The global ferro vanadium market is expected to reach a valuation of USD 3,901.1 million in 2023. The overall sales of ferro vanadium products are projected to record a CAGR of 4.7% between 2023 and 2033, totaling around USD 6,175.2 million by the end of 2033.
Ferro vanadium is categorized as a ferroalloy. Ferro vanadium is a metal alloy produced by combining iron and vanadium. Depending on the purpose of the commodity in the end-use industry, ferrovanadium contains 35% to 85% vanadium.
It provides desirable characteristics like abrasion resistance, high-temperature resistance, and hardenability. The ferro vanadium used throughout steel production offers an excellent level of stability against alkalis as well as acids such as sulfuric and hydrochloric acids. Furthermore, ferrovanadium-containing products are less likely to corrode.
| Attribute | Details |
|---|---|
| Global Ferro Vanadium Market Valuation in 2022 | USD 3,726 million |
| Estimated Global Market Share in 2023 | USD 3,901.1 million |
| Forecasted Global Market Size by 2033 | USD 6,175.2 million |
| Projected Global Market Growth Rate from 2023 to 2033 | 4.7% CAGR |
| Historical Market Growth Rate from 2018 to 2022 | 4.2% CAGR |
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Because of the high strength and corrosion resistance properties imparted to steel by ferrovanadium, various grades of products are used in the manufacture of architecture and design steel products. Prospects in the ferrovanadium market have been bumped up by the consumption of construction alloy steels and micro-alloy steels. The rise in demand for heat-resistant tools in the medical industry and heavy construction has also increased opportunities for ferrovanadium market vendors.
The alloy's use in imparting remarkable structural strength, ductile properties, and hardness to steel products makes them appealing for use in the construction of automobiles, ships, and pipelines. Thus, steady progress in the steel and iron industries is a key enabler and accelerator of the ferrovanadium market's development. The escalating use of ferrovanadium in the production of hardened steel is expanding the market's revenue potential.
Despite the significant growth outlook for consumption, the market has been confronted with several challenges, including soaring raw material and finished selling prices, the ongoing Russia-Ukraine conflict, and others, all impeding the market growth.
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According to FMI, North America is estimated to account for a considerable part of the global Ferrovanadium market. Because of elevated steel consumption and production, North America is expected to accelerate its economic growth. The United States is expected to regulate more than 80% of the North American market. The widening population and rapid urbanization are two key factors in strategic growth in the construction and transportation industries.
The consumption rate of steel is very intense due to its applications in several end-use industries. Because of expanded end-user demand, the automotive sector is reviving in both developed and developing countries. North America accounted for a 13.5% global market share in 2022.
| Regional Market Comparison | Global Market Share in Percentage |
|---|---|
| North America | 13.5% |
| Europe | 24.2% |
Geographically, Asia Pacific has emerged as one of the leading ferro vanadium producers, with China pivoting market demand. China is expected to achieve a value of USD 2,260 million by the end of 2033. Because of the prominence of leading manufacturers and numerous proliferating end-use industries, China is the premier producer and consumer of ferro vanadium. The uptick in ferro vanadium consumption is primarily attributable to increased steel production.
Rapid urbanization and exponential rise in the construction industry are predicted to propel profitable growth in the Asia Pacific during the forecast period. High-tensile steel is in high demand because the automotive and transportation industries primarily employ it. In terms of revenue and growth opportunities, the construction segment is the most appealing in this region.
| Regional Market Comparison | Global Market Share in Percentage |
|---|---|
| United States | 9.2% |
| Germany | 13.9% |
| Japan | 5.3% |
| Australia | 6.6% |
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Aerospace and automotive manufacturing, in particular, are predicted to provide significant revenue streams for top players in the European market. In the case of Eastern Europe, Russia is anticipated to dominate the market during the forecast period.
Russia is a key producer of vanadium on the international market. The increase in vanadium production is a positive indicator of the market. Because of strong growth from end-use industries, vanadium is utilized to make ferro vanadium.
Rising steel utilization in automotive, industrial equipment, and the oil and gas industry is presumed to provide lucrative growth prospects for East European countries over the forecast period. Europe region accounted for a market share of 24.2% of the global market as of 2022.
| Regional Markets | CAGR (2023 to 2033) |
|---|---|
| United Kingdom | 4.1% |
| China | 5.1% |
| India | 5.4% |
From 2023 to 2033, the FeV80 grade segment is anticipated to generate an absolute dollar opportunity of USD 1,020 million. Ferro vanadium consumption patterns vary by region, with China consuming the majority of the ferro vanadium.
In North America, Western Europe, Japan, and other developed countries, high-quality FeV80 is among the most widely consumed. High-quality ferro vanadium is primarily used in high-strength steel. High-strength steel is predominantly used in the automotive industry, which is expected to spur market growth.
Over the forecast period of 2023 to 2033, the automotive and transportation segment is expected to record a significant CAGR of 5.5%. The ferrovanadium market is expanding due to advancements in the automotive and transportation industries.
| Category | By Grade |
|---|---|
| Top Segment | FeV 80 |
| Market Share in Percentage | 40.2% |
| Category | By End Use Industry |
|---|---|
| Top Segment | Automotive & Transportation |
| Market Share in Percentage | 28.9% |
Manufacturers are adopting various marketing strategies such as new product launches, geographical expansion, mergers and acquisitions, partnerships, and collaboration to identify the interest of potential buyers and create a larger customer base. For instance,
AMG Advanced Metallurgical Group N.V. is the parent company of the AMG Group. The business was founded in 2006. AMG Vanadium is the leading ferro vanadium producer in North America. AMG Advanced Metallurgical Group N.V. signed a long-term agreement with Glencore AG in September 2019 to supply 100% of its available ferrovanadium production from both existing and future Ohio facilities.
Some leading ferro vanadium manufacturers include
These key ferro vanadium providers are adopting new product launches and approvals, partnerships, collaborations, acquisitions, mergers, etc., to increase their sales and gain a competitive edge in the global ferro vanadium market. For instance,
| Attribute | Details |
|---|---|
| Growth Rate | CAGR of 4.7% from 2023 to 2033 |
| Market Value in 2023 | USD 3,901.1 million |
| Market Value in 2033 | USD 6,175.2 million |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD million and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | Commercial Grade, Production, Region |
| Regions Covered | North America; Latin America; Europe; Asia Pacific; The Middle East and Africa |
| Key Countries Profiled | United States, Canada, Brazil, Mexico, Germany, United Kingdom, France, Spain, Italy, China, Japan, South Korea, India, Malaysia, Singapore, Australia, New Zealand, GCC, Israel |
| Key Companies Profiled | Atlantic Ltd.; AMG Advanced Metallurgical Group; Tremond Metals Corp.; Core Metals Group; Gulf Chemical and Metallurgical Corporation; Bear Metallurgical Company; Hickman, Williams, and Companies; JFE Material; Pangang; HBIS Chengsteel |
| Customization & Pricing | Available upon Request |
China may witness significant growth in the Ferro Vanadium market.
The growing demand for Ferro Vanadium from the steel industry is expected to drive sales.
The increasing demand for high-strength steels and the growing popularity of electric vehicles are some of the key trends driving the Ferro Vanadium market.
The market recorded a CAGR of 4.2% in 2022.
Investment in the steel industry and the electric vehicle industry may provide growth prospects for the market players.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Commercial Grade 5.1. FeV 40 5.2. FeV 50 5.3. FeV 60 5.4. FeV 80 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Production 6.1. Aluminothermic Reduction Technique 6.2. Silicon Reduction Technique 6.3. Others 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 7.1. North America 7.2. Latin America 7.3. Western Europe 7.4. Eastern Europe 7.5. South Asia and Pacific 7.6. East Asia 7.7. Middle East and Africa 8. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 9. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Key Countries Market Analysis 16. Market Structure Analysis 17. Competition Analysis 17.1. Atlantic Ltd. 17.2. AMG Advanced Metallurgical Group 17.3. Tremond Metals Corp. 17.4. Core Metals Group 17.5. Gulf Chemical and Metallurgical Corporation 17.6. Bear Metallurgical Company 17.7. Hickman, Williams and Companies 17.8. JFE Material 17.9. Pangang 17.10. HBIS Chengsteel 18. Assumptions & Acronyms Used 19. Research Methodology
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Ferro Vanadium Market
