Global Copper Slag Market was valued at US$ 580.73 Mn in 2020, and is expected to reach US$ 803.24 Mn by 2027, with a growing CAGR of 5.5% during the forecast period (2021-2027).
The copper slag market is forecasted to grow at a high rate owing to rising development of advanced recycling technologies.
Copper slag is a by-product obtained during refining & smelting of copper. The waste copper slag can be used as abrasive tools, road construction, and ballast. The major factors driving the copper slag market growth includes increasing urbanization and increasing rate of industrialization in developing countries. The increase in construction activities, and increasing population leads to increase in waste across the globe. Moreover, Concrete is a material that is commonly used in building. It is made up of cement, fine aggregate, coarse aggregate, and water. As a result, it is critical to replace these natural resources with trash. Copper slag has the necessary chemical characteristic. Natural resources include coarse and fine aggregates. As the usage of concrete increases over time, so will the consumption of natural resources, reducing the availability of resources for future generations. Copper slag is to be utilized in concrete in place of fine and coarse material.
For instance, in July 2018, Vedanta, Tamil Nadu Vision 2023, proposed 6 major ambitious industrial corridors with a total outlay of INR 150,000 crores (USD $25 billion), of utilizing copper slag in concrete for the construction activities. Additionally, the copper slag market for Concrete Filler is expected to grow at a strong CAGR as well. Copper slag is rapidly being used by numerous organisations all over the world. In terms of market size and CAGR trend, Building & Construction are expected to be the largest and fastest-growing end-use industry in the copper slag market during the forecast period.
Moreover, the rise of advanced recycling technologies is expected to create the opportunities in filling material, and abrasive media. For filling material, finer & high-density material should be used in construction when it is mixed with soil as a filling material that results in saving valuable soil. Additionally, as an abrasive media copper slag is used to remove old coating and rust as an abrasive media, due to its hardness and high density.
Global Copper Slag Market by Region Outlook (Revenue, USD Million, 2017-2027)
In terms of geography, the Asia Pacific accounted the largest market share during the forecast period. for Copper Slag market solutions. China, is expected to utilize the copper slag significantly during the forecast period, as growing population, leads to growing construction activities for infrastructural developments, all these factors are expected to drive the market growth in this region.
Additionally, according to Hindawi in 2019, Japan and Singapore have used copper slag as an abrasive material in sandblasting to remove rust and marine deposits from ships. After repeated recycling and reuse, the copper slag loses its initial abrasive characteristic and has no further useful purpose, and it has previously been disposed of in landfills. As a result, Singapore is expected to dispose of huge amount of washed copper slag every annual year.
Moreover, Singapore uses concrete in around 95% of its construction projects. Singapore's concrete usage has grown from 10 million cubic metres (m3) in 2010 to 15 million cubic metres (m3) in 2014, and is growing significantly, as a result of the country's economic expansion. Due to which, aggregate, used in construction activities, whose consumption in Singapore has reached 60 million tonnes, 38 million tonnes of which is imported natural sand. Therefore, the use of sand and other materials in construction may increase the demand for copper slag in construction activities in this region.
The Global Copper Slag Industry Segmentation:
Key Findings:
Company Profiles and Competitive Intelligence
The key players operating in the market are:
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