Global Ferro Vanadium Market To Grow At A CAGR Of 5.5% By 2028

The global ferro vanadium market size was worth around USD 3.2 billion in 2021 and is predicted to grow to around USD 4.6 billion by 2028 with a compound annual growth rate (CAGR) of roughly 5.5% between 2022 and 2028.

A ferroalloy is defined as ferro vanadium. Iron and vanadium are combined to create the metal alloy known as ferro vanadium. Ferro vanadium comprises 35% to 85% vanadium, depending on the commodity's end-use industry and its intended function.

One of the main factors propelling the growth of the global ferro vanadium market is the rising acceptance of ferrovanadium in the aerospace sector due to qualities like high structural strength and strong resistance to corrosion & heat. Another factor anticipated to promote the expansion of the worldwide ferrovanadium market is the widespread use of ferro vanadium in several end-use sectors, including oil & gas, transportation, construction, etc. However, the availability of various alternatives is a major factor expected to challenge the growth of the ferro vanadium market. Furthermore, increasing R&D activities by major players is expected to create new opportunities in terms of revenue for players operating in the global ferro vanadium market over the forecast period.

The global ferro vanadium market is segmented based on the grade, manufacturing process, application, end-use industry, and region.

The global market is divided into FeV40, FeV50, FeV60, FeV75, and FeV80 categories based on grade. In 2021, the FeV80 market category had a market share of over 35%, and it is anticipated that this trend will continue during the forecast period. The market is expanding as a result of the increased use of FeV80, which has a maximum vanadium concentration of 80% in the steel sector. Vanadium content is increased to increase grain refinement as well as steel yield and tensile strength. The Worldsteel Association estimates that in 2019, the world's crude steel production increased by 3.4%. The need for ferro vanadium, which is used to strengthen the strength, malleability, and corrosion resistance of steel, is raised by the rising output of crude steel.

The market is divided into two categories based on the manufacturing process: silicon reduction technique and aluminothermic reduction technique. The most widely used reduction technique is the aluminothermic process because it yields good product purity and yield. In the aluminothermic reduction process, a charge of vanadium pentoxide, aluminum, lime/fluorspar, scrap iron, and iron oxide is added to a heated pot and ignited by a priming mixture. Following the reduction of the vanadium and iron oxides, molten ferrovanadium is produced at the pot's bottom. The cost-effectiveness and relatively simple extraction of ferrovanadium are the main factors behind the growth of ferrovanadium through aluminothermic reduction.

The global ferro vanadium market is divided into titanium alloys, pipelines, axles, frames, crankshafts, structural plates, and others based on application. Throughout the forecast period, the axles sector is anticipated to rule the market. Ferro vanadium is added to hardened steel axles to enhance their characteristics. Ferro vanadium helps hardened steel become lighter while also boosting its tensile strength. The demand for ferro vanadium is rising as a result of the rising use of toughened steel in axle construction for electric and hybrid automobiles. The International Energy Agency (IEA) reports that the number of electric passenger cars on the road worldwide surged by 63% in 2018, reaching 5 million. This increased axle manufacturing and aided the growth of the ferro vanadium market.

The market for ferro vanadium is divided into five regions based on geography: North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. In terms of revenue, the ferro vanadium market in the Asia Pacific is predicted to lead the world market and hold that position during the projected period. The dominance can be attributed to the region's presence of significant manufacturers from emerging economies like China and India as well as the region's growing demand from the building and transportation sectors.

The global ferro vanadium market is dominated by players like Hickman, Atlantic Ltd., AMG Advanced Metallurgical Group N.V., Williams & Company, Core Metals Group LLC, Bear Metallurgical Company, Jinzhou Guangda Ferroalloy Co., Ltd, Taiyo Koko Co., Ltd., Tremond Metals Corp., Gulf Chemical and Metallurgical Corporation, EVRAZ Vanadium, and Woojin Industry Co., Ltd., among others.

This review is based on a report by Zion Market Research, titled “Ferro Vanadium Market By Grade (FeV40, FeV50, FeV60, FeV75, and FeV80), By Manufacturing Process (Aluminothermic Reduction Technique and Silicon Reduction Technique), By Application (Concrete Reinforcing Bars, Structural Plates, Axles, Frames, Crankshafts, Titanium Alloys, Pipeline, and Others), By End-Use Industry (Building & Construction, Aerospace & Defense, Marine, Chemical Industry, Oil & Gas, Industrial Equipment, Hand Tools, Automotive, and Others), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2028.”- Report at https://www.zionmarketresearch.com/report/ferro-vanadium-market

The global ferro vanadium market is segmented as follows:

By Grade

• FeV40
• FeV50
• FeV60
• FeV75
• FeV80

By Manufacturing Process

• Aluminothermic Reduction Technique
• Silicon Reduction Technique

By Application

• Concrete Reinforcing Bars
• Structural Plates
• Axles
• Frames
• Crankshafts
• Titanium Alloys
• Pipeline
• Others

By End-Use Industry

• Building & Construction
• Aerospace & Defense
• Marine
• Chemical Industry
• Oil & Gas
• Industrial Equipment
• Hand Tools
• Automotive
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

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