Forecast: Metals Consumption in South Africa

Metals consumption in South Africa has exhibited a downward trend from 2013 to 2023, with actual values declining from 39.86 to 29.57 units of Domestic Material Consumption. Over the past decade, the year-on-year variations have generally decreased, with significant drops especially notable from 2017 onwards. By 2023, the annual consumption has stabilized but continues to decline, marking a year-on-year decrease of 2.73%. The Compound Annual Growth Rate (CAGR) over the last five years stands at -2.84%, indicating a steady decline.

Looking ahead to the forecasts from 2024 to 2028, this declining trend is expected to continue albeit at a slightly moderated pace, with a forecasted five-year CAGR of -2.52%. By 2028, the consumption is projected to further decrease to 25.23 units, marking an overall decline of 11.97% over the five-year forecast period.

Future trends to watch for:

• Potential recovery initiatives in the metals industry and economic policies aimed at sustaining this sector.
• Technological advancements that could either reduce or increase demand for metals.
• Global market shifts and trade policies affecting the import and export of metals.