The forecast for iron and steel scrap consumption by iron foundries and miscellaneous users in Ohio indicates a downward trend from 2024 to 2028, reaching 63.46 thousand metric tons from a peak of 173.47 thousand metric tons in 2024. The year-on-year decline suggests significant reductions in consumption, with a noticeable drop each year. This points to a stark change from 2023's consumption levels of approximately 200 thousand metric tons. Hence, from 2024 to 2028, the compound annual growth rate (CAGR) points to a substantial decline.
Future trends to watch include:
- The impact of technological advancements and efficiencies in recycling processes on scrap consumption.
- Potential changes in manufacturing demands or regulations that could alter the trajectory observed.
- Market dynamics and international trade affecting supply and demand of steel scrap materials.
