The iron and steel scrap consumption by manufacturers of steel castings in the US is projected to decline steadily from 818 thousand metric tons in 2024 to 703 thousand metric tons in 2028. This data shows a consistent downward trend with an annual decrease of around 4%-5%. In the previous years, the consumption in 2023 was noted at 848 thousand metric tons, indicating a significant downward trajectory. Over the forecast period from 2024 to 2028, the compound annual growth rate (CAGR) illustrates a consistent reduction of scrap consumption.

Future trends to watch for:

Increasing emphasis on sustainability might drive innovations in recycling processes, potentially altering consumption trends.
Fluctuations in global steel demand and pricing could impact consumption patterns of scrap materials.
Policy changes and economic factors affecting the construction and automotive sectors could influence scrap use in steel manufacturing.