Some of the prominent players operating in the global iron and steel slag market are JSW Steel, TMS International Corporation, POSCO, Harsco Corporation, NLMK, TATA Steel, Arcelor Mittal, JFE Steel Corporation, Stein, Inc., Edw. C. Levy CO., Nippon Steel & Sumitomo Metal Corporation, and Steel Authority of India Limited, finds Transparency Market Research (TMR). Leading players are entering into collaborations with original equipment manufacturers (OEM) in various end-use industries, in a move to gain a competitive edge over others. Several of these players are focused on adopting modern production technologies are keen on offering advanced products for specialized applications for various end-use industries, notably railways, building and construction, and fertilizers.
The broad applications where iron and steel slag are used comprise building and construction, railways, and fertilizers. Of these, building and construction industry is the leading segment as it held the major share in 2016 and is anticipated to rise at an attractive pace over the forecast period. The dominance of the segment is attributed to the extensive demand for granulated blast furnace slag. On account of several functional benefits these are found to be suitable for a variety of applications in the construction industry. Geographically, Asia Pacific accounted for the leading share of the global market, holding a lion’s share of 80% in 2016. The dominance of the regional market is attributed to burgeoning construction activities and the vastly rising demand for value-added services by market players in various countries.
Burgeoning Building and Construction Industry Creating Lucrative Avenues
The demand for iron and steel slag is driven by a rapidly growing construction industry in various developing and developed regions. The rising environmental awareness world over is boosting the demand for iron and steel slag, which is considered as a significantly recycled material. This is attributed to a number of functional benefits, notably resource and energy conservation effects. The extensive demand for granulated in the construction industry is a notable factor boosting the market. The wide preference of the granulated blast furnace slag material for making Portland blast furnace slag cement is mainly attributed to several benefits such as notable strength over extended duration of use and amazing chemical durability. Furthermore, the addition of the finely crushed slag to the concrete enhances the binding capacity, hence appropriate for building massive structures.
The growing demand for iron and steel slag in making concrete for large structures is a prominent trend accentuating the market. Owing to high wear-resistant property, steel making slag is used for aggregate for asphalt concrete. This is mainly attributed to the pressing demand for sustainable construction materials in the building and construction industry in emerging economies.
Specialized Products and Value-added Services Boosting Market
Constant advancement in technology has led to production of specialized products, thereby boosting the overall market. Emerging manufacturers of iron and steel slag are keel on properly utilizing slag to offer value-added services for end-use industries. On the flipside, the rising popularity of natural mixtures in major regions is a key factor likely to hinder the market to an extent. The wide availability of natural mixture containing crushed sand, gravel, and sand has negatively affected the growth of the iron and steel slag market. Nevertheless, stringent implementation of environmental regulations in various nations and direct interventional strategies by governments are notable factors boosting the market. A number of norms for the adoption of proper recycling methods by prominent players in major nations have bolstered the uptake of iron and steel slag. In addition, a rising construction and building industry in emerging nations is a significant factor accentuating the market.