Steel Slag Market to Hit USD 38.28 Billion by 2030 | With Exhibiting a CAGR of 5.2%
Key companies covered in Steel Slag Market are ArcelorMittal (Luxembourg), Nippon Steel Corporation (Japan), Baosteel Group Corporation (China), JFE Steel Corporation (Japan), Tata Steel (India), POSCO (South Korea), Voestalpine Group (Austria), thyssenkrupp Steel Europe (Germany), Optimus Steel (U.S.), KOBE STEEL, LTD. (Japan) and more players profiled.
Pune, India, July 07, 2023 (GLOBE NEWSWIRE) — The global steel slag market size was valued at USD 25.66 billion in 2022 and is projected to reach a valuation of USD 26.83 billion in 2023 and is expected to reach USD 38.28 billion by 2030 with a CAGR of 5.2% during the forecast period. Steel slag is a byproduct of the steelmaking process which is formed after impurities react with oxidants and fluxes. Steel slag is known to have nickel, chromium, strontium, and cadmium in it. The rising production of steel has led to an increase in the supply of slag, which is supporting market growth. Fortune Business Insights™ shares this information in its report titled “Global Steel Slag Market, 2023-2030.”
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List of Key Players Profiled in the Report: –
- ArcelorMittal (Luxembourg)
- Nippon Steel Corporation (Japan)
- Baosteel Group Corporation (China)
- JFE Steel Corporation (Japan)
- Tata Steel (India)
- POSCO (South Korea)
- Voestalpine Group (Austria)
- thyssenkrupp Steel Europe (Germany)
- Optimus Steel (U.S.)
- KOBE STEEL, LTD. (Japan)
Report Scope & Segmentation:
|2030 Value Projection||USD 38.28 Billion|
|Market Size in 2022||USD 25.66 Billion|
|No. of Pages||266|
|Report Coverage||Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends|
|Steel Slag Market Growth Drivers||0.5 mm to Lead as it Provides Optimum Performance|
|Increasing Demand from Various End-use Industries to Propel the Product Demand|
Browse Detailed Summary of Research Report with TOC:
Blast Furnace Slag Segment to Dominate Due to Increasing Number of Cement-Producing Companies
On the basis of type, the market is divided into blast furnace slag and steelmaking slag. The blast furnace slag segment dominates due to rapid growth in cement-producing companies and growth in technological innovations in the manufacturing processes. Steelmaking slag is set to have market growth due to rising government initiatives for environmental protection.
Cement & Concrete to Lead Due to Beneficial Properties of the Product
On the basis of application, the market is classified into construction, cement & concrete, fertilizers, and others. The cement & concrete segment is set to hold the largest share due to increasing demand for these products owing to their properties such as high tensile strength, water resistance, hardness, and chemical compatibility with a range of materials.
The market is studied across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market’s key players.
Drivers and Restraints
Increasing Demand for Road Construction in the Construction Industry to Drive Market Growth
Increasing demand for road construction is anticipated to drive the steel slag market growth. Due to its properties, the main application of the product is in road construction. The product is also used in the construction industry for the building of highways and roads. Natural resources are preserved by reducing the demand for virgin materials by employing steel slag as an alternative to natural aggregates. Qualities, such as resistance to weathering and high alkalinity, help in curbing the release of such dangerous compounds into the environment.
However, steel slag is a by-product of the steel-making process and has a number of chemical compounds that, if not managed properly, can have a negative impact on the environment.
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Increasing Demand for the Product to Drive Market Growth in Asia Pacific
Asia Pacific is set to lead the global steel slag market share due to increasing demand for building materials in countries such as China, Japan, and India. The market reached a valuation of USD 17.49 billion in 2022 due to economic expansion, urbanization, and construction activities.
North America is driven by the demand in countries such as the U.S. and Canada for rapid expansion of the cement & concrete industry. In the U.S., demand for construction products is increasing from the residential and commercial sectors.
The key market players are ArcelorMittal, Nippon Steel Corporation, Baosteel Group Corporation, and JFE Steel Corporation. They have been emphasizing on product innovation, acquisition, and collaboration. In March 2022, ArcelorMittal acquired John Lawrie Metals Ltd. to increase the usage of scrap steel in ArcelorMittal for reducing carbon dioxide emissions from steelmaking.
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Detailed Table of Content:
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Regions
- Key Developments: Mergers, Acquisition, Partnership, etc.
- Latest Technological Advancement
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
- Qualitative Insights – Impact of COVID-19 on the Global Steel Slag Market
- Supply Chain Challenges
- Steps taken by Government/Companies to overcome this impact
- Potential opportunities due to the COVID-19 outbreak
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Key Industry Development
February 2023 – Nippon Steel Corporation has indirectly acquired Elk Valley Resources Ltd with 10% of the common shares, preferred shares, and royalty interest of the latter.
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