In 2023, the consumption of alloy steel (except stainless) using purchased and home scrap stood at 750.00 thousand metric tons in the U.S., marking it as the baseline for comparison. From 2024 to 2028, the forecast indicates a gradual increase in consumption, with values reaching 776.28 thousand metric tons by 2028. The year-on-year growth rates are modest, averaging around 0.88% annually over this period. The last two forecasted years, 2027 and 2028, show a slightly stronger growth of about 0.65% each, suggesting a consistent demand trend with potential capacity for growth.
Future trends to watch for include technological advancements in steel recycling processes that could impact scrap utilization rates and changes in policy regarding the steel industry's environmental regulations. Moreover, fluctuations in the global demand for steel, geopolitical factors, and innovations in alternate materials could significantly alter consumption patterns.
