The HBI Additives Market Size was valued at USD 257.8 Mn in 2023 and is predicted to reach USD 403.2 Mn by 2031 at a 5.9% CAGR during the forecast period for 2024-2031.
The HBI (Hot Briquetted Iron) additives market plays a vital role in the steel manufacturing industry, enhancing the quality and efficiency of steel production. HBI, a premium form of Direct Reduced Iron (DRI), requires specific additives to improve its properties, such as strength, density, and chemical composition, making it a highly sought-after material in electric arc furnaces (EAFs). The market for HBI additives is expanding due to the growing demand for high-quality steel, driven by rapid industrialization, urbanization, and infrastructural development globally. The Asia-Pacific region, particularly China and India, is a significant market for HBI additives, supported by the region's extensive steel production capabilities and increasing investments in modernizing steel plants.
North America and Europe also represent substantial markets, focusing on advanced steelmaking technologies and stringent environmental regulations, which drive the need for efficient and eco-friendly HBI additives. Technological advancements and R&D efforts are central to the competitive landscape, with key players developing innovative additive solutions to enhance the performance and sustainability of HBI in steelmaking processes. The market's growth is further propelled by the steel industry's shift towards decarbonization and the increased use of scrap steel, where HBI serves as a crucial input, thus driving demand for specialized additives.
The HBI additives market is segmented based on product type, additive type, form, and application. Based on product type, the market is segmented into binder, fluxing agents, carbonaceous materials, reducing agents, antioxidants/stabilizers, alloying elements, deoxidizers, and desulfurizes. The market is segmented by additive type into metallic and non-metallic additives. By form, the market is segmented into powders, briquettes, and granules. By application, the market is segmented into steel production and foundries and castings.
The binder segment is expected to hold a major share of the global HBI additives market in 2023. This is due to their essential role in improving the physical properties of Hot Briquetted Iron (HBI). Binders enhance the density, strength, and durability of HBI by ensuring the uniform distribution of iron fines during briquetting. They help in achieving optimal briquette formation reducing dust and fines, which are crucial for efficient handling and processing in electric arc furnaces. The effectiveness of binders in maintaining the structural integrity of HBI during storage and transportation makes them a key component in the additive formulation. This demand for high-quality, consistent HBI drives the dominance of binder products in the market, as they significantly impact the overall performance and efficiency of the steel production process.
The steel production segment is projected to grow at a rapid rate in the global HBI additives market due to increasing global demand for high-quality steel driven by infrastructure development and industrial expansion. The shift towards electric arc furnaces (EAFs) and the need for efficient, high-performance materials enhance the use of HBI and its additives. Innovations and advancements in steelmaking technology further boost the demand for specialized HBI additives to improve steel quality and production efficiency.
The North American HBI additives market is expected to register the highest market share in terms of revenue in the near future. This can be due to its advanced steel manufacturing infrastructure and focus on high-quality steel production. The region's extensive use of electric arc furnaces (EAFs), which benefit significantly from HBI additives, coupled with investments in modernizing steel plants and adhering to stringent environmental regulations, strengthens its market position. Leading steel producers in the U.S. and Canada leverage these additives to enhance product quality and operational efficiency, further solidifying North America's dominance. In addition, Asia Pacific is projected to grow at a rapid rate in the global HBI additives market due to rapid industrialization and urbanization, particularly in China and India.
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Report Attribute |
Specifications |
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Market Size Value In 2023 |
USD 257.8 Mn |
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Revenue Forecast In 2031 |
USD 403.2 Mn |
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Growth Rate CAGR |
CAGR of 5.9% from 2024 to 2031 |
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Quantitative Units |
Representation of revenue in US$ Mn, Volume (Tons) and CAGR from 2024 to 2031 |
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Historic Year |
2019 to 2023 |
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Forecast Year |
2024-2031 |
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Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
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Segments Covered |
By Product Type, Additive Type, Form, Application |
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Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South East Asia; South Korea |
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Competitive Landscape |
Elkem ASA, Glencore, Carmeuse, Lhoist, Evonik Industries, Sibelco, BASF SE, The Lubrizol Corporation, and other prominent players. |
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Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
Chapter 1. Methodology and Scope
1.1. Research Methodology
1.2. Research Scope & Assumptions
Chapter 2. Executive Summary
Chapter 3. Global HBI Additives Market Snapshot
Chapter 4. Global HBI Additives Market Variables, Trends & Scope
4.1. Market Segmentation & Scope
4.2. Drivers
4.3. Challenges
4.4. Trends
4.5. Investment and Funding Analysis
4.6. Porter's Five Forces Analysis
4.7. Incremental Opportunity Analysis (US$ MN), 2024-2031
4.8. Global HBI Additives Market Penetration & Growth Prospect Mapping (US$ Mn), 2023-2031
4.9. Competitive Landscape & Market Share Analysis, By Key Player (2023)
4.10. Use/impact of AI on HBI Additives Industry Trends
Chapter 5. HBI Additives Market Segmentation 1: By Product Type, Estimates & Trend Analysis
5.1. Market Share by Product Type, 2023 & 2031
5.2. Market Size (Value US$ Mn & Volume (Tons)) & Forecasts and Trend Analyses, 2019 to 2031 for the following Product Type:
5.2.1. Binders
5.2.2. Fluxing Agents
5.2.3. Carbonaceous Materials
5.2.4. Reducing Agents
5.2.5. Antioxidants/Stabilizers
5.2.6. Alloying Elements
5.2.7. Deoxidizers
5.2.8. Desulfurizers
Chapter 6. HBI Additives Market Segmentation 2: By Additive Type, Estimates & Trend Analysis
6.1. Market Share by Additive Type, 2023 & 2031
6.2. Market Size (Value US$ Mn & Volume (Tons)) & Forecasts and Trend Analyses, 2019 to 2031 for the following Additive Type:
6.2.1. Metallic Additives
6.2.2. Non-metallic Additives
Chapter 7. HBI Additives Market Segmentation 3: By Form, Estimates & Trend Analysis
7.1. Market Share by Form, 2023 & 2031
7.2. Market Size (Value US$ Mn & Volume (Tons)) & Forecasts and Trend Analyses, 2019 to 2031 for the following Forms:
7.2.1. Powders
7.2.2. Briquettes
7.2.3. Granules
Chapter 8. HBI Additives Market Segmentation 4: By Application, Estimates & Trend Analysis
8.1. Market Share by Application, 2023 & 2031
8.2. Market Size (Value US$ Mn & Volume (Tons)) & Forecasts and Trend Analyses, 2019 to 2031 for the following Applications:
8.2.1. Steel Production
8.2.2. Foundries and Castings
Chapter 9. HBI Additives Market Segmentation 5: Regional Estimates & Trend Analysis
9.1. Global HBI Additives Market, Regional Snapshot 2023 & 2031
9.2. North America
9.2.1. North America HBI Additives Market Revenue (US$ Million) & Volume (Tons) Estimates and Forecasts by Country, 2019-2031
9.2.1.1. US
9.2.1.2. Canada
9.2.2. North America HBI Additives Market Revenue (US$ Million) & Volume (Tons) Estimates and Forecasts by Product Type, 2019-2031
9.2.3. North America HBI Additives Market Revenue (US$ Million) & Volume (Tons) Estimates and Forecasts by Additive Type, 2019-2031
9.2.4. North America HBI Additives Market Revenue (US$ Million) & Volume (Tons) Estimates and Forecasts by Form, 2019-2031
9.2.5. North America HBI Additives Market Revenue (US$ Million) & Volume (Tons) Estimates and Forecasts by Application, 2019-2031
9.3. Europe
9.3.1. Europe HBI Additives Market Revenue (US$ Million) & Volume (Tons) Estimates and Forecasts by Country, 2019-2031
9.3.1.1. Germany
9.3.1.2. U.K.
9.3.1.3. France
9.3.1.4. Italy
9.3.1.5. Spain
9.3.1.6. Rest of Europe
9.3.2. Europe HBI Additives Market Revenue (US$ Million) & Volume (Tons) Estimates and Forecasts by Product Type, 2019-2031
9.3.3. Europe HBI Additives Market Revenue (US$ Million) & Volume (Tons) Estimates and Forecasts by Additive Type, 2019-2031
9.3.4. Europe HBI Additives Market Revenue (US$ Million) & Volume (Tons) Estimates and Forecasts by Form, 2019-2031
9.3.5. Europe HBI Additives Market Revenue (US$ Million) & Volume (Tons) Estimates and Forecasts by Application, 2019-2031
9.4. Asia Pacific
9.4.1. Asia Pacific HBI Additives Market Revenue (US$ Million) & Volume (Tons) Estimates and Forecasts by Country, 2019-2031
9.4.1.1. India
9.4.1.2. China
9.4.1.3. Japan
9.4.1.4. Australia
9.4.1.5. South Korea
9.4.1.6. Hong Kong
9.4.1.7. Southeast Asia
9.4.1.8. Rest of Asia Pacific
9.4.2. Asia Pacific HBI Additives Market Revenue (US$ Million) & Volume (Tons) Estimates and Forecasts by Product Type, 2019-2031
9.4.3. Asia Pacific HBI Additives Market Revenue (US$ Million) & Volume (Tons) Estimates and Forecasts by Additive Type, 2019-2031
9.4.4. Asia Pacific HBI Additives Market Revenue (US$ Million) & Volume (Tons) Estimates and Forecasts By Form, 2019-2031
9.4.5. Asia Pacific HBI Additives Market Revenue (US$ Million) & Volume (Tons) Estimates and Forecasts by Application, 2019-2031
9.5. Latin America
9.5.1. Latin America HBI Additives Market Revenue (US$ Million) & Volume (Tons) Estimates and Forecasts by Country, 2019-2031
9.5.1.1. Brazil
9.5.1.2. Mexico
9.5.1.3. Rest of Latin America
9.5.2. Latin America HBI Additives Market Revenue (US$ Million) & Volume (Tons) Estimates and Forecasts by Product Type, 2019-2031
9.5.3. Latin America HBI Additives Market Revenue (US$ Million) & Volume (Tons) Estimates and Forecasts by Additive Type, 2019-2031
9.5.4. Latin America HBI Additives Market Revenue (US$ Million) & Volume (Tons) Estimates and Forecasts by Form, 2019-2031
9.5.5. Latin America HBI Additives Market Revenue (US$ Million) & Volume (Tons) Estimates and Forecasts by Application, 2019-2031
9.6. Middle East & Africa
9.6.1. Middle East & Africa HBI Additives Market Revenue (US$ Million) & Volume (Tons) Estimates and Forecasts by country, 2019-2031
9.6.1.1. GCC Countries
9.6.1.2. Israel
9.6.1.3. South Africa
9.6.1.4. Rest of Middle East and Africa
9.6.2. Middle East & Africa HBI Additives Market Revenue (US$ Million) & Volume (Tons) Estimates and Forecasts by Product Type, 2019-2031
9.6.3. Middle East & Africa HBI Additives Market Revenue (US$ Million) & Volume (Tons) Estimates and Forecasts by Additive Type, 2019-2031
9.6.4. Middle East & Africa HBI Additives Market Revenue (US$ Million) & Volume (Tons) Estimates and Forecasts by Form, 2019-2031
9.6.5. Middle East & Africa HBI Additives Market Revenue (US$ Million) & Volume (Tons) Estimates and Forecasts by Application, 2019-2031
Chapter 10. Competitive Landscape
10.1. Major Mergers and Acquisitions/Strategic Alliances
10.2. Company Profiles
10.2.1. Elkem A SA
10.2.1.1. Business Overview
10.2.1.2. Key Product/Service Offerings
10.2.1.3. Financial Performance
10.2.1.4. Geographical Presence
10.2.1.5. Recent Developments with Business Strategy
10.2.2. Glencore
10.2.3. Carmeuse
10.2.4. Lhoist
10.2.5. Evonik Industries
10.2.6. Sibelco
10.2.7. BASF SE
10.2.8. The Lubrizol Corporation
10.2.9. Other Prominent Players
HBI Additives Market- By Product Type
HBI Additives Market- By Additive Type
HBI Additives Market- By Form
HBI Additives Market- By Application
HBI Additives Market- By Region
North America-
Europe-
Asia-Pacific-
Latin America-
Middle East & Africa-
InsightAce Analytic follows a standard and comprehensive market research methodology focused on offering the most accurate and precise market insights. The methods followed for all our market research studies include three significant steps – primary research, secondary research, and data modeling and analysis - to derive the current market size and forecast it over the forecast period. In this study, these three steps were used iteratively to generate valid data points (minimum deviation), which were cross-validated through multiple approaches mentioned below in the data modeling section.
Through secondary research methods, information on the market under study, its peer, and the parent market was collected. This information was then entered into data models. The resulted data points and insights were then validated by primary participants.
Based on additional insights from these primary participants, more directional efforts were put into doing secondary research and optimize data models. This process was repeated till all data models used in the study produced similar results (with minimum deviation). This way, this iterative process was able to generate the most accurate market numbers and qualitative insights.
Secondary research
The secondary research sources that are typically mentioned to include, but are not limited to:
The paid sources for secondary research like Factiva, OneSource, Hoovers, and Statista
Primary Research:
Primary research involves telephonic interviews, e-mail interactions, as well as face-to-face interviews for each market, category, segment, and subsegment across geographies
The contributors who typically take part in such a course include, but are not limited to:
Data Modeling and Analysis:
In the iterative process (mentioned above), data models received inputs from primary as well as secondary sources. But analysts working on these models were the key. They used their extensive knowledge and experience about industry and topic to make changes and fine-tuning these models as per the product/service under study.
The standard data models used while studying this market were the top-down and bottom-up approaches and the company shares analysis model. However, other methods were also used along with these – which were specific to the industry and product/service under study.
