Ferro vanadium belongs to the category of ferroalloy. Ferro vanadium is an alloy which is formed by combining iron and vanadium. Ferrovanadium contains 35% to 85% of vanadium depending on applications of the product in end-use industry. Ferro vanadium is an alloy material that is used in manufacturing of steel. It imparts desirable properties such as abrasion resistance, high temperature and hardenability. Ferro vanadium used for manufacturing of steel offers the end product with high stability against alkalis as well as acids such as sulphuric and hydrochloric acids. In addition, products containing ferro vanadium are at reduced risk to be susceptible to corrosion. Ferro vanadium also helps in reducing the overall weight of the material as well as increasing the overall tensile strength of the end product. In addition, it helps in promoting fine grain size and increasing hardenability through precipitation of nitrides and carbides. Ferro vanadium is manufactured using an electric arc furnace in which scrap iron is melted initially and then it is combined with the mixture of aluminum as well as flux such as calcium fluoride and calcium oxide. It is usually supplied in pallet boxes or in shrink wrapped in super bags.
Ferro Vanadium Market: Drivers and restraints
Most of the ferro vanadium manufactured is utilized in the alloying process used to manufacture hardened steel. Hardened steel further finds application in the manufacturing of axles, bicycles frames, crankshafts and other highly critical steel components. Thus, the growing steel industry is expected to boost the overall growth in the demand for the ferro vanadium market. Ferro vanadium is also used in manufacturing the high carbon steel alloy which is widely used in the manufacturing of medical tools. Ferro vanadium when used in titanium alloys is used to manufacture jet engines and high speed airframes. Ferro vanadium reduces the overall weight of the steel and hence, is widely used in the light weight automobiles.
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Ferro Vanadium Market: Segmentation
The Ferro Vanadium market can be segmented based on commercial grade as:
The Ferro Vanadium market can be segmented based on production method as:
Ferro Vanadium Market: Region wise outlook
Asia Pacific is expected to be the largest producer of ferro vanadium. Within Asia Pacific, China is the largest manufacturer of ferro vanadium. Presence of huge vanadium mines in China is expected to enhance the growth in the overall production of ferro vanadium. India and Russia are expected to be other major ferro vanadium producers in Asia Pacific. South Africa is expected to be the next largest manufacturer of ferro vanadium. Europe is expected to be the one of the major consumer of ferro vanadium owing to the presence of large number of automobile manufacturers in the region. The demand for ferro vanadium is expected to grow gradually in North America.
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Ferro Vanadium Market: Key market players
Some of the key players identified in the global Ferro Vanadium market are:
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