Iron and steel scrap consumption at iron foundries and miscellaneous users in Iowa, Kansas, Minnesota, Missouri, Nebraska, South Dakota, and Wisconsin in the US is forecasted to slightly decline from 2024 to 2028. In 2023, consumption stood at 2.05 million metric tons. The year-on-year variation shows a steady decline of approximately 1% annually. The compound annual growth rate (CAGR) over the 5-year forecast period from 2024 to 2028 indicates a modest negative trend, averaging about -0.2% per year.
Future trends to watch for:
- Potential impacts of technological advancements in recycling processes.
- Policies on sustainable practices in manufacturing industries.
- Economic factors influencing the demand for scrap materials.
- Market fluctuations in global steel demand and supply chain dynamics.
