflection point — the tech is proven, the market appetite is real, but the economics still hinge on infrastructure and scale. Whoever solves the green hydrogen bottleneck first will take a commanding lead in low-carbon steel.

 

7.1. Report Coverage Table

Report Attribute	Details
Forecast Period	2024 – 2030
Market Size Value in 2024	USD 32.4 Billion
Revenue Forecast in 2030	USD 52.7 Billion
Overall Growth Rate	CAGR of 7.2% (2024 – 2030)
Base Year for Estimation	2024
Historical Data	2019 – 2023
Unit	USD Billion, CAGR (2024 – 2030)
Segmentation	By Production Technology, By Form, By Application, By Geography
By Production Technology	Gas-Based, Coal-Based, Hydrogen-Based
By Form	Hot DRI (HDRI), Cold DRI (CDRI)
By Application	Electric Arc Furnaces, Induction Furnaces, Others
By Region	North America, Europe, Asia-Pacific, Latin America, Middle East & Africa
Country Scope	U.S., Germany, China, India, Brazil, UAE, Japan, South Korea
Market Drivers	- Steel decarbonization targets - Hydrogen infrastructure growth - Scrap substitution in EAFs
Customization Option	Available upon request