Ground Granulated Blast-Furnace Slag (GGBFS) Market
Ground granulated blast-furnace slag (GGBFS) is a by-product of the iron blast furnace process, which is finely ground and combined with Portland cement to produce durable concrete. GGBFS has superior properties such as resistance to chemicals, salty water, freezing and thawing, and low gas permeability. GGBFS is used in various applications such as automotive, building and construction, footwear, electrical and electronics, medical, and others.
The global ground granulated blast furnace slag market was valued at USD 7.90 Billion in 2020 and is projected to reach USD 9.73 Billion by 2031, expanding at a CAGR of 2.1% during the forecast period 2021- 2031. The major factors driving the market growth are the increasing demand for GGBFS in the construction sector, especially in emerging economies, due to its cost-effectiveness, environmental benefits, and performance advantages.
Some of the key trends observed in the GGBFS market are:
- The increasing use of GGBFS in high-performance concrete applications such as bridges, dams, tunnels, and marine structures, where durability and strength are required1.
- The development of new technologies and products such as alkali-activated GGBFS, which can reduce the carbon footprint and energy consumption of cement production2.
- The growing awareness and preference for green and sustainable construction materials among consumers and regulators3.
- The expansion of production capacity and distribution network by major players in the market to cater to the growing demand for GGBFS4.
Thermoplastic Elastomer (TPE) Market
Thermoplastic elastomer (TPE) is a type of plastic that has elastomeric properties similar to rubber but can be processed like thermoplastics. TPEs are used in various applications such as automotive, electrical and electronics, industrial, medical, consumer goods, and others. TPEs offer various advantages such as light weight, flexibility, recyclability, resistance to abrasion, impact, heat, and chemicals.
The Thermoplastic Elastomer (TPE) market was valued at USD 9.09 Billion in 2020 and is projected to reach USD 16.2 Billion by 2028, expanding at a CAGR of 7.8% during the forecast period. The major factors driving the market growth are the extensive demand for TPEs in the automotive industry due to their ability to improve fuel efficiency, reduce emissions, and enhance performance. Furthermore, the growing applications of TPEs in the HVAC industry due to their excellent insulation and sealing properties are also expected to fuel the market growth.
Some of the key trends observed in the TPE market are:
- The increasing demand for bio-based TPEs that are derived from renewable sources such as vegetable oils, starches, and natural rubber6.
- The development of new grades and formulations of TPEs that can meet the specific requirements of various end-use industries such as medical, food and beverage, and aerospace7.
- The rising adoption of TPEs in emerging applications such as 3D printing, wearable devices, smart textiles, and soft robotics8.
- The consolidation and strategic alliances among major players in the market to enhance their product portfolio, market share, and geographical presence9.
Perfluoroelastomer (FFKM) Products Market
Perfluoroelastomer (FFKM) products are elastomeric products that are made from perfluoroelastomer (FFKM), which is a type of fluoropolymer that has high fluorine content and high temperature resistance. FFKM products have exceptional chemical resistance and can withstand temperatures up to 327°C. FFKM products are used in various applications such as seals, gaskets, O-rings, moulding parts, and others.
The global perfluoroelastomer (FFKM) products market size was estimated at USD 463.3 Million in 2021 and is anticipated to reach USD 640.4 Million by 2030, expanding at a CAGR of 3.8% during the forecast period, 2022-2030. The major factors driving the market growth are the surging adoption of FFKM products in the electronics sector and various chemical processing industries due to their superior performance and reliability. Moreover, the increasing demand for FFKM products in the food processing and pharmaceutical industries due to their low contamination and high purity is also expected to boost the market growth.
Some of the key trends observed in the FFKM products market are:
- The increasing use of FFKM products in high-end applications such as aerospace, nuclear, and oil and gas exploration, where extreme conditions and safety are critical.
- The development of new technologies and products such as nano-composite FFKM products, which can enhance the mechanical and thermal properties of FFKM products.
- The growing demand for customized FFKM products that can meet the specific needs of various end-use industries and applications.
- The expansion of production capacity and distribution network by major players in the market to cater to the growing demand for FFKM products.
The global markets of GGBFS, TPE, and FFKM products are expected to witness significant growth in the coming years, owing to their increasing demand in various end-use industries and applications. The markets are also influenced by various factors such as technological innovations, product developments, consumer preferences, environmental regulations, and competitive dynamics. The markets offer lucrative opportunities for the existing and new players to capitalize on the growing demand for these products.