The iron and steel scrap consumption at iron foundries and miscellaneous users with electric furnaces in the US is forecasted to show a steady increase from 4.82 million metric tons in 2024 to 4.88 million metric tons in 2028. This indicates a modest compound annual growth rate (CAGR) over the five-year period. In 2023, the actual consumption stood at 4.80 million metric tons, reflecting a slight upward trend in demand. Year-on-year growth remains consistent at approximately 0.21% annually from 2024 through 2028.
Future trends to watch for include technological advancements in electric furnace efficiency, which could impact scrap usage, and changes in regulatory policies promoting sustainable practices in the industry, potentially altering demand patterns. Additionally, global economic conditions and raw material prices could affect production profitability and scrap consumption levels.
