Ferro Vanadium Market size is forecast to reach around $3.8 billion by 2025, after growing at a CAGR of 5% during 2020-2025. Ferro Vanadium is a universal hardener, strengthener, and anti-corrosive additive, formed by the combination of iron and vanadium. Ferro vanadium is used in the manufacturing of rail steels, die steels, and heat resisting tool. Thus, the growing transportation sector and strong demand of ferrovanadium for manufacturing axles, body frames and crankshafts are likely to boost the growth of the Ferro Vanadium market size during the forecast period. Whereas, the growing building and construction sector in emerging nations like China and India is also increasing the demand of ferrovanadium for concrete reinforcing bars, thus, further boosts the growth of this market. Additionally, the use of ferrovanadium in oil and gas pipelines also aid the growth of the market owing to the growing city gas distribution plants globally.
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Report Coverage
The report: “Ferro Vanadium Market– Forecast (2020-2025)”, by IndustryARC, covers an in-depth analysis of the following segments of the Ferro Vanadium Industry.
By Grade: FeV40, FeV50, FeV60, FeV75, and FeV80 & +.
By Manufacturing Process: Aluminothermic Reduction Technique and Silicon Reduction Technique.
By Application: Concrete Reinforcing Bars, Structural Plates, Axles, Frames, Crankshafts, Titanium Alloys, Pipeline, and Others
By End-Use Industry: Building & Construction, Aerospace & Defense, Marine, Chemical Industry, Oil & Gas, Industrial Equipment, Hand Tools, Automotive, and Others.
By Geography: North America, South America, Europe, APAC, and RoW.
Key Takeaways
- China’s new high-strength rebar standard is likely to aid the growth of the ferro vanadium market. The standard eliminates low strength Grade 2 rebar and sets out specifications for three different high strength standards: Grade 3 (400MPa), Grade 4 (500MPa), and Grade 5 (600MPa). These will require 0.03% V, 0.06% V, and more than 0.1% V respectively.
- The U.S. Commerce Department has imposed duties of up to 141% on Chinese structural steel and up to 31% on Mexican structural steel. Thus, trade war between the U.S and China has impacted the growth of the ferro vanadium market.
Ferro Vanadium Market Segment Analysis - By Chemical Type
FeV80 segment hold the largest share of more than 35% in the ferro vanadium market in 2019. Accelerating use FeV80 in steel industries due to the maximum vanadium content of 80% is driving the growth of the market. Increase in vanadium content not only increases the yield strength and tensile strength of steel, but also promote grain refinement. According to the Worldsteel Association, global crude steel output increased by 3.4% in 2019. Surging production of crude steel also raises the demand for ferro vanadium to enhance the strength, malleability and corrosion resistance of steel.
Ferro Vanadium Market Segment Analysis - By Manufacturing Process
Based on the manufacturing process, aluminothermic reduction segment hold the largest share of more than 40% in the ferro vanadium market. Among the reduction methods, the aluminothermic process is most widely used due to it results in high product purity and good yield. In aluminothermic reduction process, a charge composed of vanadium pentoxide, aluminum, lime/fluorspar, scrap iron, and iron oxide is fed into a heated pot and ignited by a priming mixture. The vanadium and iron oxides are reduced in the resulting reaction, and molten ferrovanadium is obtained in the bottom of the pot. Cost effectiveness and relatively easy extraction of ferrovanadium are the major factors driving the growth of the Ferro vanadium by aluminothermic reduction.
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