The forecast for fuel oil consumption in the UK's iron and steel sectors indicates a declining trend from 2024 to 2028, with values decreasing from 145.5 Terajoules in 2024 to 31.62 Terajoules in 2028. This represents a significant year-on-year decline, with a Compound Annual Growth Rate (CAGR) suggesting an average annual reduction in consumption over the forecast period. In contrast, consumption in 2023 was notably higher, reflecting broader trends of decreasing reliance on fuel oil in favor of alternative energy sources.
Future trends to watch for include the sector's shift toward sustainable energy solutions and potential regulatory changes emphasizing lower carbon emissions. Innovations in steel production technology could further reduce dependence on traditional fuel oil.
