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Fly Ash Market Analysis, Growth, Industry Analysis 2033
Fly Ash Market Analysis
According to The Business Research Company's, The fly ash market size has grown strongly in recent years. It will grow from $6.55 billion in 2023 to $7.06 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The growth in the historic period can be attributed to increased construction and infrastructure development, coal combustion residue management, advantages in concrete performance, government initiatives for sustainable construction, replacement of portland cement with fly ash.
The fly ash market size is expected to see strong growth in the next few years. It will grow to $9.2 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%. The growth in the forecast period can be attributed to focus on sustainable construction materials, evolving environmental policies, global growth in renewable energy sources, integration of fly ash in road construction, expansion of fly ash in agriculture. Major trends in the forecast period include fly ash beneficiation technologies, utilization in soil stabilization, collaboration and partnerships in the industry, enhanced quality control and certification, research and development in fly ash applications.
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Market Drivers and Trends:
The rapid growth in the construction industry is expected to boost the growth of the fly ash market going forward. The construction industry refers to the commercial manufacturing and trade sector that deals with developing, preserving, and repairing infrastructures. Fly ash is a cost-effective material that is used in construction to increase the strength and durability of hardened concrete as well as the workability of plastic concrete; hence, the rapid growth in the construction industry is expected to boost the fly ash market. For instance, in February 2022, according to the report published by the Office for National Statistics, a UK-based administrative office of the United Kingdom statistics authority, in 2021, the annual construction sector rose by a record 12.7% compared to the previous year. Further, in March 2023, according to the United Stated Census Bureau, a US-based principal agency of the federal statistical system, the number of privately owned housing units approved by building permits in February was 1,524,000 on a seasonally adjusted yearly basis. This is 13.8% more than the January rate, which was corrected to 1,339,000. Therefore, the rapid growth in the construction industry is driving the growth of the fly ash market.
Technological advancement is the key trend gaining popularity in the fly ash market. Major companies operating in the fly ash market are focusing on developing new technologies. For instance, in May 2022, Separation Technologies LLC, a US-based provider of environmentally sustainable solutions for fly ash, launched ProAsh and EcoTherm based on a new industrial technology that recycles fly ash from landfills. This technology has the unique capacity to help with landfill cleanup and rehabilitation, resulting in greener, more environmentally friendly settings for surrounding populations. ST has built the first industrial-scale fly ash drying and electrostatic separation plant in the world for this novel procedure. This result represents CO2 reduction through innovation as they adopt this technology across the power generation and construction material sectors.
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Major Key Players of the Market:
R-E-D Industrial Products; Charah Solutions Inc.; Holcim Ltd.; FlyAshDirect Ltd.; Aggregate Industries Ltd.; Ashtech India Pvt. Ltd.; Tarmac International Inc.; Cement Australia Pty Limited; Duromar Inc.; WM Intellectual Property Holdings LLC; Titan America LLC; SEFA Group; HeidelbergCement AG; ENX Inc.; Royal Mineral; Salt River Materials Group; Southeastern Fly Ash Company; Sephaku Cement Ltd.; China National Building Material Company; UltraTech Cement Ltd.; ACC Limited; Ambuja Cements Limited; Dalmia Bharat Limited; JK Cement Ltd.; Shree Cement Ltd.; Prism Johnson Limited; Ramco Cements Limited; India Cements Limited; Nuvoco Vistas Corp. Ltd.; JSW Cement Ltd.; Orient Cement Ltd.
Fly Ash Market 2024 Key Insights:
• The fly ash market will grow to $9.2 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%.
• The Surge In Construction Industry Propels Growth In The Fly Ash Market
• Technological Advancement In The Fly Ash Market With Proash And Ecotherm
• Asia-Pacific was the largest region in the fly ash market in 2023,and is expected to be the fastest-growing region in the global fly ash market during the forecast period
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