Ferrovanadium Industry Market: By Grade Type (FeV40, FeV50, FeV60, FeV80, Others), By Application (Steel production, Pipelines, Automotive, Ships, Aerospace, Others), and Geography

Ferrovanadium Industry Market size was valued at USD 5.1 Bn in 2022 and is anticipated to grow at 7.56 Bn by 2029, recording a CAGR of 6.3% from 2023 - 2029. Ferro vanadium is often used in the manufacturing of hardened steel. Hardened steel further bargains its solicitation in the engineering of crankshafts, bicycle frames, axles, and additional extremely critical steel apparatuses. Therefore, with the growth in the steel industry, the demand for ferro vanadium in the market is also expanding. Moreover, Ferro vanadium is an ideal candidate for the manufacturing of high carbon steel alloy which finds its application in the manufacturing of medical tools. Ferro vanadium in combination with titanium alloys is used for the production of jet engines and high speed airframes. Ferro vanadium decreases the complete heaviness of the steel and henceforward, is extensively used in the light weight automobiles. These factors accelerate the market growth. Key players in ferrovanadium industry market enhance their product portfolio and consumer base by adopting striking market strategy like collaborations, acquisitions, technological innovations, among others. For instance, on 24, 2016 (GLOBE NEWSWIRE) (Regulated Information) AMG Advanced Metallurgical Group N.V. (AMG, EURONEXT AMSTERDAM: AMG) announced that AMG Minerao has acquired their unincorporated feldspar partnership from Colorminas, Brazil. The partnership between AMG Minerao and Colorminas was established in 2003 with the objective of producing and commercializing feldspar from tailings generated from AMG Mineras tantalum operations.