Ferro Vanadium Market Projected to Reach US$ 6,175.2 million in 2033: Steady Growth Driven by Steel Industry Demand

Ferro Vanadium Market

Ferro Vanadium is an essential alloying element, widely used in the steel industry to enhance material properties and performance. It imparts strength, toughness, and corrosion resistance to steels, making them suitable for various applications, including construction, automotive, and aerospace. As a key component of high-strength alloys, Ferro Vanadium plays a crucial role in advancing technological innovations and infrastructure development worldwide.

In the current year, 2023, the overall market share is projected to reach a value of US$ 3,901.1 million, demonstrating the growing need for this adaptable alloy. With a projected CAGR of 4.7%, the forecast period from 2023 to 2033 promises excellent potential for the ferro vanadium manufacturing industries. Furthermore, the report also predicts the market is anticipated to reach an amazing value of US$ 6,175.2 million by the end of 2033.

The leading reason that has contributed to the market’s strong growth and expansion worldwide may be the steel industry’s considerable use of ferro vanadium. It is a crucial alloying component used to produce high-strength steel, along with improving steel’s mechanical characteristics and performance. Additionally, improvements in technology and manufacturing methods have made it possible to produce ferro vanadium efficiently and incorporate it into a variety of end-use products.

Ferro vanadium uses have increased in many new applications, making it a crucial component in a variety of sectors, including construction, automotive, and aerospace. Global urbanization and infrastructural expansion have also increased the demand for steel, which has increased the need for ferro vanadium. It proclaims a consistent and strong demand for ferro vanadium products on a worldwide scale, supporting the specialization of market participants in the coming days.

The value of ferrovanadium has also increased with a greater understanding of its value as a component of energy storage systems like vanadium redox flow batteries. Vanadium-based batteries have gained popularity as the globe moves toward renewable energy sources and effective energy storage options, fueling the demand for ferro vanadium.

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Key Takeaways from the Global Ferro Vanadium Market Study Report by FMI

  • Europe region holds a greater global market share and contributed almost 24.2% of the revenue generated in 2022. Germany was figured out to be the leading market supporting this dominance with a global market share of 13.9% that year
  • North America followed Europe in sales of ferro vanadium products and held a global market share of 13.5% in 2022. The United States market share was a mere 9.2% that year.
  • China and India are growing faster in demand for ferro vanadium alloys and could exhibit 5.1% and 5.7% CAGRs, respectively, through 2033.

Competitive Landscape for the Ferro Vanadium Market Players

Recent market forecasts indicate that ferro vanadium product sales have grown significantly, supporting the operations of market participants involved in the production of this alloy. The growing popularity of ferro vanadium and end-use goods derived from this alloy globally has encouraged the emergence of regional layers, further intensifying the competition.

Key Companies Profiled

  1. Atlantic Ltd.
  2. AMG Advanced Metallurgical Group
  3. Tremond Metals Corp.
  4. Core Metals Group
  5. Gulf Chemical and Metallurgical Corporation
  6. Bear Metallurgical Company
  7. Hickman, Williams, and Companies
  8. JFE Material
  9. Pangang
  10. HBIS Chengsteel

These leading market participants have concentrated on enhancing the consistency and quality of ferro vanadium for developing specialized alloy solutions to fulfill industrial needs.

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Recent Developments by the Ferro Vanadium Manufacturing Industries

To build a ferro vanadium manufacturing plant in China, Shougang Group and VanadiumCorp Resources announced their joint venture in February 2023. The company plans to build a ferro vanadium manufacturing facility in China with a capacity of 10,000 tons annually.

A legally binding offtake deal for Vital Metals’ ferro vanadium product with Glencore was announced in December 2022. Vital Metals, a prominent ferro vanadium dealer, may sell Glencore all of its ferro vanadium output for a five-year term to guarantee the product’s commercialization.

Key Segments Profiled in the Ferro Vanadium Industry Survey

By Commercial Grade:

  • FeV 40
  • FeV 50
  • FeV 60
  • FeV 80

By Production:

  • Aluminothermic Reduction Technique
  • Silicon Reduction Technique
  • Others

By Region:

  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • The Middle East & Africa

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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About the Author

Ronak Shah

Associate Vice President at Future Market Insights is deeply committed to uncovering actionable insights for consumer and food and beverage players. She brings a unique blend of analysis, industry trends, and consumer behavior to put data into perspective.

What she makes out of data becomes a delight to read. She has authored many opinions, including for publications like Process Industry Informer and Spinal Surgery News, as she understands the market pulse and consumers' shifting preferences.

She likes to bring experts to a roundtable to weigh the impact of a trend on an industry. Catch up with her discussion on the impact of AI in packaging.

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