According to a new market report published by Credence Research “Global Ferrous Slag Market Growth, Future Prospects and Competitive Analysis, 2016 – 2023,” the ferrous slag market is expected to reach over US$ 36.5 Bn by 2023, expanding at a CAGR of 1.8% from 2016 to 2023.
Market Insights
SLAG is a broad term covering all non-metallic co products resulting from the separation of a metal from its ore, its chemistry and morphology depends on the metal being produced and the solidification process used. Slags can be broadly categorized as ferrous (iron/steel) and non-ferrous (copper, lead/zinc) depending on the industry from which they come. Depending on the iron and steel production process different slag types can be manufactured like blast furnace slag, basic oxygen furnace slag, electric arc furnace slag, secondary metallurgical slag and other slags. China alone produces more than 50% of all slag. Europe, North America and Japan are also expected to witness a gradual increase in slag availability over upcoming years.
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The cement and aggregates industries, the main users of ferrous slag; due to significant changes have been made in the environmental legislation and the economics of the carbon market has affected these industries. Global ferrous slag market revenue is expected to grow at rate of 1.8% over the forecast period 2016-2023. Growing demand from developing countries like India and China is expected to drive the growth of ferrous slag market over the forecast period. According to industry experts, aggregates is expected to remain the key driver for ferrous slag market coupled with increasing demand from filter media and agricultural sector especially in region such as BRIC which is anticipated to fuel the growth of ferrous slag market. In 2015, Asia pacific was observed as the largest and fastest growing market for ferrous slag.
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Lafarge-Holcim. (Switzerland), Lehigh Cement/Hanson. (U.S.), Ash Grove Cement. (U.S.), St Mary's Cement Inc. (Canada), Argos (U.S.), Harsco (U.S.), TMS International (U.S.) are few key manufacturers in ferrous slag market.
Key Trends:
- The collapse of construction activity in Europe
- Global ferrous slag market is expected to increase slowly
- Changes in the Chinese steel industry
- Changing environmental legislation, direct intervention from governments and international bodies
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