The US home iron and steel scrap production has shown a significant downward trend from 2013 to 2023. In 2023, the production stood at 2.97 million metric tons. Over the past decade, there has been a consistent decline with periodic sharper decreases, notably in 2020 and 2023. The year-on-year variation in 2022 was -12.25%, and in 2023 it was -13.64%. The compound annual growth rate (CAGR) of the past five years indicates an average annual decrease of 11.32%.
Looking ahead, the forecast up to 2028 continues this downward trajectory. The forecast 5-year CAGR predicts an average annual reduction of 26.79%, leading to an overall decrease of 78.97% from 2023 to 2028.
Future trends to watch for include:
- Potential impact of sustainability and recycling policies.
- Advancements in technology for scrap metal processing.
- Fluctuations in global metal market demand and prices.
- Changes in construction and manufacturing activities.
