Steel Slag Market Share, Growth & Forecast to 2032

The global steel slag market size was valued at USD 25.66 billion in 2022 and is projected to reach a valuation of USD 26.83 billion in 2023. The market is expected to reach USD 38.28 billion by 2030 with a CAGR of 5.2% during the forecast period. Steel slag has various minerals which are used in construction materials owing to its high hardness, durability, and ability to improve concrete properties. The demand for road construction is supporting the market growth. Fortune Business Insights™ shares this information in its report titled “Global Steel Slag Market, 2025-2030.”

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Segmentations Analysis:

Which type segment dominates the steel slag market?

• Blast Furnace Slag holds the dominant share of the market.
• It is widely used in roads, pavements, drainage systems, and canals in the form of hyttsten.
• Steelmaking Slag is also growing in demand due to its use in civil engineering and sand pile compaction projects.

Which application segment leads the market?

• Cement & Concrete is the largest application segment.
• The demand is rising due to its high tensile strength, water resistance, hardness, and chemical compatibility.
• Other applications include construction, fertilizers, and miscellaneous industrial uses.

Drivers and Restraints:

What is driving the growth of the steel slag market?

• Water treatment applications: Steel slag has excellent adsorption capabilities, helping remove phosphate, silica, magnesium, and other contaminants from sewage.
• Land reclamation uses: Its chemical composition helps restore land and improve soil properties.
• Sustainable construction demand: Increasing focus on eco-friendly building materials supports market growth.

What are the key restraints?

• Regulatory restrictions: In some regions, using steel slag as a construction material is prohibited or highly regulated, which may hinder market expansion.

Regional Insights:

Which region leads the global market?

• Asia Pacific dominates due to rapid urbanization, infrastructure growth, and construction projects in countries like China, Japan, and India.
• The market was valued at USD 17.49 billion in 2022 in this region.

What is driving growth in Europe?

• Europe’s market is supported by infrastructure and industrial developments.
• Electric arc furnace slag is particularly popular due to its stability, durability, and frictional properties, making it ideal for ballast applications.

Competitive Landscape:

The market is led by key players such as ArcelorMittal, Nippon Steel Corporation, Baosteel Group Corporation, and JFE Steel Corporation. They have been emphasizing on product innovation and new product launches. In March 2021, Nippon Steel Corporation launched a new product called ‘ZEXEED’ which is twice as resistant in flat areas than conventional high corrosion resistant steel. The product will be an excellent material for harsh environmental conditions.

Key Industry Development:

• February 2023: Nippon Steel Corporation announced that it entered into an agreement with Elk Valley Resources Ltd. (EVR) to indirectly acquire up to 10% of common shares, preferred shares, and royalty interest of the latter.
• July 2022: ThyssenKrupp Steel announced to work with BP p.l.c. The purpose of the strategic collaboration is the decarbonization of steel production as ThyssenKrupp Steel accounts for 2.5% of CO2 emissions in Germany. ThyssenKrupp Steel and BP p.l.c. are planning to replace the coal-fired blast furnaces to produce green steel and products.

List of Key Players Profiled in the Report:

• ArcelorMittal (Luxembourg)
• Nippon Steel Corporation (Japan)
• Baosteel Group Corporation (China)
• JFE Steel Corporation (Japan)
• Tata Steel (India)
• POSCO (South Korea)
• Voestalpine Group (Austria)
• thyssenkrupp Steel Europe (Germany)
• Optimus Steel (U.S.)
• KOBE STEEL, LTD. (Japan)

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