Global Ferrovanadium Market Trends, Applications, Analysis, Growth, and Forecast to 2027

MarketResearch.biz delivers in-depth insights on the global ferrovanadium market in its upcoming report titled, “Global Ferrovanadium Market Trends, Applications, Analysis, Growth, and Forecast to 2027”. The global ferrovanadium market is estimated to register a CAGR of X.X% in terms of value during forecast period 2018–2027. The report offers in-depth insights, revenue details, and other vital information regarding the target market, and the various trends, drivers, restraints, opportunities, and threats till 2027. The report offers insightful and detailed information regarding the various key players operating in the market, their financials, supply chain trends, technological innovations, key developments, apart from future strategies, acquisitions & mergers, and market footprint. The global ferrovanadium market report has been segmented on the basis of grade, production method, end-use industry, and region.

Request Covid - 19 Impact

Ferrovanadium (FeV) is an alloy formed by combining iron and vanadium with a vanadium content with percentage range of 35%-85%. It helps grayish silver crystalline solid which can be crushed to form a powder called ferrovanadium dust. Ferrovanadium is a universal hardener, strengthener, and anti-corrosive additive for steels such as high-strength low-alloy (HSLA) steel, tool steels, and other ferrous-based products. Ferrovanadium is used as an additive to improve qualities of ferrous alloys. It is also used to improve corrosion resistance of metal to alkaline reagents as well as sulphuric and hydrochloric acids. It is used to improve tensile strength to weight ratio of material.

Increasing adoption of ferrovanadium from aerospace industry, owing to properties such as high structural strength and high resistance to corrosion & heat is a major factor driving growth of the global ferrovanadium market. In addition, wide applicability of ferrovanadium in various end use industries such as oil & gas, transportation, construction, etc. is another factor expected to support growth of the global ferrovanadium market.

However, availability of various alternatives is a major factor expected to challenge growth of the global ferrovanadium market.

Increasing R&D activities by major players is expected to create new opportunities in terms of revenue for players operating in the global ferrovanadium market over the forecast period.

The market in Asia Pacific is expected to dominate the global ferrovanadium market in terms of revenue and is expected to continue its dominance over the forecast period. The dominance can be attributed to increasing demand from transportation and construction sector and presence of major manufacturers in emerging economies such as India & China in this region. According to Indian Brand Equity Foundation in 2017, crude steel production in India was 97.42 MT and the steel sector contributes over 2% to the total GDP of the nation. The markets in North America and Europe are expected to contribute significant revenue shares to the global ferrovanadium market. The market in North America is expected to register faster growth, owing to increasing demand from aerospace industry. The markets in Latin America and Middle East & Africa are expected to witness moderate growth over the forecast period.

Global Ferrovanadium Market Segmentation:

By Grade:

• FeV 40
• FeV 50
• FeV 60
• FeV 80

By Production Method:

• Aluminothermic Reduction Technique
• Silicon Reduction Technique

By End-use Industry:

• Aerospace
• Automotive & Transportation
• Construction
• Oil & Gas
• Industrial Equipment

By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa