The value added of iron and steel in Turkey has been forecasted to consistently grow from 2024 onwards. In 2023, the value stood at 52.45 billion New Turkish Liras. The forecasted data for 2024 through 2028 shows an upward trend, with values increasing from 54.59 billion in 2024 to 63.08 billion in 2028.
The year-on-year variations for the forecasted period exhibit a steady growth trajectory:
- 2025: 4.0% increase from 2024
- 2026: 3.8% increase from 2025
- 2027: 3.6% increase from 2026
- 2028: 3.4% increase from 2027
The Compound Annual Growth Rate (CAGR) over the last five years is estimated to be around 4.0%, indicating robust and steady growth in the sector.
Future trends to watch for include potential impacts from global steel demand fluctuations, the Turkish government's policies on industrial growth, and raw material price volatility. Technological advancements and sustainable practices in iron and steel production will also play a crucial role in shaping the industry's future trajectory.
