PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1485823
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1485823
Ground Granulated Blast-furnace Slag (GGBFS) Market size was valued at USD 18,908.32 million in 2023, expanding at a CAGR of 5.91% from 2024 to 2032.
Ground granulated blast-furnace slag, GGBFS, is a by-product of iron production in blast furnaces. It is primarily composed of silicate and aluminosilicate of calcium that must be periodically extracted from the blast furnace. GGBFS is commonly employed to mitigate temperature increases during extensive concrete placements, making it a preferred material for mass concrete projects where temperature control is crucial. Additionally, GGBFS is utilized in the activation of granular pavement materials and as a cementitious component in concrete production, especially in scenarios where resistance to harsh ground, water, and environmental conditions is required.
Ground Granulated Blast-furnace Slag (GGBFS) Market- Market Dynamics
The rapid expansion of the global construction industry, particularly in emerging economies is expected to propel the market growth
Emerging economies often experience a rise in population and urbanization, resulting in a higher demand for infrastructure such as roads, bridges, and buildings. GGBFS, a versatile material, finds application in various construction projects, particularly in concrete production, which plays a crucial role in infrastructure development. As environmental sustainability becomes a growing concern, there is a noticeable shift towards the use of eco-friendly construction materials. In 2023, construction spending in the United States reached a staggering USD 2.1 billion, as reported by the U.S. Census Bureau. Additionally, government regulations and policies that promote the adoption of sustainable construction materials can significantly contribute to the market growth of GGBFS. However, it is important to note that market growth may be hindered by the need for stringent quality control and compliance with standards.
Ground Granulated Blast-furnace Slag (GGBFS) Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 5.91% over the forecast period (2024-2032)
Based on Type segmentation, Alkaline was predicted to show maximum market share in the year 2023
Based on Cover segmentation, Specific Surface Area >= 400m2/Kg was the leading type in 2023
Based on Application segmentation, Cement Production was the leading type in 2023
Based on end-user segmentation, Portland cement, and concrete was the leading type in 2023
Based on region, Asia Pacific was the leading revenue generator in 2023
The Global Ground Granulated Blast-furnace Slag (GGBFS) Market is segmented based on Type, Cover, Grade, Application, End User, and Region.
The market is categorized into three groups according to Type: Acidic, Alkaline, and Neutral. Alkaline holds the majority share in the market. The utilization of GGBFS in conjunction with alkaline substances presents numerous benefits in the realm of concrete construction, such as enhanced performance, increased durability, and improved sustainability.
The market is segmented into three groups according to Cover: Specific Surface Area >= 300m2/Kg, Specific Surface Area >= 400m2/Kg, and Specific Surface Area >= 500m2/Kg. The dominant category in the market is a Specific Surface Area >= 400m2/Kg. GGBFS with a minimum specific surface area of 400m2/kg provides numerous advantages, such as heightened reactivity, enhanced pozzolanic activity, improved workability, decreased permeability, and optimized particle packing. These benefits collectively contribute to the overall performance and durability of concrete mixtures.
The market is categorized into three groups according to Grade: Grade 80, Grade 100, and Grade 120. The segmentation of the granulated blast-furnace slag (GGBFS) market based on grade generally pertains to varying levels of fineness or specific surface area of the slag. These factors can impact its performance and suitability for diverse applications in construction and other industries.
The market is segmented into three categories according to Application: Cement Production, Concrete Aggregate, Roadbed Material, and Others. Cement Production holds the majority share in the market. The GGBFS market is crucial in cement production as it offers a sustainable and cost-efficient option to enhance performance and reduce the environmental impact of cement-based materials.
The market is segmented into two categories according to End-User: Portland cement and concrete, and Bricks and blocks. Portland cement and concrete hold the majority share in the market. GGBFS is essential in enhancing various properties of concrete mixtures. Its reaction with calcium hydroxide, generated during the hydration of Portland cement, results in the formation of additional cementitious compounds. This process contributes to improved strength development, decreased permeability, enhanced durability, and better resistance to chemical and sulfate attacks.
Ground Granulated Blast-furnace Slag (GGBFS) Market- Geographical Insights
The market is geographically spread across North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further segmented by countries contributing to business activities. Asia Pacific leads the market, driven by rapid urbanization and increased awareness among end users. Asia-Pacific is currently witnessing a significant urbanization trend, with millions of individuals relocating from rural to urban areas annually. This urbanization boom is fueling the need for infrastructure development, such as residential buildings, commercial complexes, transportation systems, and utilities. GGBFS, known for its ability to enhance the durability and sustainability of concrete, is becoming a popular choice for construction projects in densely populated urban areas. China, in particular, has been experiencing rapid urbanization, with the urbanization rate reaching 64.72 percent last year, as reported by the National Bureau of Statistics. The number of urban residents in China reached 914 million by the end of 2022, marking a 12.05 million increase from the previous year. Europe follows as the second largest region for market growth, driven by the rising demand for housing construction and high investment in the iron and steel sector by major players in the region.
Manufacturers in the GGBFS market engage in competition by leveraging their production capacity and operational efficiency. Those companies equipped with larger production facilities and streamlined manufacturing processes can achieve lower production costs, thereby gaining a competitive advantage in terms of pricing and supply reliability. Moreover, manufacturers who focus on innovation in their manufacturing techniques and product development can further enhance their competitive position. By investing in research and development to improve the properties of GGBFS and enhance production efficiency, these companies can introduce innovative products that cater to the evolving needs of customers in the construction industry. Additionally, manufacturers that prioritize customer requirements and foster long-term partnerships are better equipped to withstand competitive pressures in the market.
Granulated blast furnace slag, a by-product of the steel-making industry, is created through the rapid cooling of iron ore slag. This material can be utilized in cement to enhance the strength and longevity of concrete structures. Continental New Materials has announced plans to utilize granulated blast furnace slag from POSCO, a leading steel group in South Korea, in the production of environmentally friendly construction materials.
On April 22, 2024, PT Semen Jawa, a subsidiary of Siam Cement Group (SCG), incorporated 24,000 tons of alternative raw materials in its cement manufacturing process in the initial quarter of 2024. The circular materials utilized consisted of bottom ash, fly ash, and slag, amounting to 3% of the overall raw material consumption. Additionally, the company managed to co-process 15,000 tons of alternative fuel (AF) within the same quarter, achieving a 20% substitution rate for AF.
GLOBAL GROUND GRANULATED BLAST-FURNACE SLAG (GGBFS) MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
ArcelorMittal
Nippon Steel
China Baowu Steel Group
POSCO
Hesteel Group
JFE Steel
Tata Steel
Nucor Corporation
Hyundai Steel
Jiangsu Shagang Group
Ansteel Group
NLMK Group
Gerdau
Shougang Group
US Steel
Others