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The ground granulated blast-furnace slag market size is forecast to increase by USD 1.39 billion at a CAGR of 2.99% between 2023 and 2028. The market's growth hinges on multiple factors: the escalating call for sustainable building materials, the burgeoning construction sector, and heightened investments in infrastructure. These elements collectively propel the market forward, fueling innovation and driving adoption. The increased emphasis on sustainability reflects broader environmental concerns and regulatory shifts, pushing companies to offer eco-friendly solutions. Simultaneously, the construction industry's growth, spurred by urbanization and modernization projects, presents ample opportunities for market expansion. With infrastructure development taking center stage globally, investments in key sectors like transportation, energy, and housing contribute significantly to the market's upward trajectory, reflecting a promising outlook for sustainable building materials and associated industries.
Ground granulated blast-furnace slag is a by-product that is obtained from blast furnaces of steel plants during the separation of iron from iron ore. The cooling stage in the blast furnace helps in the formation of granular particles. The ground granulated blast-furnace slag is used as an eco-friendly building material in infrastructure construction such as roads, highways, and flyovers, along with residential and commercial projects.
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The market witnessed robust growth due to its role in sustainable construction practices. As a vital supplementary cementitious material, GGBFS reduces the carbon footprint of the construction industry by decreasing carbon emissions associated with Portland cement production. Its cementitious qualities, stemming from CaO, SiO2, Al2O3, MgO, and other minor oxides, enhance concrete performance and engineering properties while mitigating issues like chemical attacks, sulfate ingress, and thermal cracking. However, challenges include fluctuations in iron ore and coke prices, impacting raw iron production and overall GGBFS availability. Our researchers analyzed the market research and growth data with 2023 as the base year, along with the key market growth analysis, trends, and challenges. A holistic analysis of drivers, trends, and challenges will help companies refine their marketing strategies to gain a competitive advantage.
Rising demand for sustainable building materials is notably driving the market. The urgent need to cut down carbon emissions is fuelling the use of sustainable building materials. In addition, the market is gaining attention from governments that are promoting eco-friendly building materials to ensure sustainable building. Furthermore, the strong, durable, as well as environment-friendly nature offered by ground granulated blast-furnace slag to several construction projects in comparison with Portland cement is expected to play an important role in market development.
Moreover, upcoming projects such as nuclear power plants, the construction of bridges and pavements, and other infrastructural developments are expected to present a high demand for lucrative opportunities to the overall market in focus during the forecast period. In addition, ground-granulated blast-furnace slag building material is known for reducing carbon emissions during its production process. Hence, such factors are driving the market during the forecast period.
Expansion of manufacturing facilities and increasing trail of ground granulated blast-furnace slag is a primary trend in the market. The increasing market has encouraged major companies to opt for the expansion of their manufacturing facilities globally. For example, JSW Group had ramped up its production capacity in Karnataka, India, to reach 25 metric tons production per annum in 2023. Furthermore, this is in line with the company's commitment to attaining Net Zero concrete emissions by 2050 by increasing its product portfolio of ground-granulated blast-furnace slag-based solutions.
Moreover, companies are also carrying out new trails to ground granulated blast-furnace slag, providing sustainable and eco-friendly building material infrastructure. For example, Heathrow is focusing on cutting at least 45% of its on-the-ground carbon emissions by 2030 to reach its net zero aviation targets by 2050. Hence, such factors are driving the market growth during the forecast period.
Volatility in raw material prices is a major challenge hindering the market growth. The prices of raw materials, including iron and steel, witnessed frequent fluctuations. In addition, the shortage of raw materials, such as iron and steel, also increases the cost of ground-granulated blast-furnace slag used in building materials. Furthermore, such high costs lead to an increase in manufacturing costs and a reduction in profit margins for companies.
Moreover, changes in steel demand driven by economic factors, industrial activities, and infrastructure development can result in fluctuations in iron ore prices. In addition, supply disruptions of iron ore can occur due to various reasons, such as mine closures, logistical challenges, adverse weather conditions, and geopolitical factors. Hence, such factors are driving the market during the forecast period.
The Portland cement and concrete segment is estimated to witness significant growth during the forecast period. Granulated blast-furnace slag, when combined with ordinary Portland cement, helps in offering durable concrete structures. In addition, concrete made with granulated blast-furnace slag cement sets more slowly than concrete made with ordinary Portland cement.
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The Portland cement and concrete segment was the largest segment and was valued at USD 5.45 billion in 2018. Moreover, granulated blast-furnace slag-based concrete continues to gain strength over a longer period in production conditions. In addition, the inclusion of granulated blast-furnace slag enhances the cement strength, reducing permeability and increasing resistance to chloride and sulfate for long life. Furthermore, granulated blast-furnace slag-based concrete and cement also have a higher strength than concrete made with Portland cement. Hence, such factors are fuelling the growth of this segment, which in turn drives the market during the forecast period.
Based on the type, the market has been segmented into alkalinity blast-furnace slag and acidic blast-furnace slag. The alkalinity blast-furnace slag segment will account for the largest share of this segment. The alkalinity blast-furnace slag segment of the global market is expected to grow attributed to the growing adoption of alkaline blast furnace slag in the construction industry due to its various features, such as less corrosivity and better binding properties at a later stage. In addition, this ensures that alkalinity blast-furnace slag does not damage other materials over time, and it is more weather resistant, thus making it an ideal choice for binder in end-users such as Portland cement and concrete, along with bricks and blocks. Hence, such factors are fuelling the growth of this segment, which in turn drives the market during the forecast period.
APAC is estimated to contribute 76% to the growth of the global market during the projection period. Technavio's analysts have provided extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout the projection period.
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Growing construction activity in countries including India, China, and Japan is attributed to the growth of the market in APAC. In addition, the market is expected to grow steadily in APAC, owing to the growing demand for new infrastructures to provide residential and commercial spaces for the urban population. For instance, the M6 Motorway Expansion project involves the expansion of the 23 km M6 Motorway in Southern Sydney, New South Wales, Australia. Moreover, the construction work began in Q4 2021 and is expected to be completed in Q4 2026. In addition, the project aims to be the ultimate destination in connecting the interiors of Sarawak and Sabah, replacing existing timber roads. Hence, such factors are driving the market in APAC during the forecast period.
Companies are implementing various market growth and forecasting strategies by analyzing factors such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product or service launches to enhance their presence in the market.
Ashtech India: The company offers ground granulated blast furnace slag such as Ashtech ground granulated blast furnace slag in the form of glassy granular texture and powdered texture.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Astrra Chemicals, Balaha Group, Betolar Plc, Boral Ltd., Cementation India Pvt. Ltd., DONG SON RESOURCES CO. LTD., Ecocem, Fico YTL Vietnam, Heidelberg Materials AG, Henan Zhengzhou Mining Machinery Co. Ltd., Holcim Ltd., IVS industries, JFE Holdings Inc., JSW Group, Luossavaara Kiirunavaara AB, Millennium Multi Trade Pvt. Ltd., Nippon Steel Corp., Saudi Readymix Concrete Company Ltd., and Tata Sons Pvt. Ltd.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
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The market is deeply intertwined with sustainable construction practices and reducing carbon footprints in the construction industry. Supplementary cementitious materials like GGBFS play a pivotal role in mitigating greenhouse gas emissions associated with traditional cement production. As a byproduct of the steel industry, GGBFS significantly reduces CO2 emissions by replacing a portion of the clinker in cement production. Its pozzolanic properties enhance concrete performance, improving engineering properties and resistance to chemical attacks and sulfate ingress. GGBFS finds extensive use in concrete roads, high-rise buildings, and various infrastructure projects.
Moreover, major players like Tata Steel contribute significantly to the market by providing quality GGBFS, emphasizing sustainable building practices and green building materials. The adoption of GGBFS aligns with global efforts to curb negative environmental effects caused by conventional building materials. Industries ranging from automobiles, real estate, and transportation, to defense and chemicals benefit from the eco-friendly attributes of GGBFS. As demand grows for sustainable and durable construction materials, GGBFS continues to gain traction, driving advancements in grinding techniques and surface protection, shaping the future of building supplies and construction materials. Furthermore, the market plays a crucial role in reducing the carbon footprint of the construction industry. As an essential component in OPC cement, GGBFS significantly lowers greenhouse gas emissions by decreasing clinker usage. Its cementitious qualities, derived from slag content and a combination of CaO, SiO2, Al2O3, MgO, and other minor oxides, contribute to enhanced concrete aggregate and roadbed material durability. Steel manufacturers and iron-making processes produce GGBFS as a glassy, granular byproduct, showcasing its sustainable nature. It finds application across diverse sectors like architecture, construction, automobiles, real estate, transportation, aircraft, shipbuilding, chemicals, and light industries due to its versatility and eco-friendly properties.
In addition, GGBFS aids in thermal cracking prevention ensures robust surface finishing, and supports concrete longevity in various environments, including exposure to salt solutions. Cement manufacturers like Ecocem lead the market with innovations like Calcium CA(OH)2-based products, further promoting sustainable practices in the construction and building materials sectors. As industries strive for environmental sustainability and efficient construction solutions, the GGBFS market continues to expand, offering a viable alternative to traditional cement and contributing significantly to carbon reduction efforts worldwide. The market serves as a pivotal component in concrete production, particularly in the construction industry. Derived from the iron-making process and iron ore, GGBFS exhibits remarkable cementitious qualities that enhance concrete performance and engineering properties. Its utilization significantly reduces carbon emissions and greenhouse gas emissions associated with traditional Portland cement manufacturing. In construction materials, GGBFS is widely used in roads, bridges, and buildings due to its sustainable construction practices and ability to mitigate chemical attacks, sulfate ingress, and thermal cracking. Its CaO, SiO2, Al2O3, MgO, and other minor oxides contribute to superior concrete strength and durability, making it an essential supplementary cementitious material.
Market Scope |
|
Report Coverage |
Details |
Page number |
165 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 2.99% |
Market Growth 2024-2028 |
USD 1.39 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
2.31 |
Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
Performing market contribution |
APAC at 76% |
Key countries |
US, China, India, Japan, and Russia |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Ashtech India, Astrra Chemicals, Balaha Group, Betolar Plc, Boral Ltd., Cementation India Pvt. Ltd., DONG SON RESOURCES CO. LTD., Ecocem, Fico YTL Vietnam, Heidelberg Materials AG, Henan Zhengzhou Mining Machinery Co. Ltd., Holcim Ltd., IVS industries, JFE Holdings Inc., JSW Group, Luossavaara Kiirunavaara AB, Millennium Multi Trade Pvt. Ltd., Nippon Steel Corp., Saudi Readymix Concrete Company Ltd., and Tata Sons Pvt. Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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