In 2023, the iron and steel scrap consumption at manufacturers of pig iron, raw steel, and castings in Ohio stood at approximately 7.27 million metric tons. From 2024 to 2028, a consistent upward trend in iron and steel scrap consumption is forecasted, with values projected to reach 7.36 million metric tons by 2028. The year-on-year increase is marginal at an approximate 0.27% to 0.55% annually, suggesting stability with slow growth. Over the five-year period, the compound annual growth rate (CAGR) is modest, indicating a gently rising demand for iron and steel scrap in this sector.
Future trends to watch for include technological advancements within the steel manufacturing process that could affect scrap consumption. Additionally, fluctuations in global steel markets, environmental regulations, and shifts in demand for recycled materials will likely influence Ohio’s iron and steel scrap consumption patterns in the coming years.
