North America Direct Reduced Iron (DRI) Market to Grow at a CAGR of 7.8% to reach US$ 3,063.91 million from 2022 to 2028

The North America direct reduced iron market size was valued at US$ 1,953.20 million in 2022 and is projected to reach US$ 3,063.91 million by 2028; it is expected to record a CAGR of 7.8% from 2022 to 2028.

Direct-reduced iron, also known as sponge iron, is the product of the direct reduction of iron ore in the solid state by carbon monoxide and hydrogen derived from natural gas or coal. Steel manufacturing from direct reduced iron is considered as a sustainable way of steel production. Rising awareness regarding the adverse effects of carbon emissions and favorable government initiatives on sustainable steel product development boost market growth. The market for direct reduced iron in North America is moderately consolidated due to the presence of a few regional and international players.

In 2021, the US held the largest revenue share of the North America direct reduced iron market, and Canada is expected to register the highest CAGR from 2022 to 2028. The direct reduced iron market is competitive in the US owing to the expansion of electric arc furnace-based steel production and surge in adoption of sponge iron in construction applications. Moreover, hydrogen-based direct reduction of iron ore is gaining popularity, since hydrogen is considered low carbon alternative and a potential substitute of coke for reducing oxygen. Besides, rising demand for direct reduced iron in steel-making applications has resulted in increased imports of porous iron products in the country.

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North America Direct Reduced Iron (DRI) Market: Strategic Insights

North America Direct Reduced Iron (DRI) Market

• Market Size 2022
  US$ 1,953.20 Million
• Market Size 2028
  US$ 3,063.91 Million

Market Dynamics

GROWTH DRIVERS

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FUTURE TRENDS

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OPPORTUNITIES

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Regional Overview

• North America

Market Segmentation

Form

• Lumps
• Pellets
• Fine

Production Process

• Coal Based and Gas Based

Application

• Steel Making and Construction

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North America Direct Reduced Iron (DRI) MarketReport Scope

North America Direct Reduced Iron (DRI) Market Report Scope