Ferrous Slag Market: Introduction
Ferrous slag is also known as iron and steel slag. Ferrous slag is a by-product of iron and steel making by a variety of processes with different furnaces. Ferrous slag is produced by the addition of lime, silica sand, and limestone (or dolomite) to the steel furnace as well as blast furnace to strip impurities of scrap, iron ore, and among many other ferrous feed materials. By the addition of such aforementioned material to the furnaces is reduced heat requirement to steel and iron making processes. Ferrous slag primarily forms as a calcium silicate that floats over the top of the molten crude steel and iron, and then ferrous slag can be removed from the molten metal. For example, the typical grade of iron ore (consist of 60 to 66 percent iron), ferrous slag output is around 0.25 to 0.3 Metric tons per metric ton crude iron ore production.
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Ferrous Slag Market: Dynamics
In the modern era, growing awareness about natural resources conservation, greenhouse gas emission, and energy savings across various industries is likely to bolster demand for ferrous slag across the globe. Ferrous slag is highly recommended as a recycled material that can reduce the impacts on the environment owing to its aforementioned properties.
Ferrous slag is used various purposes across various industries such as construction and building, fertilizers, railways, among others. Ferrous slag is used as a building material like aggregate in the concrete.
Besides, granulated ferrous slag has replaced some part of the Portland cement usage in concrete to reduce the carbon footprint as well as to improve the binding properties of the concrete. Some other applications of ferrous slag include, utilization as a fertilizer to improve soil properties, used as railway aggregate ballast material, and in the production of moisture escaping material i.e. Rockwool, etc.
As growing building and construction, fertilizers, and railway industry owing to increasing investment for urbanization, residential sector, transportation, and infrastructural development are consumed ferrous slag in huge quantity. And, in the coming years, such development, as well as renovation, could benefit the ferrous slag market across the globe. Although, lack of awareness about ferrous slag benefits as well as advantages across the building materials is expected to act as a challenging factor for market growth during the projected timeline.
Ferrous Slag Market: Segmentation
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Ferrous Slag Market: Regional Outlook
From the geographical view, the Asia Pacific is estimated to garner a dominating share in terms of consumption as well as the production of the ferrous slag. Countries such as China, India, and South Korea are leaders in steel and iron production owing to the well-established steel and iron industry.
Along with, the construction industry in China and India at its peak level in the era of the decade, owing to various initiatives taken by the government for transportation and residential sector development in those countries of the Asia Pacific region. Moreover, North America followed by Europe are expected to witness relatively moderate growth in the global ferrous slag market in the coming years.
Owing to positive momentum of the construction industry in those regions. Although, if focus moves towards the Middle East and Africa and Latin America region where ferrous slag market is expected to register exponential growth in the coming years. The reason behind this is that growing awareness about the utilization of waste material to cut dependency on natural resources.
Ferrous Slag Market: Key players
Some of the key market participants identified across the value chain of the Ferrous Slag market are:
- Nippon Steel Corporation
- ArcelorMittal S.A.
- Tata Steel Limited
- Essar Steel
- JFE Mineral Co., Ltd.
- JSW Steel Limited
- POSCO
- Novolipetsk Steel
- Hesteel Group Company Limited
- China Baowu Steel Group Corp., Ltd.
- Wuhan Iron and Steel Corporation
- Hyundai Steel Co., Ltd.
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