Hot Briquetted Iron Market, By Production Process, By Form, By Feedstock Type, By End-User, By Country, and By Region – Global Industry Analysis, Market Size, Market Share & Forecast from 2025-2032

REPORT HIGHLIGHT

The Hot Briquetted Iron Market size was valued at US$ 4,567.23 Million in 2024, expanding at a CAGR of 5.7% from 2025 to 2032.
The hot briquetted iron (HBI) market focuses on the production and use of compacted direct-reduced iron, which is safer to handle and ideal for steelmaking. Rising demand for high-quality steel and growing electric arc furnace (EAF) adoption are supporting HBI consumption, with the World Steel Association reporting that over 28% of global crude steel was produced via EAFs in 2024. Major players like voestalpine and Cleveland-Cliffs are investing in capacity expansions to meet decarbonization goals and improve raw material quality. However, high production energy costs and limited availability of natural gas in some regions can hinder growth. Opportunities lie in increasing the use of HBI as a low-carbon feedstock and growing interest from emerging economies transitioning to greener steelmaking processes.

Hot Briquetted Iron Market- Market Dynamics

Rising EAF Steel Production and Decarbonization Goals Boost Demand for Hot Briquetted Iron (HBI)
Rising adoption of electric arc furnaces (EAF) and the push for low-carbon steelmaking are accelerating demand for hot briquetted iron (HBI). According to the World Steel Association, EAF technology accounted for 29.1% of global crude steel production in 2024, reflecting its growing role in sustainable manufacturing. Companies like voestalpine are expanding HBI production facilities, while Cleveland-Cliffs is integrating HBI into its decarbonization strategy to reduce blast furnace emissions. Government initiatives promoting green steel, such as the EU’s Carbon Border Adjustment Mechanism (CBAM), are encouraging steelmakers to adopt cleaner feedstocks. These efforts collectively position HBI as a key enabler for reducing carbon intensity in global steel production.

Hot Briquetted Iron Market- Segmentation Analysis:

The Global Hot Briquetted Iron Market is segmented on the basis of Production Process, Form, Feedstock Type, End-User, and Region.
The market is divided into three categories based on Production Process: Gas-Based DRI with Briquetting, Coal-Based Process, and Shaft Furnace Process. Gas-based DRI with briquetting holds the highest share due to efficiency and cleaner emissions, followed by the coal-based process, which remains significant in regions with abundant coking coal. The shaft furnace process ranks lower but supports niche and flexible production requirements.
The market is divided into four categories based on Form: Briquettes, Granules, Pellets, and Lumps. Briquettes dominate the HBI market due to ease of handling and uniform size for EAF steelmaking, followed by pellets, which support consistent iron content. Granules and lumps hold smaller shares, primarily used in specialized or smaller-scale steel production processes.

Hot Briquetted Iron Market- Geographical Insights

North America holds a leading position in the hot briquetted iron (HBI) market due to the strong presence of EAF-based steelmakers and investments in low-carbon steel initiatives. In 2024, Cleveland-Cliffs expanded its Toledo HBI plant capacity to support domestic steel production and reduce reliance on imported pig iron. Europe follows closely, supported by decarbonization policies like the EU Green Deal, with voestalpine operating one of the world’s largest HBI plants in Texas to supply European mills. Asia-Pacific is witnessing growing adoption, as India’s National Green Hydrogen Mission is encouraging HBI production using renewable energy. Latin America benefits from regional iron ore reserves supporting export-oriented HBI production.

Hot Briquetted Iron Market- Country Insights

The United States dominates the hot briquetted iron (HBI) market in North America, supported by robust steel production and EAF expansion projects. In 2024, the plant operated at 1.6 million metric tons per year, producing over 6.5 million metric tons since its startup in December 2020. U.S. steelmakers are increasingly replacing imported pig iron with locally produced HBI to ensure supply chain security, especially after disruptions in 2022. Collaborations between steel producers and energy companies are exploring hydrogen-based reduction technologies to decarbonize HBI production. Government incentives under the Inflation Reduction Act are further encouraging investments in green steel infrastructure, strengthening the country’s leadership position.

Hot Briquetted Iron Market- Competitive Landscape:

The competitive landscape of the hot briquetted iron (HBI) market features key players such as voestalpine, Cleveland-Cliffs, Metinvest, and ArcelorMittal, focusing on capacity expansion and sustainability initiatives. In September 2024, Cleveland-Cliffs reaffirmed its commitment to the Middletown Works decarbonization project, which involves replacing its blast furnace with a Direct Reduced Iron (DRI) plant and two Electric Melting Furnaces (EMF). Metinvest continues to expand its HBI output in Ukraine, ensuring steady exports to Europe despite geopolitical challenges. ArcelorMittal invested in upgrading its direct reduced iron (DRI) facilities to increase HBI production efficiency. Strategic collaborations and technology partnerships are becoming common as players seek to improve process efficiency, reduce carbon emissions, and secure long-term supply for EAF-based steelmakers worldwide.

Recent Developments:

In June 2025, ESteel Enterprise Sabah launched the first phase of a $7.3 billion HBI plant in Sipitang, Malaysia, with a 2.5 million ton annual capacity, using natural gas, as part of a three-phase steel production expansion.
In July 2025, Makran Steel reached 93% completion of its 1.6 million-ton annual HBI plant in Chabahar, Iran, using MIDREX technology, as part of a larger 3 million-ton steel complex to enhance exports and regional industrial development.
In August 2025, Meranti Green Steel announced its Oman green iron project using a natural gas and green hydrogen mix. The plant aims to reduce CO₂ emissions below 200 kg per ton, gradually increasing hydrogen to 85%, starting operations in 2029.

SCOPE OF THE REPORT

The scope of this report covers the market by its major segments, which include as follows:

GLOBAL HOT BRIQUETTED IRON MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS

Antara Steel Mills
ArcelorMittal
Cleveland-Cliffs
Comsigua
Essar Steel
Jindal Shadeed Iron & Steel
JSW Steel
Lion Group
LISCO (Libyan Iron & Steel Co.)
Metalloinvest
Midrex Technologies (Technology Provider)
Nucor
Orinoco Iron
POSCO
Qatar Steel
Rio Tinto (DRI/HBI Projects)
Stena Metal
Tata Steel
Vale S.A.
Voestalpine AG
Others

GLOBAL HOT BRIQUETTED IRON MARKET, BY PRODUCTION PROCESS- MARKET ANALYSIS, 2019 - 2032

Gas-Based DRI with Briquetting
Coal-Based Process
Shaft Furnace Process

GLOBAL HOT BRIQUETTED IRON MARKET, BY FORM- MARKET ANALYSIS, 2019 - 2032

Briquettes
Granules
Pellets
Lumps

GLOBAL HOT BRIQUETTED IRON MARKET, BY FEEDSTOCK TYPE- MARKET ANALYSIS, 2019 - 2032

Hot Briquetted Iron (HBI)
Direct Reduced Iron (Cold DRI)
Pig Iron Substitutes

GLOBAL HOT BRIQUETTED IRON MARKET, BY END-USER- MARKET ANALYSIS, 2019 - 2032

Electric Arc Furnace (EAF)
Basic Oxygen Furnace (BOF)
Blast Furnace (BF)

GLOBAL HOT BRIQUETTED IRON MARKET, BY REGION- MARKET ANALYSIS, 2019 - 2032

North America
U.S.
Canada
Europe
Germany
UK
France
Italy
Spain
The Netherlands
Sweden
Russia
Poland
Rest of Europe
Asia Pacific
China
India
Japan
South Korea
Australia
Indonesia
Thailand
Philippines
Rest of APAC
Latin America
Brazil
Mexico
Argentina
Colombia
Rest of LATAM
The Middle East and Africa
Saudi Arabia
UAE
Israel
Turkey
Algeria
Egypt
Rest of MEA Show more