Ferro vanadium belongs to the category of ferroalloy and is an alloy which is formed by combining iron and vanadium. It contains about 35% to 85% of vanadium depending on application. It is an alloy material that is used in manufacturing of steel owing to certain desirable properties such as abrasion resistance, high temperature and hardenability. Ferro vanadium is used for manufacturing steel which offers high stability against alkalis as well as acids. Ferro Vanadium products are comparatively show a high corrosion resistance. Ferro vanadium helps in reducing the overall weight along with increasing the overall tensile strength of the end product and helps in promoting fine grain size and increasing hardenability. Ferro vanadium is manufactured by melting scrap iron in an an electric arc furnace and then combining it with a mixture of aluminum as well as flux.
Most of the ferro vanadium produced is used in the alloying process used to manufacture hardened steel. Hardened steel is used in multiple applications such as manufacturing of axles, bicycles frames, crankshafts and other highly critical steel components. Thus, the growing steel industry is expected to drive the growth for the ferro vanadium market. Since Ferro vanadium reduces the overall weight it is widely used in light weight automobiles
This report identifies the global ferro vanadium market size for the year 2014-2016 and forecast of the same for year 2021. It also highlights the potential growth opportunities in the coming years, while also reviewing the market drivers, restraints, growth indicators, challenges, market dynamics, competitive landscape and other key aspects with respect to global ferro vanadium market.
Asia Pacific is estimated to be the largest producer of ferro vanadium with China, Russia and India being chief producers. Presence of huge vanadium mines in China is expected to enhance the growth in the overall production of ferro vanadium. The demand for ferro vanadium is estimated to be the largest in Europe whereas the highest growth is projected to be in North America during the forecast period.
This report segments Ferro Vanadium market on the basis of type, production method and regional market as follows:
- Ferro Vanadium Market, by Type: FeV 40, FeV 50, FeV 60 and FeV 80
- Ferro Vanadium Market, by Production Method: Aluminothermic Reduction Technique, Silicon Reduction Technique and Others
- This report has been further segmented into major regions, which includes detailed analysis of each region such as: North America, Europe, Asia-Pacific (APAC) and Rest of the World (RoW) covering all the major country level markets in each of the region.
Sample Companies Profiled in this Report are:
- Atlantic Ltd.
- AMG Advanced Metallurgical Group
- Tremond Metals Corp.
- Core Metals Group
- Gulf Chemical and Metallurgical Corporation