In 2023, the actual consumption of direct-reduced iron in the US by manufacturers of pig iron, raw steel, and castings with an electric furnace was 2.46 million metric tons. From 2024 onwards, consumption is forecasted to show a steady year-on-year growth rate, with anticipated increases of approximately 2% per annum from 2024 through 2028. The compound annual growth rate (CAGR) over this five-year period is estimated to be around 2.22%.
Future trends to watch for include the potential impact of technological advancements in electric furnace operations and shifts in the global steel demand that could influence domestic consumption patterns. Furthermore, policy changes related to environmental regulations and incentives for green steel production might also play a significant role in shaping consumption trends.
