What is Global FeV (Ferrovanadium) Market?
The Global FeV (Ferrovanadium) Market is a significant segment of the global economy, dealing with a specific type of alloy that is primarily used to strengthen steel. Ferrovanadium, or FeV, is an alloy of iron and vanadium, where vanadium content can vary between 35% to 85%. This alloy is produced from vanadium sludge, vanadium pentoxide, and directly from the ore itself. The global market for this alloy is vast and diverse, with numerous applications across various industries. The market's value was estimated at US$ 1855.9 million in 2022, and it is expected to grow steadily over the coming years.
Vanadium Content: 35%-48%, Vanadium Content: 48%-60%, Vanadium Content: 70-85% in the Global FeV (Ferrovanadium) Market:
The Global FeV (Ferrovanadium) Market is segmented based on the vanadium content in the alloy. The three primary segments are 35%-48%, 48%-60%, and 70%-85%. Each segment has its unique characteristics and applications. The 35%-48% segment is commonly used in applications that require moderate strength and resistance. The 48%-60% segment is used in applications that require higher strength and resistance, while the 70%-85% segment is used in high-performance applications that require superior strength and resistance. The market for each segment is influenced by the demand from various end-use industries and the availability of raw materials.
Construction, Automotive and Transportation, Oil and Gas, Aerospace, Others in the Global FeV (Ferrovanadium) Market:
The Global FeV (Ferrovanadium) Market finds its application in several areas, including construction, automotive and transportation, oil and gas, aerospace, among others. In the construction industry, FeV is used to strengthen steel used in building structures, bridges, and other infrastructure. In the automotive and transportation industry, it is used to manufacture high-strength steel for vehicles and other transportation equipment. In the oil and gas industry, FeV is used in the production of pipelines and other equipment that require high strength and resistance to corrosion. In the aerospace industry, it is used to manufacture aircraft components that require superior strength and lightweight.
Global FeV (Ferrovanadium) Market Outlook:
The outlook for the Global FeV (Ferrovanadium) Market is positive, with the market expected to reach US$ 2422.8 million by 2029, growing at a CAGR of 3.8% from 2023 to 2029. This growth is driven by the increasing demand for high-strength steel in various end-use industries and the availability of raw materials. The market is dominated by two major players, Pangang and EVRAZ, who held market shares of 20.05% and 14.62% respectively in 2019. These companies have a significant influence on the market dynamics, including pricing and supply.
| Report Metric | Details |
| Report Name | FeV (Ferrovanadium) Market |
| Accounted market size in 2022 | US$ 1856 million |
| Forecasted market size in 2029 | US$ 2422.8 million |
| CAGR | 3.8% |
| Base Year | 2022 |
| Forecasted years | 2023 - 2029 |
| Segment by Type |
|
| Segment by Application |
|
| Production by Region |
|
| Consumption by Region |
|
| By Company | Pangang, EVRAZ, HBIS Chengsteel, Jinzhou Xinwanbo, AMG, Taiyo Koko, JFE Material, Hickman,Williams & Co |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
