Forecast: Metals Consumption in the UK

The UK metals consumption experienced significant fluctuations from 2013 to 2023, with values peaking at 3.63 in 2014 and dropping to a low of 2.73 in 2018. Post-2018, there was a recovery, with consumption stabilizing around 3.05 units in 2023. The year-on-year variation for 2023 indicated a slight decline of -0.33%. Over the last five years, the Compound Annual Growth Rate (CAGR) was approximately 2.24%, suggesting a modest average yearly growth. Future forecasts from 2024 to 2028 predict a slight decline, with a forecasted 5-year CAGR of -0.13% and a total growth rate of -0.66% over this period.

Future trends to watch for include potential shifts in industrial demand due to advancements in technology and manufacturing techniques. Additionally, economic factors such as post-Brexit trade policies and global supply chain dynamics could significantly impact metals consumption in the UK.