North America Direct Reduced Iron (DRI) Market Forecast to 2030– COVID-19 Impact and Regional Analysis– by Form (Lumps, Pellets, and Fine), Production Process (Coal based and gas based), and Application (Steel Making and Construction)
The North America Direct Reduced Iron (DRI) Market is expected to grow from US$ 3,463.48 million in 2023 to US$ 5,616.15 million by 2028. It is estimated to grow at a CAGR of 7.1% from 2023 to 2028.
Rise in Steel Production and Use fuel North America Direct Reduced Iron (DRI) Market
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.
North America Direct Reduced Iron (DRI) Market Overview
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 Revenue and Forecast to 2028 (US$ Million)
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.
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- 1. Introduction
- 1.1 Study Scope
- 1.2 The Insight Partners Research Report Guidance
- 1.3 Market Segmentation
- 1.3.1 North America Direct Reduced Iron (DRI) Market, by Form
- 1.3.2 North America Direct Reduced Iron (DRI) Market, by Production Process
- 1.3.3 North America Direct Reduced Iron (DRI) Market, by Application
- 1.3.4 North America Direct Reduced Iron (DRI) Market, by Country
- 2. Key Takeaways
- 3. Research Methodology
- 3.1 Scope of the Study
- 3.2 Research Methodology
- 3.2.1 Data Collection:
- 3.2.2 Primary Interviews:
- 3.2.3 Hypothesis formulation:
- 3.2.4 Macro-economic factor analysis:
- 3.2.5 Developing base number:
- 3.2.6 Data Triangulation:
- 3.2.7 Country level data:
- 4. North America Direct Reduced Iron (DRI) Market Landscape
- 4.1 Market Overview
- 4.2 Porter’s Five Forces Analysis
- 4.2.1 Threat of New Entrants:
- 4.2.2 Bargaining Power of Suppliers:
- 4.2.3 Bargaining Power of Buyers:
- 4.2.4 Competitive Rivalry:
- 4.2.5 Threat of Substitutes:
- 4.3 Ecosystem Analysis
- 4.3.1 Overview:
- 4.3.2 Raw Material Suppliers:
- 4.3.3 Manufacturers
- 4.3.4 Distributors/Suppliers
- 4.3.5 End-Use Industries
- 4.4 Expert Opinion
- 5. North America Direct Reduced Iron (DRI) Market – Key Market Dynamics
- 5.1 Market Drivers
- 5.1.1 Rise in Steel Production and Use
- 5.1.2 Expansion of Direct Reduced Iron Plants
- 5.2 Market Restraints
- 5.2.1 Shortage of High-Quality Raw Materials
- 5.3 Market Opportunities
- 5.3.1 Rising Preference for Green Steel Production
- 5.4 Future Trends
- 5.4.1 Initiatives by Various Government Bodies to Lower Carbon Footprint
- 5.5 Impact Analysis
- 6. Direct Reduced Iron (DRI) – North America Market Analysis
- 6.1 North America Direct Reduced Iron (DRI) Market Overview
- 6.2 North America Direct Reduced Iron (DRI) Market –Volume and Forecast to 2030 (Kilo Tons)
- 6.3 North America Direct Reduced Iron (DRI) Market –Revenue and Forecast to 2030 (US$ Million)
- 7. North America Direct Reduced Iron (DRI) Market Analysis – By Form
- 7.1 Overview
- 7.2 North America Direct Reduced Iron (DRI) Market, By Form (2022 and 2030)
- 7.3 Lumps
- 7.3.1 Overview
- 7.3.2 Lumps: North America Direct Reduced Iron (DRI) Market – Volume and Forecast to 2030 (Kilo Tons)
- 7.3.3 Lumps: North America Direct Reduced Iron (DRI) Market – Revenue and Forecast to 2030 (US$ Million)
- 7.4 Pellets
- 7.4.1 Overview
- 7.4.2 Pellets: North America Direct Reduced Iron (DRI) Market – Volume and Forecast to 2030 (Kilo Tons)
- 7.4.3 Pellets: North America Direct Reduced Iron (DRI) Market – Revenue and Forecast to 2030 (US$ Million)
- 7.5 Fine
- 7.5.1 Overview
- 7.5.2 Fine: North America Direct Reduced Iron (DRI) Market – Volume and Forecast to 2030 (Kilo Tons)
- 7.5.3 Fine: North America Direct Reduced Iron (DRI) Market – Revenue and Forecast to 2030 (US$ Million)
- 8. North America Direct Reduced Iron (DRI) Market Analysis – By Production Process
- 8.1 Overview
- 8.2 North America Direct Reduced Iron (DRI) Market, By Production Process (2022 and 2030)
- 8.3 Coal Based
- 8.3.1 Overview
- 8.3.2 Coal Based: North America Direct Reduced Iron (DRI) Market – Revenue and Forecast to 2030 (US$ Million)
- 8.4 Gas Based
- 8.4.1 Overview
- 8.4.2 Gas Based: North America Direct Reduced Iron (DRI) Market – Revenue and Forecast to 2030 (US$ Million)
- 9. North America Direct Reduced Iron (DRI) Market Analysis – By Application
- 9.1 Overview
- 9.2 North America Direct Reduced Iron (DRI) Market, By Application (2022 and 2030)
- 9.3 Steel Making
- 9.3.1 Overview
- 9.3.2 Steel Making: North America Direct Reduced Iron (DRI) Market – Revenue and Forecast to 2030 (US$ Million)
- 9.4 Construction
- 9.4.1 Overview
- 9.4.2 Construction: North America Direct Reduced Iron (DRI) Market – Revenue and Forecast to 2030 (US$ Million)
- 10. North America Direct Reduced Iron Market –Country Analysis
- 10.1 Overview
- 10.1.1 North America Direct Reduced Iron Market, by Key Country
- 10.1.1.1 US: Direct Reduced Iron Market –Volume and Forecast to 2030 (Kilo Tons)
- 10.1.1.2 US: Direct Reduced Iron Market –Revenue and Forecast to 2030 (US$ Million)
- 10.1.1.2.1 US: Direct Reduced Iron Market, by Form
- 10.1.1.2.2 US: Direct Reduced Iron Market, by Form
- 10.1.1.2.3 US: Direct Reduced Iron Market, by Production Process
- 10.1.1.2.4 US: Direct Reduced Iron Market, by Application
- 10.1.1.3 Canada: Direct Reduced Iron Market–Volume and Forecast to 2030 (Kilo Tons)
- 10.1.1.4 Canada: Direct Reduced Iron Market–Revenue and Forecast to 2030 (US$ Million)
- 10.1.1.4.1 Canada: Direct Reduced Iron Market, by Form
- 10.1.1.4.2 Canada: Direct Reduced Iron Market, by Form
- 10.1.1.4.3 Canada: Direct Reduced Iron Market, by Production Process
- 10.1.1.4.4 Canada: Direct Reduced Iron Market, by Application
- 10.1.1.5 Mexico: Direct Reduced Iron Market–Volume and Forecast to 2030 (Kilo Tons)
- 10.1.1.6 Mexico: Direct Reduced Iron Market–Revenue and Forecast to 2030 (US$ Million)
- 10.1.1.6.1 Mexico: Direct Reduced Iron Market, by Form
- 10.1.1.6.2 Mexico: Direct Reduced Iron Market, by Form
- 10.1.1.6.3 Mexico: Direct Reduced Iron Market, by Production Process
- 10.1.1.6.4 Mexico: Direct Reduced Iron Market, by Application
- 11. Industry Landscape
- 11.1 Overview
- 11.2 Merger and Acquisition
- 12. Company Profiles
- 12.1 Nucor Corp
- 12.1.1 Key Facts
- 12.1.2 Business Description
- 12.1.3 Products and Services
- 12.1.4 Financial Overview
- 12.1.5 SWOT Analysis
- 12.1.6 Key Developments
- 12.2 Cleveland-Cliffs Inc
- 12.2.1 Key Facts
- 12.2.2 Business Description
- 12.2.3 Products and Services
- 12.2.4 Financial Overview
- 12.2.5 SWOT Analysis
- 12.2.6 Key Developments
- 12.3 Kobe Steel Ltd
- 12.3.1 Key Facts
- 12.3.2 Business Description
- 12.3.3 Products and Services
- 12.3.4 Financial Overview
- 12.3.5 SWOT Analysis
- 12.3.6 Key Developments
- 12.4 SMS Group GmbH
- 12.4.1 Key Facts
- 12.4.2 Business Description
- 12.4.3 Products and Services
- 12.4.4 Financial Overview
- 12.4.5 SWOT Analysis
- 12.4.6 Key Developments
- 12.5 Voestalpine AG
- 12.5.1 Key Facts
- 12.5.2 Business Description
- 12.5.3 Products and Services
- 12.5.4 Financial Overview
- 12.5.5 SWOT Analysis
- 12.5.6 Key Developments
- 12.6 Ternium SA
- 12.6.1 Key Facts
- 12.6.2 Business Description
- 12.6.3 Products and Services
- 12.6.4 Financial Overview
- 12.6.5 SWOT Analysis
- 12.6.6 Key Developments
- 12.7 JSW Steel Ltd
- 12.7.1 Key Facts
- 12.7.2 Business Description
- 12.7.3 Products and Services
- 12.7.4 Financial Overview
- 12.7.5 SWOT Analysis
- 12.7.6 Key Developments
- 12.8 Tenova SpA
- 12.8.1 Key Facts
- 12.8.2 Business Description
- 12.8.3 Products and Services
- 12.8.4 Financial Overview
- 12.8.5 SWOT Analysis
- 12.8.6 Key Developments
- 12.9 Liberty Steel Group Holdings UK Ltd
- 12.9.1 Key Facts
- 12.9.2 Business Description
- 12.9.3 Products and Services
- 12.9.4 Financial Overview
- 12.9.5 SWOT Analysis
- 12.9.6 Key Developments
- 12.10 Bharat Engineering Works Pvt Ltd
- 12.10.1 Key Facts
- 12.10.2 Business Description
- 12.10.3 Products and Services
- 12.10.4 Financial Overview
- 12.10.5 SWOT Analysis
- 12.10.6 Key Developments
- 13. Appendix
- 13.1 About the Insight Partners
- 13.2 Glossary of Terms
- LIST OF TABLES
- Table 1. North America Direct Reduced Iron (DRI) Market –Volume and Forecast to 2030 (Kilo Tons)
- Table 2. North America Direct Reduced Iron (DRI) Market –Revenue and Forecast to 2030 (US$ Million)
- Table 3. US Direct Reduced Iron Market, by Form – Volume and Forecast to 2030 (Kilo Tons)
- Table 4. US Direct Reduced Iron Market, by Form – Revenue and Forecast to 2030 (US$ Million)
- Table 5. US Direct Reduced Iron Market, by Production Process – Revenue and Forecast to 2030 (US$ Million)
- Table 6. US Direct Reduced Iron Market, by Application – Revenue and Forecast to 2030 (US$ Million)
- Table 7. Canada: Direct Reduced Iron Market, by Form – Volume and Forecast to 2030 (Kilo Tons)
- Table 8. Canada: Direct Reduced Iron Market, by Form – Revenue and Forecast to 2030 (US$ Million)
- Table 9. Canada: Direct Reduced Iron Market, by Production Process – Revenue and Forecast to 2030 (US$ Million)
- Table 10. Canada: Direct Reduced Iron Market, by Application – Revenue and Forecast to 2030 (US$ Million)
- Table 11. Mexico Direct Reduced Iron Market, by Form – Volume and Forecast to 2030 (Kilo Tons)
- Table 12. Mexico Direct Reduced Iron Market, by Form – Revenue and Forecast to 2030 (US$ Million)
- Table 13. Mexico Direct Reduced Iron Market, by Production Process – Revenue and Forecast to 2030 (US$ Million)
- Table 14. Mexico Direct Reduced Iron Market, by Application – Revenue and Forecast to 2030 (US$ Million)
- Table 15. Glossary of Terms, North America Direct Reduced Iron (DRI) Market
- LIST OF FIGURES
- Figure 1. North America Direct Reduced Iron (DRI) Market Segmentation
- Figure 2. North America Direct Reduced Iron (DRI) Market Segmentation – By Country
- Figure 3. North America Direct Reduced Iron (DRI) Market Overview
- Figure 4. North America Direct Reduced Iron (DRI) Market, By Form
- Figure 5. North America Direct Reduced Iron (DRI) Market, by Country
- Figure 7. Porter’s Five Forces Analysis of North America Direct Reduced Iron (DRI) Market
- Figure 8. North America Direct Reduced Iron (DRI) Market, Ecosystem
- Figure 9. Expert Opinion
- Figure 10. North America Direct Reduced Iron (DRI) Market Impact Analysis of Drivers and Restraints
- Figure 11. North America Direct Reduced Iron (DRI) Market – Volume and Forecast to 2030 (Kilo Tons)
- Figure 12. North America Direct Reduced Iron (DRI) Market – Revenue and Forecast to 2030 (US$ Million)
- Figure 13. North America Direct Reduced Iron (DRI) Market Revenue Share, By Form (2022 and 2030)
- Figure 14. Lumps: North America Direct Reduced Iron (DRI) Market – Volume and Forecast To 2030 (Kilo Tons)
- Figure 15. Lumps: North America Direct Reduced Iron (DRI) Market – Revenue and Forecast To 2030 (US$ Million)
- Figure 16. Pellets: North America Direct Reduced Iron (DRI) Market – Volume and Forecast To 2030 (Kilo Tons)
- Figure 17. Pellets: North America Direct Reduced Iron (DRI) Market – Revenue and Forecast To 2030 (US$ Million)
- Figure 18. Fine: North America Direct Reduced Iron (DRI) Market – Volume and Forecast To 2030 (Kilo Tons)
- Figure 19. Fine: North America Direct Reduced Iron (DRI) Market – Revenue and Forecast To 2030 (US$ Million)
- Figure 20. North America Direct Reduced Iron (DRI) Market Revenue Share, By Production Process (2022 and 2030)
- Figure 21. Coal Based: North America Direct Reduced Iron (DRI) Market – Revenue and Forecast To 2030 (US$ Million)
- Figure 22. Gas Based: North America Direct Reduced Iron (DRI) Market – Revenue and Forecast To 2030 (US$ Million)
- Figure 23. North America Direct Reduced Iron (DRI) Market Revenue Share, By Application (2022 and 2030)
- Figure 24. Steel Making: North America Direct Reduced Iron (DRI) Market – Revenue and Forecast To 2030 (US$ Million)
- Figure 25. Construction: North America Direct Reduced Iron (DRI) Market – Revenue and Forecast To 2030 (US$ Million)
- Figure 26. North America: Direct Reduced Iron Market, by key country – Revenue (2022) (US$ Million)
- Figure 27. North America Direct Reduced Iron Market Revenue Share, by Key Country (2022 and 2030)
- Figure 28. US: Direct Reduced Iron Market –Volume and Forecast to 2030 (Kilo Tons)
- Figure 29. US: Direct Reduced Iron Market –Revenue and Forecast to 2030 (US$ Million)
- Figure 30. Canada: Direct Reduced Iron Market–Volume and Forecast to 2030 (Kilo Tons)
- Figure 31. Canada: Direct Reduced Iron Market–Revenue and Forecast to 2030 (US$ Million)
- Figure 32. Mexico: Direct Reduced Iron Market–Volume and Forecast to 2030 (Kilo Tons)
- Figure 33. Mexico: Direct Reduced Iron Market–Revenue and Forecast to 2030 (US$ Million)
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