The sold production of steel casting services in the UK has experienced varied trends over the past decade, peaking in 2013 at 248.26 million euros and significantly dropping to 134.72 million euros in 2020. This downward trajectory reversed slightly in the early 2020s with increases in 2021 but saw slight drops again by 2023, standing at 152.73 million euros. The forecast data indicate a gradual but steady decline towards 136.36 million euros by 2028. From 2018 to 2023, the average annual growth rate (CAGR) was 0.68%, while the future five-year forecast anticipates a negative CAGR of -1.79%, leading to an approximate total decrease of 8.66% by 2028.
Key future trends to watch for include:
- Technological advancements in steel production processes which may enhance efficiency and reduce costs.
- External economic factors such as demand shifts in key industries (e.g., automotive, construction).
- Environmental regulations and sustainability initiatives affecting steel production and usage.