In 2023, iron and steel scrap consumption at manufacturers with electric furnaces in the US was approximately 49.08 million metric tons. From 2024 to 2028, the forecast indicates a gradual increase, showing a modest upward trend. The year-on-year growth rate is consistent at close to 0.08%, reflecting stability and moderate demand in the sector. Cumulatively, over the five-year period from 2024 to 2028, the compound annual growth rate (CAGR) is approximately 0.07%.

Future trends to watch for include:

Technological advancements in electric furnace efficiencies that could impact scrap consumption levels.
Regulations and policies driving sustainability that might influence the recycling of scrap materials.
Fluctuations in raw material prices and global market dynamics that could affect scrap availability and pricing.