Technavio, a leading provider of market research reports, has released its latest study on Ground Granulated Blast-Furnace Slag Market. This report offers a comprehensive analysis of the current market trends, emerging opportunities, and key challenges. The expansion of manufacturing facilities and the rising use of ground granulated blast-furnace slag are key trends in the market. This growing demand has led major companies to expand their manufacturing operations worldwide. For instance, JSW Group increased its production capacity in Karnataka, India, to 25 metric tons per year in 2023. This expansion aligns with the company's goal of achieving Net Zero concrete emissions by 2050 and is part of its strategy to enhance its range of ground granulated blast-furnace slag-based products.
The global ground granulated blast-furnace slag market size is estimated to grow by USD 1.39 bn from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 2.99% during the forecast period. Rising demand for sustainable building material is driving market growth. However, volatility in raw material prices poses a challenge. Some of the key industry players include 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..
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Growing Demand for Sustainable Materials: The rising need to reduce carbon emissions is driving the demand for sustainable building materials. Governments are increasingly supporting eco-friendly materials to promote sustainable construction. Ground granulated blast-furnace slag, known for its strength, durability, and environmental benefits compared to Portland cement, is expected to significantly contribute to market growth.
Opportunities from Upcoming Projects: Major infrastructure projects, such as nuclear power plants, bridges, and pavements, are anticipated to create substantial demand for ground granulated blast-furnace slag. This material's ability to reduce carbon emissions during production further supports its growing role in the market.
Challenges from Raw Material Volatility: Fluctuations in the prices of key raw materials, like iron and steel, pose significant challenges to market growth. These price swings and shortages increase the cost of producing ground granulated blast-furnace slag, raising manufacturing costs and reducing profit margins for companies.
Impact of Economic and Supply Factors: Changes in steel demand due to economic conditions, industrial activities, and infrastructure projects can lead to price volatility in iron ore. Additionally, disruptions in iron ore supply from mine closures, logistical issues, adverse weather, and geopolitical factors further exacerbate these price fluctuations.
According to Technavio, the global ground granulated blast-furnace slag market is a segment of the expansive construction materials market, which falls under the broader materials market. The construction materials market encompasses businesses engaged in the production of various materials such as sand, clay, gypsum, lime, aggregates, cement, concrete, bricks, and others. The market size is determined by the consolidated revenue generated by manufacturers and providers of chemicals, construction materials, containers and packaging, metals and mining, and paper and forest products. A notable trend driving growth in the global construction materials market is the surge in the building and construction industry, which significantly impacts the demand for construction materials.
The Ground Granulated Blast-Furnace Slag Market is experiencing significant growth, fueled by the Rising demand for sustainable building material. Businesses are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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The ground granulated blast-furnace slag (GGBFS) market in the Asia Pacific (APAC) region is experiencing significant growth due to the surge in construction activities in key countries like India, China, and Japan. The demand for new infrastructure to accommodate both residential and commercial needs for the growing urban population is expected to fuel steady market expansion in APAC. For example, the M6 Motorway Expansion project in Southern Sydney, New South Wales, Australia, involves extending the 23 km M6 Motorway. Construction began in Q4 2021 and is anticipated to finish by Q4 2026. This project aims to enhance connectivity between Sarawak and Sabah by replacing existing timber roads. Such initiatives are contributing to the market's growth in APAC throughout the forecast period.
The Ground Granulated Blast-Furnace Slag (GGBFS) market is a significant segment in the construction industry, serving as a valuable Supplementary Cementitious Material (SCM). In the iron-making process, GGBFS is produced as a by-product during the thermal cracking of molten blast furnace slag in water. This process results in fine-grained particles with cementitious qualities that can enhance the engineering properties of concrete. However, the use of GGBFS in concrete comes with challenges such as sulfate ingress and chemical attacks. These issues can be mitigated through proper mixing and curing techniques. The main oxides found in GGBFS include MgO, Al2O3, SiO2, and CaO, which contribute to its cementitious qualities. The steel industry is a major consumer of GGBFS, as it is often used as a substitute for Portland cement in the production of concrete for buildings, bridges, and roads. The use of GGBFS in concrete also helps reduce greenhouse gas emissions and carbon footprint associated with raw iron production and coke and iron ore consumption. Despite its benefits, the use of GGBFS in concrete can be affected by factors such as carbon emissions from the iron-making process and the potential for minor oxides to react with the concrete matrix over time. Sustainable construction practices continue to drive the demand for GGBFS as a viable alternative to traditional cementitious materials.
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