Coal and natural gas are the principal raw material to produce direct reduced iron in coal based and gas-based process. The abundance availability of coal and natural gas in various regions of the world is the major factor in increasing production of direct reduced iron. North America mostly utilize natural gas for the DRI production, whereas coal is highly acceptable in Asian countries for manufacturing DRI due to abundance availability of coal. According to the US Energy Information Agency, the US contributes ~21–25% to global natural gas production. As per the data provided by US Energy Information Administration, dry natural gas production in the US was ~35.81 trillion cubic feet in 2022, with an average of ~98.11 billion cubic feet produced per day, which was the highest production recorded to date. Natural gas has gained significant traction as a source of energy in recent times owing to its relatively clean combustion and fuel efficiency. The major manufacturers of direct reduced iron (DRI) across Americas are expanding their production capacities due to the feasibility of accessing coal and natural gas. In July 2021, ArcelorMittal, in collaboration with the Government of Canada, announced to set up a new direct reduced iron (DRI) and electric arc furnace plant in the country. This facility will be capable of producing 2 million tons of iron, which would be further used in the manufacturing of ~2.4 million tons of high-quality steel. In June 2022, United Steel Corporation, one of the key manufacturers of steel through the electric arc furnace method announced its plans for the construction of a new direct reduced iron pellets plant in Minnesota, US.
Thus, the consistent investment made for setting up of new DRI plants from past few years is boosting the North America direct reduced iron market growth.
The North America direct reduced iron market is segmented into the US and Canada. The direct reduced iron market in North America, offers many growth opportunities for steel manufacturers owing to increasing demand from various end-use industries, such as building & construction, automobile, and wind turbine, as well as the solar energy sector. The construction industry in North America is witnessing growth due to higher government investment in residential construction projects and renovation activities in the region. The DRI-produced steel is of good quality, and these steel rebars are widely used in the construction industry.
North America Direct Reduced Iron (DRI) Market Segmentation
The North America Direct Reduced Iron (DRI) Market is segmented into form, production process, application, and country.
Based on from, the North America Direct Reduced Iron (DRI) Market is segmented into Lumps, Pellets, and Fine. The Pellets segment held a larger share of the North America Direct Reduced Iron (DRI) Market in 2023.
Based on production process, the North America Direct Reduced Iron (DRI) Market is segmented into coal based and gas based. The gas-based segment held the largest share of the North America Direct Reduced Iron (DRI) Market in 2023.
Based on application, the North America Direct Reduced Iron (DRI) Market is segmented into steel making and construction. The steel making held the largest share of the North America Direct Reduced Iron (DRI) Market in 2023.
Based on country, the North America Direct Reduced Iron (DRI) Market is segmented into the US, Canada, and Mexico. The US dominated the share of the North America Direct Reduced Iron (DRI) Market in 2023.
Nucor Corp; Cleveland-Cliffs Inc; Kobe Steel Ltd; SMS Group GmbH; Voestalpine AG; Ternium SA; JSW Steel Ltd; Tenova SpA; Liberty Steel Group Holdings UK Ltd; and Bharat Engineering Works Pvt Ltd are the leading companies operating in the North America Direct Reduced Iron (DRI) Market.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 3,463.48 Million |
| Market Size by 2030 | US$ 5,616.15 Million |
| CAGR (2023 - 2030) | 7.1% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2030 |
| Segments Covered |
By Form
|
| Regions and Countries Covered |
North America
|
| Market leaders and key company profiles |
|
The North America Direct Reduced Iron (DRI) Market is valued at US$ 3,463.48 Million in 2023, it is projected to reach US$ 5,616.15 Million by 2030.
As per our report North America Direct Reduced Iron (DRI) Market, the market size is valued at US$ 3,463.48 Million in 2023, projecting it to reach US$ 5,616.15 Million by 2030. This translates to a CAGR of approximately 7.1% during the forecast period.
The North America Direct Reduced Iron (DRI) Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the North America Direct Reduced Iron (DRI) Market report:
The North America Direct Reduced Iron (DRI) Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The North America Direct Reduced Iron (DRI) Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the North America Direct Reduced Iron (DRI) Market value chain can benefit from the information contained in a comprehensive market report.
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