In 2023, the iron and steel scrap consumption in Michigan stood at 2.65 million metric tons. The forecasted consumption for 2024 is 2.6 million metric tons, indicating a slight decline. Further decreases are anticipated through 2028, with consumption expected to reach 2.49 million metric tons. This trend represents a continuous yearly decline, with a CAGR over the five-year period of approximately -1.2%. Such a trend suggests a gradual decrease in scrap consumption, possibly due to increased efficiency or lower demand in the industry.
Future trends to watch for include the impact of sustainable practices in manufacturing and recycling, changes in regional manufacturing activities, and potential policy changes affecting the steel industry. Additionally, advancements in technology could improve material efficiency, influencing consumption rates.
