The consumption of stainless steel stocks in North Central US has shown a general downward trend from 2013. Starting at 33.0 thousand metric tons in 2013, it saw a slight increase in 2014 but then experienced a consistent decline over the subsequent years. In 2023, the value stood at 29.79 thousand metric tons, reflecting a year-on-year decrease of 1.91%. Over the last five years, the CAGR was approximately -1.91%, illustrating a steady decline. Forecasts from 2024 show a continued downward trend with a 5-year CAGR of -1.69%, leading to a 2028 projection of 26.77 thousand metric tons.
Future trends to watch for include the potential impact of technological advancements, shifts in consumer preferences towards more sustainable materials, and changes in economic conditions that could either slow the decline or potentially stabilize the demand for stainless steel in the region.
