Iron and Steel Slag Market: Snapshot
In order to stay ahead of the curve in the global iron and steel slag market, keen players are seeking out partnerships with original equipment manufacturers (OEM) in different end-use industries, namely building and construction, railways, fertilizers, etc. They are also leveraging latest technologies and value added services in specialized products to outsmart their competitors.
The construction industry is the primary driver of demand in the global iron and steel slag market. A roadblock to the market, on the flipside, is the surging sales of natural aggregates consisting of gravel, sand, and crushed stone which are abundantly available. However, environmental legislations has helped to overcome the hindrance to a degree.
As per a study by Transparency Market Research, the market for global iron and steel slag will likely rise at a lackluster CAGR of 2.7% from 2017 to 2025. At this rate, the market which was worth US$23.463 bn in 2016 will likely become worth US$29.896 bn by 2025.
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Building and Construction Sector Drives Demand
The global market for iron and steel slag can be segmented based on different parameters. Depending upon process, for example, it can be divided into blast furnace slag and steelmaking slag. The blast furnace slag can be further divided into granulated blast furnace slag and air cooled blast furnace slag. The steelmaking slag segment is further bifurcated into converter slag and electric arc furnace slag. By application, the iron and steel slag market has been segregated into building and construction, railways, fertilizers, etc. Of them, the building and construction segment accounts for maximum revenue. In 2016, it accounted for about 40% share in the market.
Flourishing Construction Industry Propels Asia Pacific Market
Geographically, the key segments of the global iron and steel slag market are North America, Latin America, Europe, Asia Pacific, and Middle East and Africa. Of them, Asia Pacific dominates the market with a majority of the share in it. In 2016, the region held about 80% share in the market, finds the TMR report. This is because of the increasing demand in the region on account of the swift pace of urbanization which has led to increasing construction activities. The rise in the number of nuclear families is also stoking growth in the market. Another factor proving beneficial to the market is the technical advancement and value added services. China and India are at the forefront of driving demand in the region. By rising at a CAGR of 2.7% during the period between 2017 and 2025, the revenue in the region is projected to grow its dominant share to US$24.70 bn by 2025.
Europe trails Asia Pacific vis-à-vis size in the global iron and steel slag market. By expanding at a CAGR of 3.2% in the forecast period, the region is expected to pull in a revenue of US$2.61 bn by 2025. North America, powered by booming construction industry in the U.S. – which started gathering steam after the prolonged recession after the 2008 subprime meltdown – follows in the third position. The market in the region is predicted to rise at a CAGR of 2.7% from 2017 to 2025 to become worth US$895 mn by 2025.
Some of the key players operating in the global iron and steel slag market are Steel Authority of India Limited, Nippon Steel & Sumitomo Metal Corporation, Edw. C. Levy CO., Stein, Inc., JFE Steel Corporation, Arcelor Mittal, TATA Steel, NLMK, Harsco Corporation, POSCO, TMS International, and JSW Steel.