Hot Briquetted Iron (HBI) is a compacted form of direct reduced iron (DRI) that is produced by compressing DRI at high temperatures (typically above 650°C) into dense, pillow-shaped briquettes. This process reduces the material's reactivity and susceptibility to oxidation, making HBI safer to handle, store, and transport compared to conventional DRI. HBI is primarily used as a premium raw material in electric arc furnaces (EAFs) and blast furnaces for steelmaking, offering a high iron content and consistent quality.

The primary market driver for HBI is the growing demand for low-carbon steel production. As the steel industry seeks to reduce its carbon footprint, particularly in regions with strict environmental regulations, HBI has become a preferred feedstock due to its low levels of impurities like sulfur and phosphorus, and its suitability for use in EAFs, which emit significantly less CO₂ than traditional blast furnace methods. The ability to use HBI in place of or alongside scrap metal and iron ore also gives steelmakers greater flexibility and control over their raw material mix, improving steel quality and consistency.

Another key driver is the expansion of electric arc furnace (EAF) steel production globally, especially in regions such as North America, the Middle East, and parts of Asia. EAF technology relies on high-quality metallic inputs like HBI to produce specialty steels and reduce reliance on scrap, which can be inconsistent in composition. Additionally, geopolitical instability and supply chain disruptions have increased interest in secure and transportable iron sources like HBI. With increasing investments in green steel and decarbonization technologies, the HBI market is positioned for steady growth as the industry shifts toward more sustainable production methods.

According to the new market research report “Hot Briquetted Iron (HBI) - Global Market Share and Ranking, Overall Sales and Demand Forecast 2025-2031”, published by QYResearch, the global Hot Briquetted Iron market size is projected to reach USD 5.22 billion by 2031, at a CAGR of 6.6% during the forecast period.

Figure00001. Global Hot Briquetted Iron Market Size (US$ Million), 2020-2031

Source: QYResearch, "Hot Briquetted Iron (HBI)- Global Market Share and Ranking, Overall Sales and Demand Forecast 2025-2031”

Figure00002. Global Hot Briquetted Iron Top 3 Players Ranking and Market Share (Ranking is based on the revenue of 2024, continually updated)

Source: QYResearch, "Hot Briquetted Iron (HBI)- Global Market Share and Ranking, Overall Sales and Demand Forecast 2025-2031”

According to QYResearch Top Players Research Center, the global key manufacturers of Hot Briquetted Iron include Metalloinvest, Cleveland-Cliffs, etc. In 2024, the global top three players had a share approximately 82.0% in terms of revenue.

In terms of product type, currently Fe Content 90-92% is the largest segment, hold a share of 79.1%.

In terms of product application, currently Electric Arc Furnaces is the largest segment, hold a share of 72.1%.

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