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