According to a recent market study published by Growth Market Reports, titled, “Global Granulated Blast-Furnace Slag (GGBFS) Market – by type, by cover, by applications, and by regions: Size, Share, Trends and Opportunity Analysis, 2018-2028”, the market was valued at US$ 7,906.3 Million in 2020 and is expected to grow at a moderate growth rate of 2.1% by the year 2031. Increasing usage of Granulated Blast-Furnace Slag (GGBFS) in cement production expected to act as a driving force for the market.
The global ground granulated blast furnace slag market was valued at USD 7,906.3 Mn in 2020 and is projected to reach USD 9,732.4 Mn by 2031, expanding at a CAGR of 2.1% during the forecast period. Ground granulated blast furnace slag (GGBFS) is a by-product of raw iron production. Thus, through the addition of the concreate into GGBFS increases its properties such as strength, workability, and durability, as slag concrete develops its strength slower than concrete without GGBFS. It is attained by heating limestone, iron ore, and coke at a temperature of 1500° Celsius. The main constituents of blast furnace slag are CaO, SiO2, Al2O3 and MgO, along with other minor oxides in small quantities. Furthermore, by using granulated blast furnace slag, the consumption of limestone (the main raw material of cement) reduces by approximately 40%.
Request a free sample copy @ https://growthmarketreports.com/request-sample/3814
The global granulated blast-furnace slag (GGBFS) market is fragmented based on type, cover, applications, and regions. Based on type, the global granulated blast-furnace slag (GGBFS) (UCO) market is segmented into alkalinity blast-furnace slag and acidic blast-furnace slag. The alkalinity blast-furnace segment is growing owing to the rising number of launches across the globe and increasing R&D to understand and increase the applications of slag.
The alkalinity blast-furnace slag segment accounted for a key share of the market and is projected to expand at a rapid pace during the forecast period, owing to its rising awareness about its properties such as mechanical and physical durability. In terms of cover, the market is segmented into specific surface area ≥ 300m2/kg, specific surface area ≥ 400m2/kg, and specific surface area ≥ 500m2/kg. The specific surface area ≥ 400m2/Kg segment is expected to expand at a high CAGR during the forecast period due to rising need for concrete bridges across the globe.
In terms of application, the global ground granulated blast furnace slag (GGBFS) market is segmented into cement production, concrete aggregate, roadbed material, others. The cement production segment is anticipated to account for a substantial share of the market and expand at a significant CAGR. The demand for residential constructions has increased as the population has grown. Cement production has risen dramatically over the world as a result of this. Growing need for public infrastructure and non-residential buildings, such as hospitals and healthcare centers, has created need for cement production. These factors are expected to boost the cement segment in the coming years.
Based on regions the global granulated blast-furnace slag (GGBFS) market has been fragmented into Europe, North America, Asia Pacific, Latin America, and Middle East & Africa. The granulated blast-furnace slag (GGBFS) market is projected to witness a slight increase in Year-on-year growth for 2020 as compared to for previous year 2019. Regulatory bodies anticipated to play a Key role in boosting the market is supporting growth of the market in 2020. The granulated blast-furnace slag (GGBFS) market is growing at a significant pace due to growing demand for biofuel during the forecast period.
As per Growth Market Reports industry analyst Rajas Shirwalkar, “The global granulated blast-furnace slag (GGBFS) market is anticipated to witness moderate growth during forecast period 2020-2031. The granulated blast-furnace slag (GGBFS) market is registering growth opportunities across the globe, owing to Increasing usage of granulated blast-furnace slag (GGBFS) in cement production is expected to act as a driving force for the market.”
The first quarter of 2020 was an unforeseen turning point for the Granulated Blast-Furnace Slag (GGBFS) market. Supply chains were disturbed by COVID-19 outbreaks in major regions, thus reducing the demand for various products, due to uncertainty in the global economy. Certain discrepancies in production and supply chain created mild disruptions across some areas in the supply chain of the granulated blast-furnace slag (GGBFS) market. However, after second quadrant due to increasing product demand for industries has boosted market growth in 2020.
Key Takeaways from the Study
- The players including ASTRRA CHEMICALS, TATA STEEL, Sharjah Cement and Industrial Development Co, JAYCEE BUILDCORP LLP, JSW Group, Boral, Sagar Cements Ltd, HOLCIM, ArcelorMittal, and Sovanex International among others hold significant share of global Granulated Blast-Furnace Slag (GGBFS) market in year 2020.
- Asia Pacific is a prominent region of the ground granulated blast furnace market. It accounted for a market share of 30.7% in 2020. The factors such as the rising number of cement production companies and increasing building and construction industries are expected to foster regional market growth and development.
- The rising number of launches across the globe and increasing R&D to understand and increase the applications of slag is expected to support growth of the market. The alkalinity blast-furnace slag segment accounted for a key share of the market and is projected to expand at a rapid pace during the forecast period, owing to its rising awareness about its properties such as mechanical and physical durability.
Report Scope
|
Report Metric |
Details |
|
Market Value in 2020 |
US$ 7,906.3 Million |
|
Market Growth Rate (from 2020 to 2028) |
2.1% |
|
Historical Data |
2018, & 2019 |
|
Base Year |
2020 |
|
Forecast Period |
2021 - 2031 |
|
Units Considered |
Value (US$ Million) |
|
Market Segments |
By type, by cover, by applications and By Regions |
|
Regional Scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
|
Key Companies Profiled |
ASTRRA CHEMICALS, TATA STEEL, Sharjah Cement and Industrial Development Co, JAYCEE BUILDCORP LLP, JSW Group |
|
Customization Scope |
Report customization available on request |
|
Pricing and Purchase Options |
Avail tailor-made purchase options to meet your research requirements. |
Target Audience
- Supply-side: Manufacturers, raw material suppliers, and distributors
- Demand Side: Cement, Concrete Aggregate, Roadbed Material manufacturer.
- Regulatory Side: Concerned government authorities, and other regulatory bodies.