Global Ferrous Slag Market growing at a CAGR of 5.5% from 2023 to 2030
Category : Materials And Chemicals | Published Date : Jun 2023
Key Market Overview
Consegic Business Intelligence analyses that the ferrous slag market is predicted to grow at a compound annual growth rate of 5.5% from 2023 to 2030 and is expected to reach USD 19,925.96 Million in 2030 which was valued at USD 13,112.44 Million in 2022.
The report highlights the increasing adoption of ferrous slag in building & construction industry which is proliferating the global market growth. 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.
Global Ferrous Slag Market By Overview
The ferrous slag market is bifurcated into process, product, and application. Based on process the market is segmented into basic oxygen furnace and electric arc furnace. In 2022, the basic oxygen furnace segment dominated the overall ferrous slag market. Based on product, the market is segmented into blast furnace slag, steel slag, and others. In 2022, the blast furnace slag segment dominated the overall ferrous slag market. The application segment is categorized into concrete, mineral wool, glass manufacture, asphalt, aggregates, concrete, cement, fertilizer, and others. In 2022, the concrete segment accounted for the highest market share in the ferrous slag market.
Get Free SampleMarket Dynamics
Driver:
- Increasing demand for ferrous sag in the production of construction materials including concrete, asphalts, aggregates, and cement is contributing to the growth of the market.
- The rising application of ferrous slag in agricultural products to enhance to soil fertility and productivity is driving the growth of the ferrous slag market.
Restraints:
- Potential ecological concerns associated with the use of ferrous slag if not handled properly is likely to hamper the market growth.
Market Segmentation:
| Report Attributes | Report Details |
| By Process | Basic Oxygen Furnace, and Electric Arc Furnace |
| By Product | Blast Furnace Slag, Steel Slag, and Others |
| By Application | Concrete, Mineral Wool, Glass Manufacture, Asphalt, Aggregates, Concrete, Cement, Fertilizer, and Others |
| By Region | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Competitive Landscape :
As per the study, the market is dominated by certain major companies such Nippon Steel & Sumitomo Metal Corporation, Edw. C. Levy CO., Stein, Inc. have a strong market position in current market circumstances. Further, the Ferrous Slag market is expected to witness significant growth in coming years due to increasing demand for construction materials from the building & construction industry. The market players compete for a firm market position through mergers and acquisitions, product innovations, and business strategies. Thus, evolving research and developments in ferrous slag are expected to help market players adopt innovative ways of product creation to cater to the growing needs of various end-use industries.
- Steel Authority of India Limited
- 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.