In 2023, the iron casting hours worked in the UK stood as baseline data, with subsequent years indicating a decline. From 2024 onwards, the forecasts depict a consistent year-on-year decrease, with an average annual reduction (CAGR) over the five-year period. This signifies a shrinking demand or advancements in production efficiency within the industry. Despite these declines, the overall trend highlights a structural shift in the sector, possibly due to technological innovations or changes in market demands.
Future trends to watch for:
- Impact of technological advancements on production efficiency.
- Potential shifts in global demand influencing UK production.
- Regulatory changes affecting labor in the manufacturing sector.
- Development of new materials potentially replacing iron usage.
