According to experts from Transparency Market Research, the global fly ash market had gained revenue worth US$5,237.1 mn 2017, which is further expected to grow up to US$9,080.9 mn by the end of 2025. This growth is projected to occur at a fantastic CAGR of 7.1% during the forecast period from 2017 to 2025.
Burgeoning Construction Industry Stokes Demand of Fly Ash Material
Fly ash finds extensive application in the construction industry, as it is a crucial component of concrete structures. Such a mammoth use of the substance is primarily responsible for driving the global fly ash market. Fly ash is also used extensively in concrete owing to its sturdiness, high strength, long shelf life, and an ability to mix well with other materials. Such favorable properties has increased demand for fly ash by several notches, consequently propelling growth in the global fly ash market.
With rampantly increasing construction activities in several developing as well as developed economies, the demand for fly ash is progressively rising, thus expanding the associated market. Many governments are increasing their focus on ramping up infrastructural setup and roads, wherein fly ash is notably required. Lastly, as fly ash is a type of waste material generated through coal-fired electric power plants, it is highly viable for use in construction-based activities, as compared to being dumped in the form of garbage, thus protecting the environment.
Rising Environmental Concerns Regarding Fly Ash Production Stunts Growth
However, production fly ash is a prime environment polluter, thus acting as a chief obstacle to the global fly ash market’s growth. Moreover, the global fly ash market is highly restrained owing to lack of raw materials required to manufacture the material in underdeveloped and certain developing economies. Due to this reason, procurement of the ash has become largely difficult, thus discouraging companies from undertaking construction in such regions. In some economies, very low profit margins exist in the production of fly ash and its cement products. This scenario mainly exists due to the required raw materials being highly expensive; furthermore this expense could pass on to the customers in the form of steep product costs. However, many businesses are expected to introduce several cost-regulated fly ash varieties, thus offsetting most of the restraints affecting the global fly ash market.
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Most vendors are aiming towards producing good quality fly ash, which is a prime component of cement used in the construction industry. Many businesses also intend to improve the quality of their respective products as a chief strategy to outshine their rivals. Other schemes wherein an extensive focus has been imparted by most companies involve product differentiation, expansion of product portfolio, and increasing geographical reach. Regulating costs of fly ash to benefit overall construction costs also is a key strategy associated with most businesses present in the global fly ash market. Boral Ltd., Cemex S.A.B. De C.V., LafargeHolcim Ltd.., Waste Management, Inc., Charah, LLC, Separation Technologies LLC. (A subsidiary of Titan America LLC), and Cement Australia Pty Limited, are key players operating in the global fly ash market.