Indonesia's raw steel production has shown substantial growth from 2.64 million metric tons in 2013 to 6.82 million metric tons in 2023. The production experienced significant annual variations, such as a robust increase of 67.47% in 2014 and a 14.18% decline in 2020. Over the last five years, the compound annual growth rate (CAGR) has been 2.39%, indicating a steady increase, though subpar compared to earlier peaks. The projected production for 2028 is 7.83 million metric tons, achieving a 5-year forecasted CAGR of 2.16% and an overall growth rate of 11.3% from 2023 levels.
Future trends to watch for:
- Potential impacts of global economic fluctuations and their influence on demand for steel.
- Advancements in technology aimed at reducing production costs and improving output efficiency.
- Environmental regulations and sustainability practices affecting production practices and capacity.
- Infrastructure and construction developments in Indonesia, driving domestic steel consumption.
- The effect of international trade policies and relationships on Indonesia's raw steel export potential.
