Forecast: Raw Steel Production in Turkey

Raw steel production in Turkey experienced varied trends from 2013 to 2023. The production peaked at 34.65 million metric tons in 2013, followed by a notable decline in subsequent years, bottoming out at 31.52 million metric tons in 2015. A recovery phase began in 2016, with significant growth observed in 2017. A minor dip occurred in 2018, after which production generally increased, reaching 41.46 million metric tons in 2023. The last two years saw moderate growth with year-on-year increases of 2.04% in 2022 and 1.96% in 2023. Over the last five years, the compound annual growth rate (CAGR) stood at 2.13%.

Future trends to watch for include:

- A forecasted steady increase in production through 2028, with figure climbing to 45.62 million metric tons.

- The forecasted 5-year CAGR is slightly lower at 1.51%, suggesting a more moderate growth trajectory compared to recent years.

- Factors such as global demand shifts, environmental policies, and technological advancements in steel production could significantly impact future trends.