The ferrovanadium market is poised for substantial growth, with a projected year-on-year increase of 5.1% in 2022, culminating in a value of approximately US$ 4,277.3 million by the year’s end. This surge is attributed to the escalating demand for steel in the construction and automotive sectors, driving an upswing in Ferrovanadium consumption for steel production. As the global steel appetite continues to expand, Future Market Insights (FMI) anticipates a promising trajectory, forecasting a robust CAGR of 5.1%, propelling global ferrovanadium sales to reach an impressive valuation of US$ 5,776.5 million by 2028.
The persistent growth in ferrovanadium sales underscores its pivotal role in meeting the escalating demands of key industries. With a focus on catering to the evolving needs of construction and automotive sectors, the market is positioned for sustained expansion, offering lucrative opportunities for stakeholders in the forecast period.
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Market Dynamics:
1. Growing Steel Industry: The ferrovanadium market is closely tied to the steel industry, which is experiencing robust growth worldwide. As infrastructure development and construction projects surge, the demand for high-strength steel, fortified with ferrovanadium, is on the rise.
2. Automotive Sector Boost: The automotive industry is another key driver of the ferrovanadium market. With a constant quest for lightweight yet sturdy materials, ferrovanadium finds increasing use in the production of high-strength steel for vehicle components.
3. Energy Storage: As the focus on renewable energy solutions intensifies, ferrovanadium is gaining prominence in energy storage applications. Vanadium redox flow batteries, leveraging the unique properties of vanadium, are becoming increasingly popular for grid energy storage.
Key Companies Profiled in the Ferrovanadium Market
- EVRAZ
- AMG Advanced Metallurgical Group
- Treibacher Industrie AG
- Hickman, Williams & Company
- Masterloy Products Company
- Jinzhou Guangda Ferroalloy Co. Ltd.
- Reade International Corp.,
- Bear Metallurgical Company
- TAIYO KOKO Co.,Ltd.
- Woojin Ind. Co. Ltd
- JAYESH GROUP
- NTPF Etalon Co., Ltd
- Pangang Group
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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
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 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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