The data shows a steady decline in the forecasted consumption of cut structural and plate scrap, from 4.45 Million Metric Tons in 2024 to 4.22 Million Metric Tons in 2028. This suggests an annual decrease of approximately 1.3% over the five-year forecast period. Looking back at 2023, the value stood higher, indicating a continued downward trend in scrap consumption. Year-on-year, consumption is expected to reduce gradually, with a marginal decline translating to an average annual contraction (CAGR) over the next five years.
Future trends to watch include potential impacts from technological advancements in recycling processes, shifts in steel production methods, and changes in environmental regulations, which could further influence scrap consumption levels and its overall trajectory in the market.
