The global ferrovanadium market was valued US$ 4.9 Bn in 2019 and is expected to reach 7.55 Bn by 2027, at a CAGR of 6.2% during a forecast period. Growing demand of this FeV during steel and metallic construction will generate huge opportunity for market growth.
global ferrovanadium market Definition:
Ferrovanadium is defined as an alloy used as an additive to intensify the superiority of ferroalloys. FeV is also accepted in the engineering of steel product due to its high tensile strength and lightweight. Ferrovanadium have anticorrosive property towards hydrochloric, sulfuric acids and alkali solutions. It is a combination of vanadium and iron, and as per grade it varies from 35% to 80%. Moreover, ferrovanadium material has vast application in numerous end use industries such as transportation, oil and gas, and construction.
The report study has analyzed the revenue impact of COVID-19 pandemic on the sales revenue of market leaders, market followers, and disrupters in the report, and the same is reflected in our analysis.
global ferrovanadium market Dynamics:
The growth of the ferrovanadium market is driven by factors like development in automotive and aerospace industries which is highly demanding for the ferrovanadium in order to avoid rusting and heat in the mechanical parts of these aforesaid industries which deliver high structural strength expected to drive the global ferrovanadium market. The trend of this product utilization is growing globally owing to the popularity and adoption of the ferrovanadium in numerous industrial sectors. Additionally, extensive applicability of ferrovanadium in several end-user manufacturing industries including transportation, construction, oil & gas, and others documented as another factor to intensify market demand during the estimated years. Additionally, development in urbanization and the escalation in steel engineering industry expected to substitute the global ferrovanadium market growth by the end of 2027. As ferrovanadium main use is noted in the assembling of the high carbon steel compound which is further utilised in the manufacturing of the medical equipment. Vanadium mixed together with titanium find their applications in many sectors like airframes and jet engine motors.
Moreover, high installation and fluctuation in raw materials costs related to the application expected to pull the market demand in the coming years.
Ferrovanadium Market Segment analysis:
By the application segment, the aerospace industry sector is expected to show constant growth during the estimated year. Major changes and a huge rate of corrosion ratio in the aerospace industries are fuelling the overall ferrovanadium market demand. Technological advancement in the process of application and techniques is making this product worldwide famous in the number of growing targeted industries.
Huge spending on research and development activity across the globe expected to open numerous opportunities for the employment in the global ferrovanadium market. Furthermore, the application segment has documented 65% of market share and is expected to show significant growth during the projected period. On the other hand, the aerospace market was registered XX Mn with a CAGR of X.X% in 2019 and is anticipated to collect a large revenue by the end of 2027.
Ferrovanadium Market Regional Analysis:
Geopolitically, North America is expected to dominate the ferrovanadium market and is expected to grow at a CAGR of XX % during the forecast period. Development in the industrial equipment, construction, automotive transportation, oil and gas, aerospace sector in the US region is supporting the market growth. A mounting requirement for the oil and gas will contribute to the growth in market size over 2027. From developed regions, the US has documented the world’s largest ferrovanadium utilization by numerous end-user sectors in the region, approximately 40-45% of market share in the year 2019 was registered by the US market. Globally, the manufacturing companies are also anticipated to enlarge ferrovanadium size over the forecast period to maximize its overall revenues cost. The global ferrovanadium market was valued US$ X.9 Mn and is expected to reach XX Bn by 2027, at a CAGR of X.10% during a forecast period.
Followed by North America, the Asia Pacific is considered as the second-largest market in terms of growth, has crossed US$ XX Bn in 2019 and is projected to rise at a CAGR of over X.6% from 2020 to 2027, prominent growth drivers are increasing construction, oil and gas industries will likely to boost product demand by 2027.
global ferrovanadium market Industrial Development:
In September 2019, AMG Advanced Metallurgical Group is planning to announce the agreement with Glencore Plc for to expand the supply of all of its ferrovanadium production. This agreement between both the companies expected to open numerous employment opportunities in the coming years.
The objective of the report is to present a comprehensive analysis of the Global Ferrovanadium Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers, and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analysed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding Global Ferrovanadium Market dynamics, structure by analysing the market segments and project the Global Ferrovanadium Market size. Clear representation of competitive analysis of key players by Application, price, financial position, Product portfolio, growth strategies, and regional presence in the Global Ferrovanadium Market make the report investor’s guide.
Scope of global ferrovanadium market:
Global Ferrovanadium Market, By Type
• FeV 40
• FeV 50
• FeV 60
• FeV 80
Global Ferrovanadium Market, By Application
• Automotive and Transportation
• Industrial Equipment
• Oil and Gas
Global Ferrovanadium Market, By Region
• North America
• Asia Pacific
• Latin America
• Middle East & Africa
Key Players Operating the Ferrovanadium Market,
• Pangang Group Vanadium Titanium and Resources
• Gulf Chemical and Metallurgical Corporation
• AMG Advanced Metallurgical Group
• Bear Metallurgical Company
• Treibacher Industrie AG
• Reade International Corp
• Masterloy Products Company
• Hickman, Williams and Company
• Jinzhou Guangda Ferroalloy
• Core Metals Group
• Tremond Metals Corp
• Taiyo Koko
• Woojin Industry
• Jayesh Group
• Evraz Plc
• Ntpf Etalon
• tlantic Ltd
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