The turnover of the Iron and Steel Mills and Ferroalloy industry in the US has seen a consistent decline since 2014. From an initial peak of over 105.05 billion USD in 2014, the industry has steadily decreased year-on-year, standing at 61.738 billion USD in 2023. The sector showed significant negative growth in 2015, with a 19.71% drop, and continued this downward trend with year-on-year declines ranging from -3.45% to -10.28% in subsequent years.
Recent year-on-year variations show a -3.67% decrease in 2022, followed by a -3.74% decline in 2023. The compound annual growth rate (CAGR) for the last five years also illustrates this shrinking market, averaging -3.61% annually from 2018 to 2023. Looking ahead, the forecasted CAGR from 2023 to 2028 is -3.59%, with an expected cumulative decline of 16.72% over these five years.
- Consistent decline in market turnover since 2014
- Substantial drop in 2015 (-19.71%)
- Year-on-year decreases from -3.45% to -10.28%
- 2023 turnover: 61.738 billion USD
- 2022-2023: -3.74% year-on-year reduction
- 2023 CAGR over last five years: -3.61%
- Forecast 5-year CAGR: -3.59%
Future trends to watch for include the impact of technological innovations in steel production, potential policy changes affecting trade and tariffs, and shifts towards sustainable and eco-friendly practices in the industry that could influence market dynamics and provide new growth opportunities.
