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Ferrovanadium Market Dynamics, Emerging Growth Factors and Forecast to 2027
12/3/2021
Global Ferrovanadium Market: Overview
In the last 2 years, the global ferrovanadium market has witnesses a surge in price and some remarkable changes in global trade landscape. Price of ferrovanadium has doubled as compared to the price of 2017. Higher prices of ferrovanadium have led to increased demand for its substitutes. A blend of iron and vanadium, ferrovanadium finds abundant use in the assembly of steel. The components of ferrovanadium come with minimal risk of corrosion, which makes it suitable in the steel industry.
In addition, use of ferrovanadium in the aerospace industry has increased rapidly due to its high corrosion and heat resistance and structural strength is another growth promoting factor for the global ferrovanadium market. Furthermore, wide use of ferrovanadium in many end use industries like construction, transportation, and oil & gas is likely to boost the global ferrovanadium market in the forthcoming years.
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Global Ferrovanadium Market: Notable Developments
The market has witnessed some developments in the last few years. One such significant development in the global ferrovanadium market is mentioned below:
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In September 2019, AMG Advanced Metallurgical Group entered into an agreement with Glencore Plc for supply of all of its ferrovanadium production. Following the agreement, AMG is bound to supply ferrovanadium from its existing as well as future facilities in Ohio. With both the companies having presence all over the globe, the agreement would bring better reach for ferrovanadium products worldwide in times to come.
Global Ferrovanadium Market: Key Trends
The following drivers, restrains, and opportunities is expected to shape the future course of the global ferrovanadium market during the study tenure, from 2019 to 2027.
Aerospace Industry Opens up New Growth Prospects for Ferrovanadium
The global ferrovanadium market is likely to driven by its increased utilization of ferrovanadium in alloying process, which is used making of hardened steel. Again, hardened steel is utilized in a variety of applications like in the making of crankshafts, bicycles frames, and axles. It is also used in the making of some of the vital parts of steel. As such, with the expansion of steel industry, the global ferrovanadium market is expected to gather momentum over the years. Ferrovanadium is also used in the production of high carbon steel alloy, which is used in the making of medical tools. Ferrovanadium is mixed with titanium alloy and then it is used in the making of jet engines and high-speed airframes. With such increased use in the aerospace industry, global ferrovanadium market is expected to witness considerable growth over the period of forecast.
The economic landscape across the globe is evolving constantly with mining industry looking forward toward sustainable growth options. Notwithstanding, capital investments by the miners remain quite low. Furthermore, fluctuating prices of commodities in the last few years is the main reason for such reduced interest of investment in the mining industry. In addition, expenses incurred during exploration are declining considerably in the last few years due to sluggish economic growth. As such, mining sector faced with scarce investment fights to keep up its volume of production of ferrovanadium.
In addition, rising cost of raw materials is likely to hamper the growth of the global ferrovanadium market. In the year 2017, the price of vanadium skyrocketed all of a sudden and reached its peak in the month of May. Production limitations imposed upon major producers of vanadium in China led to such a price rise.
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Global Ferrovanadium Market: Geographical Analysis
The global ferrovanadium market is split into the regions of Latin America, Western Europe, Asia Pacific, the Middle East and Africa, North America, and Eastern Europe.
It is estimated that Asia Pacific will account for a large chunk of the global ferrovanadium market. In Asia Pacific, China is likely to emerge as a leading producer of ferrovanadium. Presence of vast vanadium mines in the region is likely to exert positive influence on the ferrovanadium market in the region. India and Russia are also prominent producers of ferrovanadium in Asia Pacific. Europe is likely to come up as a major consumer of ferrovanadium in forthcoming years, thanks to the presence of numerous automobile makers.
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