On the basis of iron content slag, the market is bifurcated into ferrous slag and non-ferrous slag. Slag handling equipment are able to handle huge chunks of slag effectively. Slag handling equipment is majorly used in glass manufacturing, mining, construction and building, and railroad industry. Additionally, slag handling equipment is used for inward as well as outward product handling to accelerate movement of heavy material in incineration plants. This is anticipated to propel the global slag handling equipment market.
Market Trends, Drivers, Restraints, and Opportunities:
• Rapid growth of the industrial and manufacturing sector in developed as well as developing countries is anticipated to propel the slag handling equipment market. Several governments worldwide are investing in building new infrastructure to expand rail networks, airports, and seaports as well as upgrading the existing infrastructure. These infrastructure activities are estimated to drive the global demand for slag handling equipment.
• Escalating use of slag handling equipment in the flourishing iron and steel industry to handle hot slag is anticipated to enhance the demand for slag handling equipment.
• Rising adoption of slag handling equipment in the manufacturing sector for handling, managing, storing, and transporting material and goods is expected to fuel the growth of the slag handling equipment market during the forecast period.
Global Slag Handling Equipment Market Segment Insights:
Manufacturing segment to hold a significant market share
On the basis of industries, the global slag handling equipment market can be segmented into building & construction, railways, mining, manufacturing, agriculture, and others. The manufacturing segment holds a major share of the market. The manufacturing sector has been affected significantly due to the COVID-19 pandemic. However, the segment is anticipated to expand substantially during the forecast period owing to the steady recovery of the manufacturing sector due to gradually relaxation of pandemic lockdown.
Iron Slag segment on the rise during the forecast period
In terms of applications, the global slag handling equipment market can be divided into steel slag handling, iron slag handling, and furnace slag handling. The iron slag handling equipment is expected to hold a major share of the market in the coming years owing to the wide use of the equipment in various iron slag applications. The iron slag handling equipment segment is followed by steel and glass slag handling segment in terms of revenue.
North America constitutes a dominant share of the global market
Based on regions, the market can be classified as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is anticipated to hold a major share of the market during the forecast period owing to growing industrial and infrastructure activities in the region. The market in Europe is estimated to register a significant growth rate during the forecast period and is followed by Asia Pacific.
Major players in the global slag handling equipment market includes American Crane and Equipment Corp, BHS SONTHOFEN, Dongqi Group, HORN & CO. GROUP, Stemm, Konecranes, Himalaya Steel Mill Services Private Limited, Paling Transporter, C&M Machinery, and N.M. Heilig B.V. Many of these companies have adopted research and development as a market strategy tool to enhance their market presence amid the rising global competition. The strategy is aimed to help provide better quality and new features of the products to customers.
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