Ferrous Slag Market Size, Share, Growth and Industry Analysis by Type (Blast Furnace Slag, And, Steel Making Slag) By Application (Construction, Cement Production, Agricultural, And, Others) Regional Forecast To 2028

Updated On: 08 April 2024

REPORT OVERVIEW

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The ferrous slag market is expected to be worth USD 12540 million in 2022. The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. As per our research, the market is projected to touch USD 17990 million by 2028 with a CAGR of 6.2% during the forecast period. The sudden spike in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

Ferrous slag is a byproduct of both iron and steel production. This material has many beneficial properties. It exhibits high strength, durability, and resistance to weathering. Therefore, it is considered to be highly suitable for construction applications. Because of its chemical composition it is considered to be useful in cement production. This substance is used in many sectors and thus has high demand.

Slag can be used as an aggregate in concrete, road construction, and embankments. Along with this, slag is used as a raw material in the manufacturing of fertilizers. All of these factors are driving the ferrous slag market growth.

COVID-19 Impact

"Fewer Infrastructure Projects During Pandemic Reduced Market Growth"

The COVID-19 pandemic created many challenging obstacles for all the markets throughout the world. Some of the major problems that were faced during the pandemic included slowdown in construction activities and infrastructure projects. This substance is an important component in the construction sector.

As the number of infrastructure projects declined during the pandemic, demand for slag also became less. Supply chain disruptions and temporary closures of steel plants also affected the availability of ferrous slag. Post the pandemic, the market is gradually recovering. However, the market faced a lot of difficulties during the pandemic period.

LATEST TRENDS

"Utilization of Ferrous Slag as Substitute for Natural Aggregate to Increase Market Growth"

Numerous trends are emerging in the field of slags. Manufacturers, now a days are focusing on sustainable construction projects. This has led to the rising utilization of ferrous slag as a substitute for natural aggregates in concrete and road construction. Using slag as a substitute aligns with the principles of circular economy and resource conservation.

Numerous advancements are being made in the production procedure of slag. This has enabled the production of high-quality slag products. This in turn is introducing new applications in many fields such as geotechnical engineering and wastewater treatment. Many companies and organizations are conducting research and development to find the use of ferrous slag in areas like carbon capture and utilization, further expanding its scope and relevance in a rapidly evolving industry. These factors are considered to be the new innovations in the market.

SEGMENTATION

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• By Type:

The market can be divided on the basis of type into the following segments:

Blast furnace slag, and, steel making slag. The blast furnace slag segment is anticipated to dominate the market during the forecast period.

• By Application:

Classification based on application into the following segment:

Construction, cement production, agricultural, and, others. The construction segment is predicted to dominate the market during the research period.

DRIVING FACTORS

"Usage of Ferrous Slags in Construction Projects to Accelerate Market Growth"

Ferrous slag is considered to be an eco-friendly material. As a result, demand for slag as a substitute for traditional aggregates has sky-rocketed. Therefore, this material is used extensively in construction and infrastructure projects. Another advantage of using slag is that it is cost effective. Hence, it also substitutes some of the expensive aggregate products.

Ferrous slag is an important by product of iron and steel. Therefore, it is readily available in abundance. Manufacturers prefer this material as it is easily available. Many strict rules and stringent regulations which are promoting waste management and recycling create a lot of demand for ferrous slag utilization. This material helps in diverting waste from landfills. All of these factors are accelerating the rapid growth and development of the market.

"Unique Properties Exhibited by Ferrous Slag to Propel Market Growth "

Apart from versatility, cost-effectiveness, and, sustainability provided by slag there are many advantages that are provided by it. This material has many unique properties, including its high strength, durability, and chemical stability. These properties make it suitable for various applications in construction, such as road base, embankments, and aggregate in concrete.

Ferrous slag was not recognized as an effective construction material. But from the past few years, through research and development manufacturers have come to understand the value of this substance as a construction material. When slag is used in construction project it not only provides strength to the building but also reduces the overall cost of construction. These factors are contributing in increasing ferrous slag market share.

RESTRAINING FACTOR

"Lack of Awareness Regarding Ferrous Slag Among Professionals to Bring Down Market Growth"

Widespread utilization of slag is hindered by several factors. An important factor is the lack of awareness and understanding among construction professionals and decision-makers regarding the properties and potential applications of slags.  From the past few years this material has gained a little bit of recognition. However, limited knowledge about the technical aspects and performance characteristics of ferrous slags can lead to hesitancy in adopting them as construction materials.

 Another important disadvantage of using slag is the inconsistent quality and variability of its composition from different steel plants. The quality of slag is dependent on the quality of steel that is used in its production. All of the above-mentioned factors can have a negative impact on the market growth and development.

REGIONAL INSIGHTS

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"Europe to Dominate Market in Upcoming Years"

Slag is a substance that is used globally. The region that dominates the market share is Europe. This region emerges as a significant region because it provides emphasis on sustainable construction practices and proper waste management rules. Germany, the Netherlands, and the United Kingdom have the most flourishing construction markets.

Apart from the robust construction projects taken up in this region, investments made on research and development has further amplified the market for slag. Manufacturers are finding out ways in which they can use this substance in various sectors. All of these factors are making Europe the leading region in the market.

Key Industry Players

"Leading Players adopt Acquisition Strategies to Stay Competitive "

Several players in the market are using acquisition strategies to build their business portfolio and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the market.

List of Market Players Profiled

• NSSMC (Japan)
• Levy (U.S.)
• NLMK (Russia)
• ArcelorMittal (Luxembourg)
• Evraz (Russia)
• Tata Steel (India)
• CRH (Ireland)
• JFE (Japan)

Report Coverage

The report provides an insight into the industry from both the demand and supply sides. Further, it also gives information on the impact of COVID-19 on the market, the driving and the restraining factors along with the regional insights. Market dynamic forces during the forecast period have also been discussed for the better understanding of the market situations