In 2023, iron and steel scrap consumption at manufacturers of pig iron, raw steel, and castings in Pennsylvania was an actual figure. For 2024, the forecast is 3.55 million metric tons, showing a decline by 2028 to 3.2 million metric tons. This indicates a steady downward trend with year-on-year reductions of approximately 2.53% to 2.64%. The five-year Compound Annual Growth Rate (CAGR) projects an average annual decline of around 2.64%.
Future trends to watch for include advancements in steel recycling technology, shifts in demand driven by global economic conditions, and potential regulatory changes affecting scrap metal markets. These factors may influence consumption patterns and introduce variability in the forecasted trend.
