In 2023, Illinois's iron and steel scrap consumption stood at approximately 1.39 million metric tons. Forecasted data shows a gradual decline from 2024, with consumption expected to decrease from 1.33 million metric tons to 1.11 million metric tons by 2028, representing a consistent year-on-year decrease.
Key observations:
- 2024: 1.33% drop from the previous year.
- 2025: Consumption is forecasted to decline by 4.51%.
- 2026: A further decline of 3.94% is anticipated.
- 2027: Expect a drop of 4.10%.
- 2028: Predicted decrease of 5.13%.
- The five-year compound annual growth rate (CAGR) from 2024 to 2028 is a decline of approximately 4.49% annually.
Future trends to watch include technological advancements in recycling processes, changes in industrial demand, shifts in export-import policies, and environmental regulations that might impact the supply and consumption of scrap materials in the coming years.
