New York, July 06, 2023 (GLOBE NEWSWIRE) -- The global Ferrous Slag Market is expected to witness significant growth at a remarkable CAGR of 5.5% during the forecast period of 2023-2030. This growth is attributed to the increasing demand for ferrous slag in various construction materials such as concrete, asphalts, aggregates, and cement. In addition, the rising infrastructure in key regions such as Asia Pacific, Middle East, and others are accelerating the demand for ferrous slag.
According to a recent report by Consegic Business Intelligence, the ferrous slag market is poised for strong expansion and is expected to reach USD 19,925.96 Million by 2030. The market, which was valued at USD 13,112.44 Million in 2022, is predicted to grow at a compound annual growth rate of 5.5% during the period 2023-2030. The report highlights the increasing adoption of ferrous slag in the agrochemicals sector as fertilizers. Consegic Business Intelligence study also provides insights into the market's competitive landscape, market segmentation, regional outlook, and emerging technologies in the ferrous slag market.
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Ferrous slag is a byproduct of the by-product of iron- and steelmaking manufacturing process. The material is produced when impurities are separated from molten metal during smelting which is the metal extraction procedure. Ferrous slag consists of non-metallic materials, primarily oxides, and silicates. Properties such as high density, hardness, excellent engineering, and chemical stability make ferrous slag a valuable material for use in construction. The material is widely utilized in aggregates, cement, concrete, and other construction materials.
The growth of the construction industry is driven by infrastructure development and rising demand for residential buildings, is accelerating the need for construction materials including ferrous slag. The extensive application of ferrous slag in construction materials due to the benefits such as improved durability, high hardness, and reduced environmental impact is driving the growth of the ferrous slag market.
Moreover, governments across the globe are investing in infrastructure projects such as roads, bridges, railways, and ports. The increasing application of ferrous slag as construction materials in these projects is anticipated to present significant opportunities to the ferrous slag market. Furthermore, the ongoing research and development activities for the development of new processing techniques to improve quality and increase cost-effectiveness is anticipated to pose significant opportunities in the ferrous slag market.
Global Ferrous Slag Market: Report Attributes
| Report Attributes | Report Details |
| Study Timeline | 2017-2030 |
| Market Size in 2030 (USD Million) | 19,925.96 Million |
| CAGR (2023-2030) | 5.5% |
| By Process | Basic Oxygen Furnace, and Electric Arc Furnace |
| By Product | Blast Furnace Slag, Steel Slag, Others |
| By Application | Concrete, Mineral Wool, Glass Manufacture, Asphalt, Aggregates, Concrete, Cement, Fertilizer, and Others |
| Report Coverage | Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more. |
| By Region | North America, Europe, Asia-Pacific, Latin America, Middle East & Africa |
| Key Players | Nippon Steel Corporation, Edw. C. Levy CO., Stein, Inc., JFE Steel Corporation, Arcelor Mittal, NLMK, TMS International, JSW Steel, Millennium Multi Trade Pvt. Ltd. |
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Global Ferrous Slag Market Segmentation Details:
Based on Process, the basic oxygen furnace segment held the highest market share in the ferrous slag market. The rising steel industry, attributed to the extensive application of steel in various end-use industries such as transportation, construction, and energy is driving the growth of the segment. For instance, according to the report published by India Brand Equity Foundation, in 2022, India accounted for the second-largest producer of crude steel. Hence, the wide scope of application of steel produced through basic oxygen procedure is contributing to the growth of the segment.
Based on Product, the steel slag is estimated to register the fastest CAGR over the forecast period owing to the widespread use of steel slag as a construction material. Steel slag is widely deployed as an aggregate and cementitious material for the production of asphalt mixes, bricks, foam concrete, and waterproof mortars. The rising construction activities due to increasing government initiatives for the repairing of infrastructures such as bridges and roads is anticipated to accelerate the market growth.
Based on application the fertilizer segment is anticipated to register the fastest CAGR in the market over the forecast period. The growing agricultural practices due to the increasing consumption of food along with rising advancements in the sector such as organic farming and precision agriculture is driving the demand for fertilizers. As a result, the widespread use of ferrous slag in the manufacturing of agricultural products including fertilizers is driving the growth of the segment.
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Based on Region, in 2022, Asia Pacific held the highest market of ferrous slag market. The increasing infrastructure activities due to rising urbanization is surging the demand for construction materials including ferrous sag. In addition, ferrous slag is widely deployed in agricultural products such as fertilizers due to the ability of the material to provide micronutrients including calcium, silica, and aluminum. Therefore, the rising advancement in the agriculture sector including biotechnology and genetic engineering is contributing to the growth of the ferrous slag market.
Competitive Landscape
According to research, Nippon Steel & Sumitomo Metal Corporation, Edw. C. Levy CO., Stein, Inc. are major market players that comprise the latest market circumstances. These companies are continuously leveraging new technologies such as the development of efficient, cost-effective, and free-of-plasticizers ferrous slag as compared to conventional starch. Further, the ferrous slag market is expected to grow steadily due to rising demand from the building & construction industry, especially in the Asia Pacific, North America, and Europe regions are estimated to boost the market statistics in the coming years. Additionally, the trend towards increasing adoption of ferrous slag in the pharmaceutical industry is also estimated to drive demand for such starch ethers which is anticipated to increase the competition in the market.
Key Market Takeaways
- The global ferrous slag market size is estimated to exceed USD 19,925.96 million by 2030 with a CAGR of 5.5% during the forecast period (2023-2030).
- Based on process, the basic oxygen furnace segment accounted for the highest market share in the ferrous slag market in 2022.
- Based on product, the blast furnace slag segment held the highest market share in the ferrous slag market.
- By application, the fertilizer segment is expected to register the fastest CAGR over the forecast period.
- North America is expected to register the fastest CAGR of 6.3% due to rising technological advancements in the ferrous slag market to reduce costs and improve quality.
List of Major Global Ferrous Slag Market:
- Nippon Steel & Sumitomo Metal Corporation
- Edw. C. Levy CO.
- Stein, Inc.
- JFE Steel Corporation
- Arcelor Mittal
- NLMK
- TMS International
- JSW Steel
- Millennium Multi Trade Pvt. Ltd.
Global Ferrous Slag Market Segmentation:
- By Process
- Basic Oxygen Furnace
- Electric Arc Furnace
- By Product
- Blast Furnace Slag
- Steel Slag
- Others
- By Application
- Concrete
- Mineral Wool
- Glass Manufacture
- Asphalt
- Aggregates
- Concrete
- Cement
- Fertilizer
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Frequently Asked Questions in the Ferrous Slag Market Report
- What was the market size of the ferrous slag industry in 2022?
- In 2022, the market size of ferrous slag was USD 13,112.44 million
- What will be the potential market valuation for the Ferrous Slag industry by 2030?
- In 2030, the market size of ferrous slag is expected to reach USD 19,925.96 million.
- What are the key restraints of the ferrous slag market?
- Potential ecological concerns associated with the use of ferrous slag is likely to serve as the key restraint of the market.
- What is the dominating segment in the ferrous slag market by product type?
- In 2022, the blast furnace slag segment accounted for the highest market share of 45.05% in the overall ferrous slag market.
- Based on current market trends and future predictions, which geographical region will have the fastest impact on the Ferrous Slag market's growth in the coming years?
- North America is expected to be the fastest-growing region in the market during the forecast period.
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