The production of cold-drawn steel bars in the UK demonstrated significant fluctuations from 2013 to 2023. There was a substantial increase in 2014 by 41.84%, followed by a notable decline of 62.49% in 2017. From 2018 onward, production trended downward, with intermittent moderate recoveries. In 2023, the production stood at 47.27 million kilograms, reflecting a year-on-year decrease of 5.99% from 2022. Over the last five years, the compound annual growth rate (CAGR) has been -8.45%, indicating a consistent decline.
Looking ahead, the forecast for 2024 predicts a continuation of this downward trend, with future years projected to see further decreases. The forecasted five-year CAGR from 2024 to 2028 is -6.43%, signifying a continuous average annual reduction of around 6.43%. By 2028, production is anticipated to decrease by 28.27% compared to 2024.
Future trends to watch for include the impact of economic conditions, potential shifts in demand for cold-drawn steel bars, and changes in the UK steel industry, which could influence production levels. Additionally, advancements in alternative materials or manufacturing technologies could affect the long-term trajectory of steel bar production.