Forecast: Raw Steel Production in Singapore

The raw steel production in Singapore saw notable fluctuations between 2013 and 2023, with a peak in 2013 at 700.0 thousand metric tons and a low point in 2020 at 489.7 thousand metric tons. The most significant year-on-year changes were a 22.86% drop in 2014 and a 22.89% increase in 2021. As of 2023, the production volume stood at 590.0 thousand metric tons, devoid of year-on-year growth from 2022. Over a five-year span from 2018 to 2023, the Compound Annual Growth Rate (CAGR) showed a minimal decline at -0.34%.

Looking ahead, the forecast for raw steel production in Singapore from 2024 to 2028 indicates a slight downward trend with a forecasted average annual decline (CAGR) of -0.01%. Despite this overall stability, production is expected to range narrowly around 590 thousand metric tons.

Future trends worth monitoring include potential developments in manufacturing processes and the impact of global economic conditions on raw material supply and demand. Technological advancements and sustainable practices in steel production may also influence future output levels.