[269 Pages] The Ferrovanadium market to grow with a y-o-y growth of 5.1% in 2022 reaching a value of about US $ 4,277.3 Million by 2022 end. Increased consumption of Ferrovanadium in steel production owing to the growing steel demand from construction & automotive industries is expected to push the sales in forecast period.
Considering this, FMI has forecasted the global Ferrovanadium sales to reach a valuation of US$ 5,776.5 Million in 2028 at a CAGR of 5.1%.
| Attribute | Details |
|---|---|
| Base Year Value (2021A) | US$ 4,072.2 million |
| Estimated Year Value (2022E) | US$ 4,277.3 million |
| Projected Year Value (2028F) | US$ 5,776.5 million |
| Value CAGR (2022 to 2028) | 5.1% |
| Collective Value Share: Top 3 Countries (2022E) | 57.2% |
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| Market Statistics | Details |
|---|---|
| H1,2021 (A) | 4.8% |
| H1,2022 Projected (P) | 5.1% |
| H1,2022 Outlook (O) | 5.3% |
| BPS Change : H1,2022 (O) - H1,2022 (P) | (+) 20 ↑ |
| BPS Change : H1,2022 (O) - H1,2021 (A) | (+) 50 ↑ |
FMI presents a half-yearly comparison and insightful analysis of ferrovanadium market growth outlook along with market’s key developments. The market has been significantly influenced by certain demographic and macro-economic factors including investment in the construction sector, increase in the automotive sales, and steel production all over the globe.
The growth outlook of the market remains significantly uneven across various regions and is predominantly impacted by the intensity of the steel production.
The global consumption of ferrovanadium is expected to grow with a magnitude of 4.8% during the first half of 2021, which is expected to witness an increment of 50 bps points in the growth over first half of 2022.
This growth is expected to be mainly attributed by significant infrastructure development in the developing nations, urbanization, growth in automotive and aircraft production, and certain other factors. Relatively higher growth in the construction and infrastructure in the first half of 2022 in India, ASEAN and other countries resulted in higher growth outlook of magnitude 20 bps as compare to earlier projections.
Moreover, growing demand for catalyst and higher quality of steel from various end use industries are also boosting the demand. Despite the considerable growth outlook of the consumption, the market has been witnessing certain challenges including rise in the price of raw materials and final product, ongoing Russia and Ukraine conflict and others, these factors are hampering the growth of the market.
Sales of Ferrovanadium increased at a 8.0% CAGR, between 2013 and 2021, with its increasing applications in automotive and construction industries. Sales prospects in 2020 and 2021 were dampened due to the outbreak of the COVID-19 pandemic, which reduced the demand for ferrovanadium, but in coming years the growth is expected to bounce back to its original pace.
The demand for ferrovanadium significantly depends on the growth of steel production, as it is heavily consumed into the steel alloy production that is supplied to various end-use industries such as automotive and aerospace. Rising consumption of high tensile strength & low weight steel in the automotive & construction sector is expected to create lucrative growth opportunities in the forecast period.
The construction industry is expected to play a vital role in the growth of the ferrovanadium market growth in the forecast period. As it goes into the production of lightweight & high tensile strength steel which is in huge demand in the construction industry.
The construction industry heavily utilizes steel. Infrastructural developments, commercial buildings, production units & others are some of the major-steel consuming sectors. Rising spending on housing & infrastructure projects due to increasing urbanization rates are some key important factors, which are expected to boost the construction industry.
Ferrovanadium is used in many steel products in a variety of applications, from structural alloy steels to micro alloyed steels. Ferrovanadium is the best reinforcement for steel as it increases tensile strength.
Therefore, it is highly adaptable to construction, provides the strength needed for architectural design, and reduces catastrophic destruction in areas prone to natural disasters. Increasing consumption of the compound in the construction segment is anticipated to boost the demand to reach about US$ 2,731.3 Mn by the year 2028.
The covid-19 pandemic has adversely impacted the global economy and many business lines were interrupted due to a decline in demand from end-uses and stringent covid norms & regulations. Lockdown norms have led to the downfall of many industries such as construction and automotive & transportation. As the ferrovanadium market is highly dependent on steel production, the decline in steel consumption led to the downfall of this market.
However, the market is expected to grow at a faster pace in the forecast period owing to the increased consumption of ferrovanadium in end-use industries and it is anticipated to keep the pace in the future due to the heavy utilisation of the compound in some emerging applications.
Principal Consultant
As per FMI, the U.S. is projected to account for a major share in the global Ferrovanadium market. U.S.is expected to grow at a faster pace owing to the increased consumption and production of steel. The country is expected to account for more than 80% share in the North American region. Growing population & rapid urbanization are some key factors that are boosting the growth of the construction and transportation industry.
The consumption rate of steel is very high due to its applications in several end-use industries. The automotive sector is reviving in developed as well as developing countries due to the increased demand from the end-users. The rising demand for lightweight vehicles with higher strength is propelling the demand for ferrovanadium in the production of the high grade of steel. U.S. is expected to reach about US$ 672.1 Mn by the year 2028.
The market is expected to gain traction at 6.0% CAGR between 2022 and 2028. In case of Eastern Europe region, Russia is expected to dominate the east European market in the forecast period.
Russia is one of the leading producers of vanadium in the global market. The increasing production of vanadium is a positive sign for the ferrovanadium market. The vanadium goes into the production of ferrovanadium owing to the rising demand from the end-use industries.
The rising consumption of steel in automotive, industrial equipment and the oil & gas industry is anticipated to bring lucrative growth opportunities for East European countries in the assessed time. Russia is anticipated to hold more than 60% share in the Eastern Europe region by the end of 2028.
China is projected to reach an estimated value of US$ 2,253.0 Mn by the end of 2028. China is the leading producer & consumer of ferrovanadium owing to the presence of the key manyfacturers, and numerous proliferating end-use industries in the country. The increased consumption of ferrovanadium is mainly anchored to steel production.
Rapid urbanization and exponential growth of the construction industry are expected to create lucrative growth in the forecast period. High tensile steel is in demand as it majorly goes to the automotive & transportation sector. The construction segment for this country is the most attractive segment in terms of revenue & growth opportunities.
The automotive & transportation segment is expected to grow at a prominent CAGR of 5.4%, over the forecast period of 2022 to 2028.
For example, hardened steel is used to assemble bicycle contours, axles, crankshafts, and other basic steel parts. In this sense, modern advances in the steel business will trigger the development of ferrovanadium. Ferrovanadium is used in favor of assembling high carbon composite steels. This high carbon steel is used in the manufacture of therapeutic equipment.
The growth of the ferrovanadium market is driven by factors such as advances in the automotive and aerospace industries. These factors place high demands on ferrovanadium for corrosion protection and provide the high structural strength required to heat machine parts in the aforementioned industries.
FeV80 grade segment is projected to create an absolute dollar opportunity of more than US$ 1,012.5 Mn from 2022 to 2028. Ferrovanadium consumption patterns vary from region to region and most of the ferrovanadium is consumed in China.
High quality FeV80 is the most widely consumed in North America, Western Europe, Japan, and other developed countries. High quality grade ferrovanadium is mostly consumed in high strength steel. High strength steel is required mainly in the automotive sector, which is expected to lead the growth of this market.
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Over the past few years, a shift of manufacturers focus has shifted towards emerging countries due to increasing demand of ferrovanadium. Several key players are also focusing on expanding their production capacities, launching new products, investing in R&D and increasing the mergers & acquisition activities.
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The latest study conducted by Future Market Insights covers all the strategies and success factors of key manufacturers of the market.
*The list is not exhaustive, and only for representational purposes. Full competitive intelligence with SWOT analysis is available in the report.
| Attribute | Details |
|---|---|
| Forecast Period | 2022 to 2028 |
| Historical Data Available for | 2013 to 2021 |
| Market Analysis | USD Million for Value and Tons for Volume |
| Key Regions Covered | North America; Latin America; Western Europe; Eastern Europe; India; China; Japan; Middle East & Africa; SEA & Other APAC |
| Key Countries Covered | USA, Canada, Germany, UK, France, Italy, NORDICS, Spain, Russia, Poland, BENELUX, China, Japan, India, ASEAN, Oceania, South Korea, Taiwan, Brazil, Mexico, GCC Countries, South Africa, Northern Africa, Turkey, |
| Key Segments Covered | Grade, Production Method, End Use and Region |
| Key Companies Profiled | 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 |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
By Grade
By Production Method
By End Use
By Region
The ferrovanadium market value in 2022 as about US$ 4,277.3 million.
The ferrovanadium sales are likely to rise at a CAGR of 5.1% through 2028.
The market showed positive growth with a projected H1 2022 outlook at 5.1%.
Demographic factors, investment in construction, automotive sales, and steel production influence the growth outlook.
The United States is a major market due to increased steel consumption, accounting for over 80% share in North America.
China's rapid urbanization and growth in construction drive its high consumption of Ferrovanadium for steel production.
Manufacturers are expanding, launching new products, investing in R&D, and focusing on mergers & acquisitions in emerging markets.
1. Executive Summary 1.1. Market Overview 1.2. Market Analysis 1.3. FMI Analysis and Recommendations 1.4. Wheel of Fortune 2. Market Introduction 2.1. Market Definition 2.2. Market Taxonomy 3. Ferro Vanadium Market Background 3.1. Macro-Economic Factors 3.2. Opportunity Analysis 3.3. Global Economic Outlook 3.4. Vanadium Market Outlook 3.5. Market Dynamics 3.5.1. Drivers 3.5.2. Restraints 3.5.3. Trends 3.6. Porter’s Five Forces Analysis 3.7. Value Chain Analysis 3.8. Opportunity Assessment Factors – Relevance & Impact 4. Global Ferro Vanadium Market Analysis 2013–2021 and Opportunity Assessment 2022–2028 4.1. Market Volume Projections 4.2. Pricing Analysis 4.3. Market Size Projections 4.3.1. Y-o-Y Projections 4.3.2. Absolute $ Opportunity Analysis 5. Global Ferro Vanadium Market Analysis 2013–2021 and Opportunity Assessment 2022–2028, By Grade 5.1. Introduction 5.1.1. Market Value Share Analysis by Grade 5.1.2. Y-o-Y Growth Analysis by Grade 5.2. Historical Market Size (US$ Mn) and Volume by Grade, 2013–2021 5.3. Market Size (US$ Mn) and Volume Opportunity Assessment by Grade, 2022-2028 5.3.1. FeV 40 5.3.2. FeV 50 5.3.3. FeV 60 5.3.4. FeV 80 5.3.5. Nitrided Ferro Vanadium 5.4. Market Attractiveness Analysis by Grade 6. Global Ferro Vanadium Market Analysis 2013–2021 and Opportunity Assessment 2022–2028, By Production Method 6.1. Introduction 6.1.1. Market Value Share Analysis by Production Method 6.1.2. Y-o-Y Growth Analysis by Production Method 6.2. Historical Market Size (US$ Mn) and Volume by Production Method, 2013–2021 6.3. Market Size (US$ Mn) and Volume Opportunity Assessment by Production Method, 2022-2028 6.3.1. Aluminothermic Reduction 6.3.2. Silicon Reduction 6.4. Market Attractiveness Analysis by Production Method 7. Global Ferro Vanadium Market Analysis 2013–2021 and Opportunity Assessment 2022–2028, By End Use 7.1. Introduction 7.1.1. Market Value Share Analysis by End Use 7.1.2. Y-o-Y Growth Analysis by End Use 7.2. Historical Market Size (US$ Mn) and Volume by End Use, 2013–2021 7.3. Market Size (US$ Mn) and Volume Opportunity Assessment by End Use, 2022-2028 7.3.1. Aerospace 7.3.2. Automotive & Transport 7.3.3. Construction 7.3.4. Oil & gas 7.3.5. Industrial Equipment 7.3.6. Others 7.4. Market Attractiveness Analysis by End Use 8. Global Ferro Vanadium Market Analysis and Opportunity Assessment, By Region 8.1. Introduction 8.1.1. Market Value Share Analysis by Region 8.1.2. Y-o-Y Growth Analysis by Region 8.2. Historical Market Size (US$ Mn) and Volume by Region, 2013–2021 8.3. Market Size (US$ Mn) and Volume Opportunity Assessment by Region, 2022-2028 8.3.1. North America 8.3.2. Latin America 8.3.3. Western Europe 8.3.4. Eastern Europe 8.3.5. China 8.3.6. India 8.3.7. Japan 8.3.8. SEA and Other APAC 8.3.9. Middle East & Africa 8.4. Market Attractiveness Analysis by Region 9. Global Ferro Vanadium Market Pricing Analysis 9.1. Regional Average Pricing Analysis 9.1.1. North America 9.1.2. Latin America 9.1.3. Western Europe 9.1.4. Eastern Europe 9.1.5. South East Asia (SEA) and Other APAC 9.1.6. Middle East & Africa (MEA) 9.1.7. China 9.1.8. India 9.1.9. Japan 9.2. Pricing Analysis, By Grade 10. North America Ferro Vanadium Market Analysis 2013–2021 and Opportunity Assessment 2022–2028 10.1. Introduction 10.2. Historical Market Size (US$ Mn) and Volume by Market Segments, 2013–2021 10.3. Market Size (US$ Mn) and Volume Opportunity Assessment by Market Segments, 2022-2028 10.3.1. By Country 10.3.1.1. U.S. 10.3.1.2. Canada 10.3.2. By Grade 10.3.3. By Production Method 10.3.4. By End Use 10.4. Market Attractiveness Analysis 10.4.1. By Country 10.4.2. By Grade 10.4.3. By Production Method 10.4.4. By End Use 10.5. Drivers and Restraints: Impact Analysis 11. Latin America Ferro Vanadium Market Analysis 2013–2021 and Opportunity Assessment 2022–2028 11.1. Introduction 11.2. Historical Market Size (US$ Mn) and Volume by Market Segments, 2013–2021 11.3. Market Size (US$ Mn) and Volume Opportunity Assessment by Market Segments, 2022-2028 11.3.1. By Country 11.3.1.1. Brazil 11.3.1.2. Mexico 11.3.1.3. Rest of Latin America 11.3.2. By Grade 11.3.3. By Production Method 11.3.4. By End Use 11.4. Market Attractiveness Analysis 11.4.1. By Country 11.4.2. By Grade 11.4.3. By Production Method 11.4.4. By End Use 11.5. Drivers and Restraints: Impact Analysis 12. Western Europe Ferro Vanadium Market Analysis 2013–2021 and Opportunity Assessment 2022–2028 12.1. Introduction 12.2. Historical Market Size (US$ Mn) and Volume by Market Segments, 2013–2021 12.3. Market Size (US$ Mn) and Volume Opportunity Assessment by Market Segments, 2022-2028 12.3.1. By Country 12.3.1.1. Germany 12.3.1.2. United Kingdom 12.3.1.3. France 12.3.1.4. Italy 12.3.1.5. Spain 12.3.1.6. Benelux 12.3.1.7. Nordic Region 12.3.1.8. Rest of Western Europe 12.3.2. By Grade 12.3.3. By Production Method 12.3.4. By End Use 12.4. Market Attractiveness Analysis 12.4.1. By Country 12.4.1.1. By Grade 12.4.2. By Production Method 12.4.3. By End Use 12.5. Drivers and Restraints: Impact Analysis 13. Eastern Europe Ferro Vanadium Market Analysis 2013–2021 and Opportunity Assessment 2022–2028 13.1. Introduction 13.2. Historical Market Size (US$ Mn) and Volume by Market Segments, 2013–2021 13.3. Market Size (US$ Mn) and Volume Opportunity Assessment by Market Segments, 2022-2028 13.3.1. By Country 13.3.1.1. Russia 13.3.1.2. Poland 13.3.1.3. Rest of Eastern Europe 13.3.2. By Grade 13.3.3. By Production Method 13.3.4. By End Use 13.4. Market Attractiveness Analysis 13.4.1. By Country 13.4.2. By Grade 13.4.3. By Production Method 13.4.4. By End Use 13.5. Drivers and Restraints: Impact Analysis 14. China Ferro Vanadium Market Analysis 2013–2021 and Opportunity Assessment 2022–2028 14.1. Introduction 14.2. Historical Market Size (US$ Mn) and Volume by Market Segments, 2013–2021 14.3. Market Size (US$ Mn) and Volume Opportunity Assessment by Market Segments, 2022-2028 14.3.1. By Grade 14.3.2. By Production Method 14.3.3. By End Use 14.4. Market Attractiveness Analysis 14.4.1. By Grade 14.4.2. By Production Method 14.4.3. By End Use 14.5. Drivers and Restraints: Impact Analysis 15. India Ferro Vanadium Market Analysis 2013–2021 and Opportunity Assessment 2022–2028 15.1. Introduction 15.2. Historical Market Size (US$ Mn) and Volume by Market Segments, 2013–2021 15.3. Market Size (US$ Mn) and Volume Opportunity Assessment by Market Segments, 2022-2028 15.3.1. By Grade 15.3.2. By Production Method 15.3.3. By End Use 15.4. Market Attractiveness Analysis 15.4.1. By Grade 15.4.2. By Production Method 15.4.3. By End Use 15.5. Drivers and Restraints: Impact Analysis 16. Japan Ferro Vanadium Market Analysis 2013–2021 and Opportunity Assessment 2022–2028 16.1. Introduction 16.2. Historical Market Size (US$ Mn) and Volume by Market Segments, 2013–2021 16.3. Market Size (US$ Mn) and Volume Opportunity Assessment by Market Segments, 2022-2028 16.3.1. By Grade 16.3.2. By Production Method 16.3.3. By End Use 16.4. Market Attractiveness Analysis 16.4.1. By Grade 16.4.2. By Production Method 16.4.3. By End Use 16.5. Drivers and Restraints: Impact Analysis 17. SEA & Other APAC Ferro Vanadium Market Analysis 2013–2021 and Opportunity Assessment 2022–2028 17.1. Introduction 17.2. Historical Market Size (US$ Mn) and Volume by Market Segments, 2013–2021 17.3. Market Size (US$ Mn) and Volume Opportunity Assessment by Market Segments, 2022-2028 17.3.1. By Country 17.3.1.1. ASEAN 17.3.1.2. Oceania 17.3.1.3. Rest of APAC 17.3.2. By Grade 17.3.3. By Production Method 17.3.4. By End Use 17.4. Market Attractiveness Analysis 17.4.1. By Country 17.4.1.1. By Grade 17.4.2. By Production Method 17.4.3. By End Use 17.5. Drivers and Restraints: Impact Analysis 18. Middle East & Africa Ferro Vanadium Market Analysis 2013–2021 and Opportunity Assessment 2022–2028 18.1. Introduction 18.2. Historical Market Size (US$ Mn) and Volume by Market Segments, 2013–2021 18.3. Market Size (US$ Mn) and Volume Opportunity Assessment by Market Segments, 2022-2028 18.3.1. By Country 18.3.1.1. GCC Countries 18.3.1.2. South Africa 18.3.1.3. North Africa 18.3.1.4. Rest of MEA 18.3.2. By Grade 18.3.3. By Production Method 18.3.4. By End Use 18.4. Market Attractiveness Analysis 18.4.1. By Country 18.4.1.1. By Grade 18.4.2. By Production Method 18.4.3. By End Use 18.5. Drivers and Restraints: Impact Analysis 19. Competition Landscape 19.1. Market Structure Analysis 19.2. Competition Dashboard 19.3. Industry Benchmarking 19.4. Intensity Mapping by Region 19.5. Product Mapping 19.6. Competition Deep dive 19.6.1. EVRAZ 19.6.1.1. Overview 19.6.1.2. Product Portfolio 19.6.1.3. Production Footprint 19.6.1.4. Sales Footprint 19.6.1.5. Channel Footprint 19.6.1.6. Strategy Overview 19.6.2. AMG Advanced Metallurgical Group 19.6.2.1. Overview 19.6.2.2. Product Portfolio 19.6.2.3. Production Footprint 19.6.2.4. Sales Footprint 19.6.2.5. Channel Footprint 19.6.2.6. Strategy Overview 19.6.3. Treibacher Industrie AG 19.6.3.1. Overview 19.6.3.2. Product Portfolio 19.6.3.3. Production Footprint 19.6.3.4. Sales Footprint 19.6.3.5. Channel Footprint 19.6.3.6. Strategy Overview 19.6.4. Hickman, Williams & Company 19.6.4.1. Overview 19.6.4.2. Product Portfolio 19.6.4.3. Production Footprint 19.6.4.4. Sales Footprint 19.6.4.5. Channel Footprint 19.6.4.6. Strategy Overview 19.6.5. Masterloy Products Company 19.6.5.1. Overview 19.6.5.2. Product Portfolio 19.6.5.3. Production Footprint 19.6.5.4. Sales Footprint 19.6.5.5. Channel Footprint 19.6.5.6. Strategy Overview 19.6.6. Jinzhou Guangda Ferroalloy Co. Ltd. 19.6.6.1. Overview 19.6.6.2. Product Portfolio 19.6.6.3. Production Footprint 19.6.6.4. Sales Footprint 19.6.6.5. Channel Footprint 19.6.6.6. Strategy Overview 19.6.7. Reade International Corp., 19.6.7.1. Overview 19.6.7.2. Product Portfolio 19.6.7.3. Production Footprint 19.6.7.4. Sales Footprint 19.6.7.5. Channel Footprint 19.6.7.6. Strategy Overview 19.6.8. Bear Metallurgical Company 19.6.8.1. Overview 19.6.8.2. Product Portfolio 19.6.8.3. Production Footprint 19.6.8.4. Sales Footprint 19.6.8.5. Channel Footprint 19.6.8.6. Strategy Overview 19.6.9. TAIYO KOKO Co., Ltd. 19.6.9.1. Overview 19.6.9.2. Product Portfolio 19.6.9.3. Production Footprint 19.6.9.4. Sales Footprint 19.6.9.5. Channel Footprint 19.6.9.6. Strategy Overview 19.6.10. Woojin Ind. Co. Ltd 19.6.10.1. Overview 19.6.10.2. Product Portfolio 19.6.10.3. Production Footprint 19.6.10.4. Sales Footprint 19.6.10.5. Channel Footprint 19.6.10.6. Strategy Overview 19.6.11. JAYESH GROUP 19.6.11.1. Overview 19.6.11.2. Product Portfolio 19.6.11.3. Production Footprint 19.6.11.4. Sales Footprint 19.6.11.5. Channel Footprint 19.6.11.6. Strategy Overview 19.6.12. NTPF Etalon Co., Ltd 19.6.12.1. Overview 19.6.12.2. Product Portfolio 19.6.12.3. Production Footprint 19.6.12.4. Sales Footprint 19.6.12.5. Channel Footprint 19.6.12.6. Strategy Overview 19.6.13. Pangang Group 19.6.13.1. Overview 19.6.13.2. Product Portfolio 19.6.13.3. Production Footprint 19.6.13.4. Sales Footprint 19.6.13.5. Channel Footprint 19.6.13.6. Strategy Overview 20. Assumptions & Acronyms Used 21. Research Methodology
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Ferrovanadium Market
