Ferrovanadium is an alloy many used for the strengthening of steel. It is a combination of iron and vanadium in which the vanadium content varies from 35% to 80%. It is used as an additive to enhance the quality of ferroalloys. When added to steel, the products are light in weight with extremely high tensile strength. The global ferrovanadium market is expected to register a CAGR of 5.0% over the forecast period (2018-2028) in value terms. The estimated volume of ferrovanadium market in 2018 is 90,033 MT, and it is expected to grow at a CAGR of 3.4% to reach 125,698 MT by the end of 2028.
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The global economic scenario has improved, bringing the mining industry towards sustainable growth from its bottom low. Despite this, capital investments in the industry by miners remain low. Dramatic fluctuations in commodity prices during the recent years have been the key reason for the reduction in investment sentiments in the mining sector. Furthermore, exploration expenditure has been consistently declining over the past few years, primarily owing to sluggish economic conditions. Thus, limited investments in the mining sector are anticipated to hamper the volume of production of ferrovanadium.
On the other hand, the growing construction industry is expected to positively impact the growth of the ferrovanadium market. The construction sector is one of the biggest consumers of steel products as more than 50% of the steel manufactured globally is consumed by the construction industry. Ferrovanadium plays an important role in granting tensile strength to steel, thereby providing cost-effective solutions. Ferrovanadium is the most commonly and widely used alloy for enhancing the strength of reinforcing bars used in buildings, bridges and tunnels.
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The global ferrovanadium market is segmented on the basis of grade, production method, end use industry and region. On the basis of grade, the global ferrovanadium market has been segmented as FeV40, FeV50, FeV60, FeV80 and nitride ferrovanadium. On the basis of production method, the ferrovanadium market is segmented into aluminothermy reduction and silicon reduction. On the basis of end use, the global ferrovanadium market is segmented into aerospace, automotive & transportation, construction, oil & gas industrial equipment and others. In the others segment of end use industries, we have considered the industries that are consuming steel other than the mentioned industries. Key regions covered in the report include North America, Latin America, Western Europe, Eastern Europe, Southeast Asia & Pacific, Middle East and Africa (MEA), China, India and Japan.
From a regional perspective, the ferrovanadium market in the Asia Pacific region is anticipated to dominate the market in terms of volume and value demand. The market in the region is expected to be significantly driven by demand from developing nations such as India and China. The growth of the region will be supplemented by the growing construction and automotive sector. In addition, the Chinese ferrovanadium market is anticipated to witness additional demand for ferrovanadium in the coming years, mainly due to revised standards by the Chinese government for increasing the tensile strength of rebar products.
Key players dominating the global ferrovanadium market
Some of the players reported in this study on the global ferrovanadium market are EVRAZ plc; 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 Industry Co., Ltd.; JAYESH GROUP; Pangang Group Vanadium Titanium & Resources Co., Ltd. and NTPF Etalon Co., Ltd. The manufacturers are currently focusing on enhancing their production outputs to cater to the increasing demand for ferrovanadium in the global market.
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