In 2023, the consumption of cast-iron borings at iron foundries and miscellaneous users in the US was recorded at 50.00 thousand metric tons. From 2024, a downward trend is anticipated, with forecasts showing a decline to 48.55 thousand metric tons in 2024, descending further each year to reach 37.35 thousand metric tons by 2028. This projection indicates a continuous decrease in demand.
The yearly percentage decline in consumption from 2024 to 2025 is expected to be 5.93%, with a similar reduction rate of 6.20% from 2025 to 2026, 6.44% from 2026 to 2027, and 6.78% from 2027 to 2028. Over the five-year period, the compound annual growth rate (CAGR) is estimated at -5.70%.
Future trends to watch for include:
- Innovations in recycling and scrap utilization that enhance efficiency could affect consumption patterns.
- Changes in environmental regulations that may impact the supply and demand for scrap materials.
- Potential technological advancements in metallurgy that reduce reliance on traditional cast-iron materials.
