Analysis of the forecast for the consumption of purchased and home scrap at manufacturers of pig iron, raw steel, and castings using electric furnaces, one foot and under, indicates a gradual upward trend from 2024 to 2028. In 2023, the actual consumption was slightly lower than 119.67 thousand metric tons, as each subsequent year projects a steady increment. The year-on-year percentage increase remains minimal, reflecting stability in growth, leading to a calculated compound annual growth rate (CAGR) for the period that maintains moderately low growth.

Future trends to watch for include:

Innovations in electric furnace technology that could alter scrap consumption dynamics.
Fluctuations in global steel prices potentially influencing domestic production strategies.
Environmental regulations affecting scrap utilization and processing methods.
Market demand shifts owing to infrastructure developments and automotive industry trends.