Market Overview: The global ferrous slag market experienced significant robustness in size in 2020 and is projected to maintain a steady revenue growth rate throughout the forecast period. The market's expansion is primarily driven by the growing demand for steel and iron in the construction sector, where they are used in various applications such as granular base, embankments, engineered fill, highway shoulders, and hot mix asphalt pavement.
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Ferrous slag is a by-product produced by iron and steel manufacturing companies. It is created by adding minerals like limestone, dolomite, lime, and silica sand to blast furnaces and steel furnaces, which helps eliminate impurities from iron ore, scrap, and other ferrous feeds while reducing the heat requirements of the iron and steel production processes. Slag forms as a calcium silicate melt that floats on top of molten crude iron or steel and is subsequently separated from the liquid metal. As processed slag typically has low value, steel producers often contract other businesses to remove, cool, process, and sell it. The cooling process is crucial for the commercial applications of slag.
The term "slag" encompasses all non-metallic co-products formed during the separation of metals from their ores. The composition and form of slag vary depending on the type of metal being produced and the solidification technique employed. Slags can be classified as ferrous (iron/steel) or non-ferrous (copper, lead/zinc) based on the industry they originate from. Different types of slag, such as blast furnace slag, basic oxygen furnace slag, electric arc furnace slag, secondary metallurgical slag, and others, can be produced depending on the iron and steel manufacturing processes. The addition of the aforementioned materials to the furnaces reduces the heat requirements for steel and iron production. Ferrous slag primarily consists of calcium silicate, which floats on top of molten crude steel and iron and can be extracted from the molten metal.
Major Factors Driving the Growth of the Global Ferrous Slag Market: The increasing awareness about natural resource conservation, greenhouse gas emissions, and energy savings across various sectors is a significant driver of revenue growth in the market. Ferrous slag is considered a recycled material that can contribute to reducing environmental impact. It finds applications in various sectors such as construction and building, fertilizers, and railways. Ferrous slag is used as a construction ingredient, similar to aggregate in concrete. Moreover, granulated ferrous slag has been substituted for some portland cement in concrete to reduce carbon emissions while enhancing the binding properties of concrete. Other uses of ferrous slag include soil enhancement in fertilizers, railway aggregate ballast material, and the production of moisture escaping materials like rock-wool.
Factors Restraining the Growth of the Global Ferrous Slag Market: The growth of the global ferrous slag market is significantly hindered by several unfavorable factors. Due to its poor early strength, it is not suitable for use in Reinforced Cement Concrete (RCC) projects. The long initial setting period of this cement makes it unsuitable for emergency or repair work. Additionally, the lack of awareness regarding the benefits and advantages of ferrous slag in construction materials is expected to impede market growth. The presence of hazardous substances such as nickel, chromium, strontium, and cadmium in slag, which can have adverse effects on the environment and human health, is also expected to negatively impact market growth.
Opportunities for Players in the Global Ferrous Slag Market: The demand for ferrous slag is expected to increase significantly in the building and construction, fertilizer, and railway industries due to rising investments in residential sector development, transportation, and infrastructure projects. Furthermore, the development and renovation of ferrous slag products are likely to enhance growth prospects for companies operating in the market.
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