North America Direct Reduced Iron (DRI) Market Share and Forecast by 2028

Historic Data: 2020-2021 | Base Year: 2022 | Forecast Period: 2023-2028

North America Direct Reduced Iron (DRI) Market Forecast to 2028 - Regional Analysis by Form (Lumps, Pellets, and Fine), Production Process (Coal Based and Gas Based), Application (Steel Making and Construction)

Report Date : Jun 2023
Report Code : TIPRE00029917

Category : Chemicals and Materials
Status : Published

Available Report Formats :
No. of Pages : 122

Page Updated: Jun 2023

Analysis Strategic Insights Market Drivers Regional Insights Report Scope Recent Developments FAQs

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

Report Attribute	Details
Market size in 2022	US$ 1,953.20 Million
Market Size by 2028	US$ 3,063.91 Million
CAGR (2022 - 2028)	7.8%
Historical Data	2020-2021
Forecast period	2023-2028
Segments Covered	By Form Lumps Pellets Fine By Production Process Coal Based and Gas Based By Application Steel Making and Construction
Regions and Countries Covered	North America US Canada Mexico
Market leaders and key company profiles	Nucor Corp Cleveland-Cliffs Inc Kobe Steel Ltd Voestalpine AG Ternium SA SMS Group GmbH JSW Steel Ltd Tenova SpA Liberty Steel Group Holdings UK Ltd

Research Manager

Habi Ummer

Manager,
Market Research & Consulting

Habi is a seasoned Market Research Analyst with 8 years of experience specializing in the Chemicals and Materials sector, with additional expertise in the Food & Beverages and Consumer Goods industries. He is a Chemical Engineer from Vishwakarma Institute of Technology (VIT) and has developed deep domain knowledge across industrial and specialty chemicals, paints and coatings, paper and packaging, lubricants, and consumer products. Habi’s core competencies include market sizing and forecasting, competitive benchmarking, trend analysis, client engagement, report writing, and team coordination—making him adept at delivering actionable insights and supporting strategic decision-making.

What are the North America Direct Reduced Iron (DRI) Market report deliverables?

Historical Analysis (2 Years), Base Year, Forecast (7 Years) with CAGR
PEST and SWOT Analysis
Market Size Value / Volume - Regional, Country
Industry and Competitive Landscape
Excel Dataset

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