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Steel slag is a byproduct formed during seperation of imputities and molten steel in the furnace. The slag is obtained in molten state and is a complex mixture of silicates and oxides, which is solidified on cooling. It is equivalent to sedimentary rocks such as basalt and granite in nature. Slag is predominantly used in the cement and building industry. The demand for steel slag is expected to rise in-line with the developments in the building & construction industry.
The rising steel production has led to increase in supply of steel slag that has aided the market growth. The steel slag is used in the manufacturing of cement which further offers high strength and a low heating speed with water. It has strong chemical resilience. These characteristics make it an optimal option for cement and construction industries. However, the growth of market has been hampered due to the presence of harmful ingredients in slag. Toxic additives such as nickel , chromium, strontium, and cadmium are often found in steel slag. These compounds can be hazardous to the environment as well as human health.
Based on type, the market for steel slag is segmented into blast furnace slag and steelmaking slag. Based on application, the market for is further segmented into construction, cement & concrete, fertilizers, and others. From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
Key Market Driver -
Increase application in construction industries is driving the market.
Key Market Restraint -
Harmful effects against the environment and human health restrains the market growth.
The global & regional players operating in the Iron slag market includes, ArcelorMittal, POSCO, Nippon Steel, China Baowu Steel Group, HBIS Tangsteel, CRH, JFE Steel, Tata Steel, Levy and others.
Asia Pacific dominates the market for the steel slag. This is due the growing demand from the construction industry backed by rapid urbanisation in the region. Technical innovation and greater investments are palying key role in growth of the market. China and India are prominent consumers in the region. North America also accounts for significant share in the market on the back of resurrgent construction industry in the U.S. Also, the U.S. has imposed dumping duties on the imports of steel from china that has boosted the domestic production. Europe secured a significant share in the global market due to the favourable growth in the construction industry. Numerous infrastructural modernizations have bolstered the market growth in the region.Western European countries such as Germany, France, UK and others dominated the market demand. Middle East and Africa is expected to witness moderate growth over the forecast period. Latin America is also expected to grow steadily due to slow developments in the construction industry.
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In December 2017, Nippon Steel merged with Sumitomo Metal Corporation, a leading steel producer, and together collaborated with Sumikin Koutetsu Wakayama Corporation. The company is offering a variety of steel products to meet consumer demand. This collaboration enabled Nippon Steel to strengthen its steel processing activities and gain a competitive edge in the market.
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