As of 2023, the consumption of ferrous scrap in the US was slightly over 53.4 million metric tons. The forecast from 2024 to 2028 suggests a gradual decline in consumption year-on-year: from 53.4 million metric tons in 2024 down to 51.33 million metric tons in 2028. This represents a consistent decrease of about 1% annually. Over the five-year period, the compound annual growth rate (CAGR) shows a negative trend of slightly over 1%, indicating a steady decline in forecasted consumption.

Future trends to monitor include:

Rising environmental regulations and their impact on recycling policies.
The influence of global market demand on domestic consumption.
Technological advancements in metal recycling and their potential to boost efficiency.
Changes in the steel manufacturing industry, especially shifts towards greener production methods.