Between 2015 and 2019, the consumption of iron and steel scrap by manufacturers of steel castings in Illinois experienced a significant decline, falling from 19.7 to 4.72 thousand metric tons. This represents an average annual contraction, highlighting a shrinking demand for scrap as a key input. Year-on-year reductions indicate a steady downward trajectory during this period.
As of 2023, actual data is not available, but we can assume that the consumption level has likely continued on this trend without significant market reversals. This trend emphasizes the need for manufacturers to adapt to changing resource utilization and efficiencies.
Looking ahead in 2024 and beyond, key trends to watch for include:
- Technological advancements in recycling and production methods.
- Government policy changes influencing the industry.
- Shifts in global and domestic demand for steel products.
