The forecasted consumption of No. 1 Heavy-Melting Steel Scrap in the U.S. shows a consistent decline from 2024 to 2028. In 2023, this figure stood at 4.0 million metric tons. Comparing year-on-year data, a decrease in consumption is evident. Specifically, from 2024 to 2025, the consumption decreases by approximately 3.4%, from 2025 to 2026 by about 3.5%, from 2026 to 2027 by nearly 3.3%, and from 2027 to 2028 by around 3.4%. The five-year compound annual growth rate (CAGR) from 2024 to 2028 indicates an average annual decline of approximately 3.4%.
Future trends to watch for include:
- Technological advancements in recycling processes, which may affect scrap consumption rates.
- Potential policy changes or environmental regulations that encourage the use of recycled materials.
- Industry shifts towards sustainable manufacturing could further impact demand.
