The global ferro vanadium market is expected to reach a valuation of US$ 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 US$ 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 | US$ 3,726 million |
| Estimated Global Market Share in 2023 | US$ 3,901.1 million |
| Forecasted Global Market Size by 2033 | US$ 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 |
Don't pay for what you don't need
Customize your report by selecting specific countries or regions and save 30%!
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.
Principal Consultant
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 US$ 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% |
Get the data you need at a Fraction of the cost
Personalize your report by choosing insights you need
and save 40%!
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 US$ 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 | US$ 3,901.1 million |
| Market Value in 2033 | US$ 6,175.2 million |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in US$ million and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered |
|
| Regions Covered |
|
| Key Countries Profiled |
|
| Key Companies Profiled |
|
| 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 1.1. Global Market Outlook 1.2. Demand-side Trends 1.3. Supply-side Trends 1.4. Technology Roadmap Analysis 1.5. Analysis and Recommendations 2. Market Overview 2.1. Market Coverage / Taxonomy 2.2. Market Definition / Scope / Limitations 3. Market Background 3.1. Market Dynamics 3.1.1. Drivers 3.1.2. Restraints 3.1.3. Opportunity 3.1.4. Trends 3.2. Scenario Forecast 3.2.1. Demand in Optimistic Scenario 3.2.2. Demand in Likely Scenario 3.2.3. Demand in Conservative Scenario 3.3. Opportunity Map Analysis 3.4. Product Life Cycle Analysis 3.5. Supply Chain Analysis 3.5.1. Supply Side Participants and their Roles 3.5.1.1. Producers 3.5.1.2. Mid-Level Participants (Traders/ Agents/ Brokers) 3.5.1.3. Wholesalers and Distributors 3.5.2. Value Added and Value Created at Node in the Supply Chain 3.5.3. List of Raw Material Suppliers 3.5.4. List of Existing and Potential Buyer’s 3.6. Investment Feasibility Matrix 3.7. Value Chain Analysis 3.7.1. Profit Margin Analysis 3.7.2. Wholesalers and Distributors 3.7.3. Retailers 3.8. PESTLE and Porter’s Analysis 3.9. Regulatory Landscape 3.9.1. By Key Regions 3.9.2. By Key Countries 3.10. Regional Parent Market Outlook 3.11. Production and Consumption Statistics 3.12. Import and Export Statistics 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 4.1. Historical Market Size Value (US$ Million) & Volume (Tons) Analysis, 2018 to 2022 4.2. Current and Future Market Size Value (US$ Million) & Volume (Tons) Projections, 2023 to 2033 4.2.1. Y-o-Y Growth Trend Analysis 4.2.2. Absolute $ Opportunity Analysis 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Commercial Grade 5.1. Introduction / Key Findings 5.2. Historical Market Size Value (US$ Million) & Volume (Tons) Analysis By Commercial Grade, 2018 to 2022 5.3. Current and Future Market Size Value (US$ Million) & Volume (Tons) Analysis and Forecast By Commercial Grade, 2023 to 2033 5.3.1. FeV 40 5.3.2. FeV 50 5.3.3. FeV 60 5.3.4. FeV 80 5.4. Y-o-Y Growth Trend Analysis By Commercial Grade, 2018 to 2022 5.5. Absolute $ Opportunity Analysis By Commercial Grade, 2023 to 2033 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Production 6.1. Introduction / Key Findings 6.2. Historical Market Size Value (US$ Million) & Volume (Tons) Analysis By Production, 2018 to 2022 6.3. Current and Future Market Size Value (US$ Million) & Volume (Tons) Analysis and Forecast By Production, 2023 to 2033 6.3.1. Aluminothermic Reduction Technique 6.3.2. Silicon Reduction Technique 6.3.3. Others 6.4. Y-o-Y Growth Trend Analysis By Production, 2018 to 2022 6.5. Absolute $ Opportunity Analysis By Production, 2023 to 2033 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 7.1. Introduction 7.2. Historical Market Size Value (US$ Million) & Volume (Tons) Analysis By Region, 2018 to 2022 7.3. Current Market Size Value (US$ Million) & Volume (Tons) Analysis and Forecast By Region, 2023 to 2033 7.3.1. North America 7.3.2. Latin America 7.3.3. Western Europe 7.3.4. Eastern Europe 7.3.5. South Asia and Pacific 7.3.6. East Asia 7.3.7. Middle East and Africa 7.4. Market Attractiveness Analysis By Region 8. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 8.1. Historical Market Size Value (US$ Million) & Volume (Tons) Trend Analysis By Market Taxonomy, 2018 to 2022 8.2. Market Size Value (US$ Million) & Volume (Tons) Forecast By Market Taxonomy, 2023 to 2033 8.2.1. By Country 8.2.1.1. The USA 8.2.1.2. Canada 8.2.2. By Commercial Grade 8.2.3. By Production 8.3. Market Attractiveness Analysis 8.3.1. By Country 8.3.2. By Commercial Grade 8.3.3. By Production 8.4. Key Takeaways 9. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 9.1. Historical Market Size Value (US$ Million) & Volume (Tons) Trend Analysis By Market Taxonomy, 2018 to 2022 9.2. Market Size Value (US$ Million) & Volume (Tons) Forecast By Market Taxonomy, 2023 to 2033 9.2.1. By Country 9.2.1.1. Brazil 9.2.1.2. Mexico 9.2.1.3. Rest of Latin America 9.2.2. By Commercial Grade 9.2.3. By Production 9.3. Market Attractiveness Analysis 9.3.1. By Country 9.3.2. By Commercial Grade 9.3.3. By Production 9.4. Key Takeaways 10. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10.1. Historical Market Size Value (US$ Million) & Volume (Tons) Trend Analysis By Market Taxonomy, 2018 to 2022 10.2. Market Size Value (US$ Million) & Volume (Tons) Forecast By Market Taxonomy, 2023 to 2033 10.2.1. By Country 10.2.1.1. Germany 10.2.1.2. United Kingdom 10.2.1.3. France 10.2.1.4. Spain 10.2.1.5. Italy 10.2.1.6. Rest of Western Europe 10.2.2. By Commercial Grade 10.2.3. By Production 10.3. Market Attractiveness Analysis 10.3.1. By Country 10.3.2. By Commercial Grade 10.3.3. By Production 10.4. Key Takeaways 11. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11.1. Historical Market Size Value (US$ Million) & Volume (Tons) Trend Analysis By Market Taxonomy, 2018 to 2022 11.2. Market Size Value (US$ Million) & Volume (Tons) Forecast By Market Taxonomy, 2023 to 2033 11.2.1. By Country 11.2.1.1. Poland 11.2.1.2. Russia 11.2.1.3. Czech Republic 11.2.1.4. Romania 11.2.1.5. Rest of Eastern Europe 11.2.2. By Commercial Grade 11.2.3. By Production 11.3. Market Attractiveness Analysis 11.3.1. By Country 11.3.2. By Commercial Grade 11.3.3. By Production 11.4. Key Takeaways 12. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12.1. Historical Market Size Value (US$ Million) & Volume (Tons) Trend Analysis By Market Taxonomy, 2018 to 2022 12.2. Market Size Value (US$ Million) & Volume (Tons) Forecast By Market Taxonomy, 2023 to 2033 12.2.1. By Country 12.2.1.1. India 12.2.1.2. Bangladesh 12.2.1.3. Australia 12.2.1.4. New Zealand 12.2.1.5. Rest of South Asia and Pacific 12.2.2. By Commercial Grade 12.2.3. By Production 12.3. Market Attractiveness Analysis 12.3.1. By Country 12.3.2. By Commercial Grade 12.3.3. By Production 12.4. Key Takeaways 13. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13.1. Historical Market Size Value (US$ Million) & Volume (Tons) Trend Analysis By Market Taxonomy, 2018 to 2022 13.2. Market Size Value (US$ Million) & Volume (Tons) Forecast By Market Taxonomy, 2023 to 2033 13.2.1. By Country 13.2.1.1. China 13.2.1.2. Japan 13.2.1.3. South Korea 13.2.2. By Commercial Grade 13.2.3. By Production 13.3. Market Attractiveness Analysis 13.3.1. By Country 13.3.2. By Commercial Grade 13.3.3. By Production 13.4. Key Takeaways 14. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14.1. Historical Market Size Value (US$ Million) & Volume (Tons) Trend Analysis By Market Taxonomy, 2018 to 2022 14.2. Market Size Value (US$ Million) & Volume (Tons) Forecast By Market Taxonomy, 2023 to 2033 14.2.1. By Country 14.2.1.1. GCC Countries 14.2.1.2. South Africa 14.2.1.3. Israel 14.2.1.4. Rest of MEA 14.2.2. By Commercial Grade 14.2.3. By Production 14.3. Market Attractiveness Analysis 14.3.1. By Country 14.3.2. By Commercial Grade 14.3.3. By Production 14.4. Key Takeaways 15. Key Countries Market Analysis 15.1. USA 15.1.1. Pricing Analysis 15.1.2. Market Share Analysis, 2022 15.1.2.1. By Commercial Grade 15.1.2.2. By Production 15.2. Canada 15.2.1. Pricing Analysis 15.2.2. Market Share Analysis, 2022 15.2.2.1. By Commercial Grade 15.2.2.2. By Production 15.3. Brazil 15.3.1. Pricing Analysis 15.3.2. Market Share Analysis, 2022 15.3.2.1. By Commercial Grade 15.3.2.2. By Production 15.4. Mexico 15.4.1. Pricing Analysis 15.4.2. Market Share Analysis, 2022 15.4.2.1. By Commercial Grade 15.4.2.2. By Production 15.5. Germany 15.5.1. Pricing Analysis 15.5.2. Market Share Analysis, 2022 15.5.2.1. By Commercial Grade 15.5.2.2. By Production 15.6. United Kingdom 15.6.1. Pricing Analysis 15.6.2. Market Share Analysis, 2022 15.6.2.1. By Commercial Grade 15.6.2.2. By Production 15.7. France 15.7.1. Pricing Analysis 15.7.2. Market Share Analysis, 2022 15.7.2.1. By Commercial Grade 15.7.2.2. By Production 15.8. Spain 15.8.1. Pricing Analysis 15.8.2. Market Share Analysis, 2022 15.8.2.1. By Commercial Grade 15.8.2.2. By Production 15.9. Italy 15.9.1. Pricing Analysis 15.9.2. Market Share Analysis, 2022 15.9.2.1. By Commercial Grade 15.9.2.2. By Production 15.10. Poland 15.10.1. Pricing Analysis 15.10.2. Market Share Analysis, 2022 15.10.2.1. By Commercial Grade 15.10.2.2. By Production 15.11. Russia 15.11.1. Pricing Analysis 15.11.2. Market Share Analysis, 2022 15.11.2.1. By Commercial Grade 15.11.2.2. By Production 15.12. Czech Republic 15.12.1. Pricing Analysis 15.12.2. Market Share Analysis, 2022 15.12.2.1. By Commercial Grade 15.12.2.2. By Production 15.13. Romania 15.13.1. Pricing Analysis 15.13.2. Market Share Analysis, 2022 15.13.2.1. By Commercial Grade 15.13.2.2. By Production 15.14. India 15.14.1. Pricing Analysis 15.14.2. Market Share Analysis, 2022 15.14.2.1. By Commercial Grade 15.14.2.2. By Production 15.15. Bangladesh 15.15.1. Pricing Analysis 15.15.2. Market Share Analysis, 2022 15.15.2.1. By Commercial Grade 15.15.2.2. By Production 15.16. Australia 15.16.1. Pricing Analysis 15.16.2. Market Share Analysis, 2022 15.16.2.1. By Commercial Grade 15.16.2.2. By Production 15.17. New Zealand 15.17.1. Pricing Analysis 15.17.2. Market Share Analysis, 2022 15.17.2.1. By Commercial Grade 15.17.2.2. By Production 15.18. China 15.18.1. Pricing Analysis 15.18.2. Market Share Analysis, 2022 15.18.2.1. By Commercial Grade 15.18.2.2. By Production 15.19. Japan 15.19.1. Pricing Analysis 15.19.2. Market Share Analysis, 2022 15.19.2.1. By Commercial Grade 15.19.2.2. By Production 15.20. South Korea 15.20.1. Pricing Analysis 15.20.2. Market Share Analysis, 2022 15.20.2.1. By Commercial Grade 15.20.2.2. By Production 15.21. GCC Countries 15.21.1. Pricing Analysis 15.21.2. Market Share Analysis, 2022 15.21.2.1. By Commercial Grade 15.21.2.2. By Production 15.22. South Africa 15.22.1. Pricing Analysis 15.22.2. Market Share Analysis, 2022 15.22.2.1. By Commercial Grade 15.22.2.2. By Production 15.23. Israel 15.23.1. Pricing Analysis 15.23.2. Market Share Analysis, 2022 15.23.2.1. By Commercial Grade 15.23.2.2. By Production 16. Market Structure Analysis 16.1. Competition Dashboard 16.2. Competition Benchmarking 16.3. Market Share Analysis of Top Players 16.3.1. By Regional 16.3.2. By Commercial Grade 16.3.3. By Production 17. Competition Analysis 17.1. Competition Deep Dive 17.1.1. Atlantic Ltd. 17.1.1.1. Overview 17.1.1.2. Product Portfolio 17.1.1.3. Profitability by Market Segments 17.1.1.4. Sales Footprint 17.1.1.5. Strategy Overview 17.1.1.5.1. Marketing Strategy 17.1.1.5.2. Product Strategy 17.1.1.5.3. Channel Strategy 17.1.2. AMG Advanced Metallurgical Group 17.1.2.1. Overview 17.1.2.2. Product Portfolio 17.1.2.3. Profitability by Market Segments 17.1.2.4. Sales Footprint 17.1.2.5. Strategy Overview 17.1.2.5.1. Marketing Strategy 17.1.2.5.2. Product Strategy 17.1.2.5.3. Channel Strategy 17.1.3. Tremond Metals Corp. 17.1.3.1. Overview 17.1.3.2. Product Portfolio 17.1.3.3. Profitability by Market Segments 17.1.3.4. Sales Footprint 17.1.3.5. Strategy Overview 17.1.3.5.1. Marketing Strategy 17.1.3.5.2. Product Strategy 17.1.3.5.3. Channel Strategy 17.1.4. Core Metals Group 17.1.4.1. Overview 17.1.4.2. Product Portfolio 17.1.4.3. Profitability by Market Segments 17.1.4.4. Sales Footprint 17.1.4.5. Strategy Overview 17.1.4.5.1. Marketing Strategy 17.1.4.5.2. Product Strategy 17.1.4.5.3. Channel Strategy 17.1.5. Gulf Chemical and Metallurgical Corporation 17.1.5.1. Overview 17.1.5.2. Product Portfolio 17.1.5.3. Profitability by Market Segments 17.1.5.4. Sales Footprint 17.1.5.5. Strategy Overview 17.1.5.5.1. Marketing Strategy 17.1.5.5.2. Product Strategy 17.1.5.5.3. Channel Strategy 17.1.6. Bear Metallurgical Company 17.1.6.1. Overview 17.1.6.2. Product Portfolio 17.1.6.3. Profitability by Market Segments 17.1.6.4. Sales Footprint 17.1.6.5. Strategy Overview 17.1.6.5.1. Marketing Strategy 17.1.6.5.2. Product Strategy 17.1.6.5.3. Channel Strategy 17.1.7. Hickman, Williams and Companies 17.1.7.1. Overview 17.1.7.2. Product Portfolio 17.1.7.3. Profitability by Market Segments 17.1.7.4. Sales Footprint 17.1.7.5. Strategy Overview 17.1.7.5.1. Marketing Strategy 17.1.7.5.2. Product Strategy 17.1.7.5.3. Channel Strategy 17.1.8. JFE Material 17.1.8.1. Overview 17.1.8.2. Product Portfolio 17.1.8.3. Profitability by Market Segments 17.1.8.4. Sales Footprint 17.1.8.5. Strategy Overview 17.1.8.5.1. Marketing Strategy 17.1.8.5.2. Product Strategy 17.1.8.5.3. Channel Strategy 17.1.9. Pangang 17.1.9.1. Overview 17.1.9.2. Product Portfolio 17.1.9.3. Profitability by Market Segments 17.1.9.4. Sales Footprint 17.1.9.5. Strategy Overview 17.1.9.5.1. Marketing Strategy 17.1.9.5.2. Product Strategy 17.1.9.5.3. Channel Strategy 17.1.10. HBIS Chengsteel 17.1.10.1. Overview 17.1.10.2. Product Portfolio 17.1.10.3. Profitability by Market Segments 17.1.10.4. Sales Footprint 17.1.10.5. Strategy Overview 17.1.10.5.1. Marketing Strategy 17.1.10.5.2. Product Strategy 17.1.10.5.3. Channel Strategy 18. Assumptions & Acronyms Used 19. Research Methodology
Explore Chemicals & Materials Insights
View Reports
Ferro Vanadium Market
