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.

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:

• 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.

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Some of the reputed organizations functioning in the global ferrovanadium market are as mentioned below:

• Hickman, Williams & Companies
• Jinzhou Guangda Ferroalloy Co Ltd
• Gulf Chemical and Metallurgical Corporation
• Bear Metallurgical Company
• AMG Advanced Metallurgical Group
• Reade International Corp

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.

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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.