The forecast for pig iron consumption among manufacturers in Ohio shows a gradual declining trend from 2024 to 2028. In 2023, the actual consumption stood at 4.33 million metric tons, indicating a decreasing pattern as values fall steadily each year from 4.25 million metric tons in 2024 to 3.91 million metric tons by 2028.
- Year-on-year variations show a consistent decline, highlighting a 2.12% decrease from 2024 to 2025 and continuing at a similar rate in subsequent years.
- The compound annual growth rate (CAGR) over the five-year period from 2024 to 2028 indicates a contraction trend, with an average annual decline of approximately 2.03% in pig iron consumption.
Future trends to watch for include technological advancements in steel production that could impact pig iron demand, shifts in trade policies affecting raw material imports, and environmental regulations influencing manufacturing processes.
