Granulated Ground Blast Furnace Slag (GGBFS) Market CAGR of 3.38%
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Global granulated ground blast furnace slag (GGBFS) market size at USD 9,021.7 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the global granulated ground blast furnace slag market size to grow at a CAGR of 3.38% reaching a value of USD 11,010.67 million by 2029
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Global granulated ground blast furnace slag (GGBFS) market size at USD 9,021.7 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the global granulated ground blast furnace slag market size to grow at a CAGR of 3.38% reaching a value of USD 11,010.67 million by 2029. The booming construction sector and the major application of GGBFS in cement manufacturing are significant driving factors for the global granulated ground blast furnace slag (GGBFS) market. Utilizing GGBFS reduces the carbon impact of concrete production and provides a sustainable option for the construction industry.
Global Granulated Ground Blast Furnace Slag (GGBFS) Market – Overview
Ground granulated blast-furnace slag, or GGBFS, is a by-product of iron making in a blast furnace. Most of it is made up of silicate and aluminosilicate from molten calcium that had to be regularly removed from the blast furnace. GGBFS slag is produced by pulverizing the granulated blast furnace slag that blast furnaces produce as a byproduct of the iron-making process. This hydraulic additive is widely used in raw concrete, as an admixture for Portland blast furnace slag cement, and in other applications.
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Global Granulated Ground Blast Furnace Slag (GGBFS) Market
Segmental Information
Global Granulated Ground Blast Furnace Slag (GGBFS) Market – By Application
Based on application, the global granulated ground blast furnace slag (GGBFS) market is segmented into cement production, concrete aggregate, roadbed material, and others. Cement production accounts for the highest share of the market. Granulated ground blast furnace slag is mixed with cement to increase the strength and durability of the building. The high prices of cement and concrete due to their production being an energy-intensive process play a crucial role in the rising demand for GGBFS globally.
Impact of COVID-19 on Global Granulated Ground Blast Furnace Slag (GGBFS) Market
The unprecedented COVID-19 pandemic disrupted the growth of the global granulated ground blast furnace slag (GGBFS) market. The implementation of lockdown in several nations to slow the spread of the virus immediately hampered production and end-user sector activities, including the iron and construction industries. The market expansion during the COVID-19 period was further constrained by a lack of workers and supply chain disruption. However, it is expected that the market will regain its momentum after COVID-19 with the start of operations as usual.
Competitive Landscape
Major players operating in the global granulated ground blast furnace slag (GGBFS) market include China Baowu Steel Group Corp., Ltd, Nippon Steel Corporation, ArcelorMittal S.A., JFE Steel Corporation, Maanshan Iron & Steel Company Limited, Changcheng Special Steels Co. Ltd, Hunan Valin Xiangtan Iron and Steel Co., Ltd, Zenith Steel Group Co. Ltd, Gansu Jiu Steel Group Hongxing Iron and Steel Co Ltd, TATA Steel, POSCO, Hesteel Group, Nucor Corporation, Hyundai Steel, and Ansteel Group.
To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
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