According to a new market analysis published by Future Market Insights, the global Ferrovanadium industry is predicted to reach a value of US$ 3,547.6 Million by 2022 end and to develop at a CAGR of 5.1% from 2022 to 2028, reaching a market value of US$ 5,776.5 Million by 2028.
Ferrovanadium is an alloy composed of iron and vanadium in various proportions depending on the required properties. It is primarily used as an alloying agent in the manufacturing of high-strength steel and cast iron. Because ferrovanadium boosts alloy strength, hardness, and heat resistance, it is suitable for application in the construction, automotive, aerospace, and energy industries.
Ferrovanadium is a steel strengthening alloy. It is a vanadium-iron alloy with a vanadium concentration ranging from 35% to 80%. It is added to ferroalloys to improve their quality. When combined with steel, the products are lightweight and have an extraordinarily high tensile strength. The ferrovanadium market is being driven primarily by rising demand for high strength steel and high strength low alloy steel in the construction, automotive, and transportation industries. The expansion of these sectors will be the primary driver of the ferrovanadium market during the forecast period. Because they are the most important industries, they consume the majority of the steel consumed globally.
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In terms of market value, China is expected to dominate the global ferrovanadium market during the forecast period. The Chinese ferrovanadium market is anticipated to witness additional demand for ferrovanadium in the coming years, mainly due the revised standards by the Chinese government for increasing the tensile strength of rebar products. The new rebar have high earthquake resistance, which will create higher demand for ferrovanadium for the manufacturing of steel as increasing the quantity of ferrovanadium in the production mix results in improved tensile strength.
Western Europe is expected to be the second largest market for ferrovanadium and accounted for a revenue share of around 17.2% in the global ferrovanadium market value in 2021. This regional market is slated to expand at a CAGR of around 4.3% between 2022 and 2028.
On the basis of grade, the FeV80 grade segment is projected to dominate the global ferrovanadium market throughout the forecast period. Due to increasing adoption of FeV80 in the production of light weight and high strength steel products, this segment is expected to be the fastest growing segment in terms of product type in the global ferrovanadium market during the forecast period. In terms of market value, the FeV80 segment is expected to expand at a CAGR of 5.1% between 2022 and 2028.
Names of some of the market participants involved in the production of Ferrovanadium are EVRAZ, AMG Advanced Metallurgical Group, Bear Metallurgical Company, TREIBACHER INDUSTRIE AG, Reade International Corp., Masterloy Products Company, Hickman Williams & Company, JINZHOU GUANGDA FERROALLOY CO., LTD, TAIYO KOKO Co., Ltd., Woojin Ind. Co., Ltd., JAYESH GROUP, Pangang Group Vanadium Titanium & Resources Co., Ltd., and NTPF Etalon Co., Ltd. The players in the global ferrovanadium market are mostly performing self-integrated operations.
Either they are vanadium manufacturers and are providing ferrovanadium or they are manufacturers of ferrovanadium as well as steel. This kind of self-integrated operations is creating raw material security and hence players are focussed on expansion of their market share using these capabilities.
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Ferrovanadium Market By Category
By Grade
- FeV 40
- FeV 50
- Fev 60
- FeV 80
- Nitrided Ferro Vanadium
By Production Method
- Aluminothermic Reduction
- Silicon Reduction
By End Use
- Aerospace
- Automotive & Transport
- Construction
- Oil & gas
- Industrial Equipment
- Others
By Region
- North America
- Latin America
- Western Europe
- Eastern Europe
- China
- India
- Japan
- SEA & Other APAC
- Middle East & Africa
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