The forecast for fuel oil consumption in the UK's iron and steel sector from 2024 to 2028 displays a clear downward trajectory. Starting at 3.48 thousand tonnes in 2024, the consumption declines steadily to 0.76 thousand tonnes by 2028, with significant year-on-year reductions: approximately 20% in 2025, 25% in 2026, 32% in 2027, and 46% in 2028. This translates to an average annual decrease (CAGR) of 32% over the five-year period.

Future trends to monitor include:

The impact of potential policy changes on fossil fuel consumption.
Technological advancements in the iron and steel industry aiming for energy efficiency.
Shifts towards renewable energy and alternative sources due to environmental concerns.