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Ferrovanadium Industry Market: By Grade Type, By Application, and Region Forecast 2019-2030
Ferrovanadium Industry Market: By Grade Type, By Application, and Region Forecast 2019-2030
Ferrovanadium Industry Market size was valued at US$ 5.1 Bn in 2023 and is anticipated to grow at 7.56 Bn by 2030, recording a CAGR of 6.3% from 2024 - 2030. Ferro vanadium is often used in the manufacturing of hardened steel. Hardened steel further bargains its solicitation in the engineering of crankshafts, bicycle frames, axles, and additional extremely critical steel apparatuses. Therefore, with the growth in the steel industry, the demand for ferro vanadium in the market is also expanding.
Moreover, Ferro vanadium is an ideal candidate for the manufacturing of high carbon steel alloy which finds its application in medical tools. Ferro vanadium in combination with titanium alloys is used to produce jet engines and high-speed airframes. Ferro vanadium decreases the complete heaviness of the steel and henceforward, is extensively used in light weight automobiles. These factors accelerate the market growth. Key players in the market enhance their product portfolio and consumer base by adopting striking market strategies like collaborations, acquisitions, and technological innovations.
For instance, on 24, 2016 (GLOBE NEWSWIRE) (Regulated Information) AMG Advanced Metallurgical Group N.V. (AMG, EURONEXT AMSTERDAM: AMG) announced that AMG Minerao has acquired their unincorporated feldspar partnership from Colorminas, Brazil. The partnership between AMG Minerao and Colorminas was established in 2003 to produce and commercialize feldspar from tailings generated from AMG Mineras tantalum operations.
Study Period
2024-2030Base Year
2023CAGR
6.3%Largest Market
Asia-PacificFastest Growing Market
Asia pacific
Ferrovanadium finds a wide range of applications in steel production, pipelines, automotive, ships, aerospace, others. Steel production contributes maximum share in the market. Ferrovanadium is employed in numerous steel products for a number of applications such as construction of alloy steels to micro-alloy steels. Ferrovanadium is the finest candidate for strengthening of steel and enhancing its tensile strength. Consequently, it is extremely relevant in construction as it provides desirable asset for the architectural design, and decrease calamitous damage in areas which are prone to natural disasters.
Asia Pacific is projected to be the leading manufacturer of ferro vanadium. China is the major producer of ferro vanadium. Occurrence of huge vanadium mines in China is predictable to augment the growth. It is further followed by India and Russia which are expected to be other foremost ferro vanadium manufacturers in Asia Pacific. South Africa is likely to be the succeeding manufacturer of ferro vanadium.
Europe is projected to be the one of the major consumer of ferro vanadium due to the widespread occurrence of large number of automobile companies in the region. North America is expected to grow at a steady pace in the coming years
Latin America
Europe
Asia Pacific
Middle East
North America
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Report Benchmarks |
Details |
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Report Study Period |
2024-2030 |
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Market CAGR |
6.3% |
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By Grade Type |
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By Application Type |
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The global ferrovanadium industry market size was valued at US$ 5.1 billion in 2023 and is projected to grow at a CAGR of 6.3% from 2024 to 2030.
The ferrovanadium industry market key players are: EVRAZ 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 Ind. Co., Ltd. Jayesh Group Pangang Group Vanadium Titanium & Resources Co., Ltd.
The ferrovanadium industry market has been classified into North America, Asia Pacific, Europe, Latin America, Middle East and Africa, and the rest of MEA.
Key Market Players
Author
Prem Kumar with profound experience and sound knowledge across a wide range of market forecasting methods, demand forecasting, and pricing analysis, I am able to make precise projections. I have extensive practical knowledge in Time Series Analysis (TSA), Simple Linear Regression (SLR), Multiple Linear Regression (MLR), Seasonality & Trend Forecasting, and Forecasting Models for New Products, among others. Additionally, I have hands-on experience with tools such as Power BI and SQL. I am highly committed, self-motivated, and possess a strong entrepreneurial spirit. Over the past 8 years, my team and I have built a robust clientele in various sectors, including Packaging, Pharma, Medical Devices, Oil & Gas, and Chemicals & Materials. We have provided a wide range of services, from management consulting to market forecasting and survey-related projects. I am particularly proud to have provided consulting services to one of the industry’s leading COVID-19 vaccine manufacturers for a packaging-related project. In the packaging space, I have served clients across a range of segments, including packaging printing, consumer packaging, flexible packaging, rigid packaging, and pharmaceutical packaging, to name a few. I deeply appreciate the efforts of my team and am grateful to our clients for their continued trust.