An Incisive, In-depth Analysis on the Ferrovanadium Market
This study offers a comprehensive, 360 degree analysis on the Ferrovanadium market, bringing to fore insights that can help stakeholders identify the opportunities as well as challenges. It tracks the global Ferrovanadium market across key regions, and offers in-depth commentary and accurate quantitative insights. The study also includes incisive competitive landscape analysis, and provides key recommendations to market players on winning imperatives and successful strategies.
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.
Factors influencing the global ferrovanadium market growth
The global economic scenario has improved, bringing the mining industry towards sustainable growth from its bottom low, particularly the surface mining sector. 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 ferroalloys for enhancing the strength of reinforcing bars used in buildings, bridges and tunnels.
Global ferrovanadium market segmentation and forecast
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.
Global ferrovanadium market analysis, by region
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.
Future Market Insights (FMI) analyses the global ferrovanadium market in its new publication titled “Ferrovanadium Market: Global Industry Analysis (2013 – 2017) & Opportunity Assessment (2018 – 2028)”. This study provides data for 2017 along with the forecast for the period (2018–2028). The main objective of the report is to identify the dynamics of the market and provide recent updates and insights pertaining to various segments of the global ferrovanadium market. To provide a better understanding of the market, the report also includes the analysis of drivers, restraints and trends that influence the current market scenario and are expected to impact the global ferrovanadium market over the forecast period. The study provides data for 2017 along with a comprehensive market forecast for the period 2018–2028.
To understand and assess market opportunities and trends, the global ferrovanadium market report is categorically split into different sections based on the grade, production method, end-use industries and regions. The report starts with the global macro-economic environment that covers the factors that influence market growth. Ahead of this, the report covers a market overview and provides the market definition & taxonomy, along with drivers, restraints & trends in the market. The sections that follow include the global ferrovanadium market analysis – by grade, production method, end-use industry and regional/country-level analysis. All the above sections evaluate the market on the basis of various factors that affect it. Each section discusses the qualitative and quantitative aspects of the global ferrovanadium market. To provide a brief idea about the revenue opportunities from the grade, production method, end-use industry and regions/country-wise segments, the report also provides market value (US$ Mn) data, absolute $ opportunity and total incremental opportunity for each segment over the forecast period (2018-2028).
In the subsequent section, market analysis on a regional basis is provided and a detailed analysis of macro-economic factors at the regional level is provided. Furthermore, the growth of various factors is mapped against the growth of the market. In the final section of the report, we have provided a detailed competitive landscape with the market share and performance of companies to provide a dashboard view of key players operating in the global ferrovanadium market to the report audiences, along with their business strategies. This is expected to enable clients to assess strategies deployed by market leaders and help them develop effective business strategies accordingly.
For market data analysis, we have considered 2017 as the base year, market numbers are estimated for 2018 and forecasts are made for 2018–2028. The report considers the market size of the ferrovanadium market at a global level, and splits & evaluates the market at a regional level. The estimation made is then further triangulated. The forecast assesses the total revenue (US$ Mn) of the global ferrovanadium market. In order to provide an accurate forecast, we have started by sizing up the historical market size, i.e. 2013–2016, after which we evaluate the current market, which forms the basis of how the global ferrovanadium market is expected to develop in the future. The critical market data, including the base number & segment splits, has been devised through in-depth secondary research. This data is then triangulated on the basis of different verticals, considering the supply side as well as the demand side drivers and other dynamics of the various regional markets, along with primary interviews of ferrovanadium manufacturers, distributors & suppliers and industry experts operating in the global ferrovanadium market. The forecast presented in the report evaluates the actual market size (US$ Mn) in 2017 with regards to ferrovanadium and the expected market value of the global ferrovanadium market over the forecast period.
We have also analysed the different segments of the global ferrovanadium market in terms of Basis Point Share (BPS) to understand the relative contribution of individual segments to market growth. This detailed information is important for identifying the various key trends governing the global ferrovanadium market. The report also analyses the global ferrovanadium market based on the absolute dollar opportunity. This is usually overlooked while estimating the market forecast. However, from a business development perspective, it is essential to identify the absolute dollar opportunity to identify potential resources in the ferrovanadium market. Moreover, FMI has developed a market attractiveness index to understand the key segments in terms of their performance and growth in the global ferrovanadium market. This market attractiveness index is expected to help clients identify real market opportunities in the global ferrovanadium market.