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Ferro Titanium and Ferro Vanadium Market - Forecast(2023 - 2028)
Ferro Titanium and Ferro Vanadium Market Overview
Ferro Titanium and Ferro Vanadium market size are
forecast to reach US$5.5 billion by 2027, after growing
at a CAGR of 4.9% during 2022-2027. Ferro Titanium is
widely
used for auto-grade steel
making, stainless steelmaking, automotive tools & parts production,
and wire for submerged arc welding applications. The growing automotive
industry is one of the major factors driving the market for Ferro titanium. According to the
International Organisation of Motor Vehicle Manufacturers, about 91.8 million vehicles
were produced in 2019. The total steel used per vehicle is around 900 Kg of
which 40% is used in the
body structure, panels, doors, and trunk closures among others. Therefore,
the use of steel in automotive will increase the demand for Ferro Titanium
Market during the forecast period. Ferro Vanadium is an alloy material that offer stability against alkalis, sulphuric, and
hydrochloric acid. It gives corrosion
resistance to steel and helps in increasing the tensile strength of steel,
welding electrodes & casting. Ferro Vanadium has large applications in
steel, aerospace, marine, and others. According to World Steel, the total
consumption of apparent steel use for finished products across the globe is
1772 million tonnes in 2020. Therefore the
growing usage of steel will boost the Ferro Vanadium Market during the
forecast period.
COVID-19 Impact
The Covid-19
pandemic has been a major challenge for the Ferrovanadium and Ferro Titanium
market owing to directly
affecting the manufacturer's supply chain across the globe and shut down the production
facilities to minimize the risk of virus spread. The major
sectors such as automotive, aerospace, marine, building sand construction, and
others have been highly impacted. The consumption of steel used by the different
sector have been reduced due to social distancing policy, most of the
manufacturing plants were shut down, which declined the production of goods.
There has been a sharped decline in the revenue of the different industries. According
to Aerospace Industry Association, the aerospace & defense revenue stood at
US$ 824 billion with a drop of 2.8% in 2020 as compared to 2019, and the supply
chain has been dropped to 3% in 2020. Therefore, the initiations taken by the government
and private sector will help to recover the Ferro
Vanadium Market during the forecast period.
Report Coverage
The report: “Ferro Titanium and Ferro Vanadium Market –
Forecast (2022-2027)”, by IndustryARC, covers an in-depth analysis of the
following segments of the Ferro Titanium and Ferro Vanadium industry.
By Ferro Titanium
Grade: 70% Ferro
Titanium, 35% Ferro Titanium.
By Ferro Titanium
Manufacturing Process: Electric Silicon Thermal,
Electrothermal, Aluminothermic Reduction.
By
Ferro Titanium Application:
Stainless Steel Stabilizer, Molten Metal Additive, Steelmaking, Submerged arc,
Paints, Varnishes, lacquers, others.
By
Ferro Vanadium Grade:
FeV40, FeV50, FeV60, FeV70, FeV75, FeV80, others.
By
Ferro Vanadium Manufacturing Process: Aluminothermic Reduction, Silicon Reduction.
By Ferro Vanadium Application: Concrete
Reinforcing Bars, Pipeline, Structural Plates, Axles, Frames, Crankshafts,
Others.
By End-Use Industry: Transportation
(Automotive, Aerospace, Marine, Railway and Others), Building & Construction (Residential
Construction, Commercial Construction, Infrastructure, and Others), Electrical
& Electronics, Household Appliance, Healthcare, Energy, Industrial, Oil
& Gas, and Others.
By Geography: North America (USA, Canada, and Mexico),
Europe (UK, Germany, France, Italy, Netherlands, Spain, Russia, Belgium, and
Rest of Europe), Asia-Pacific (China, Japan, South Korea, India, Australia, and
New Zeeland, Indonesia, Taiwan, Malaysia, and Rest of APAC), South America
(Brazil, Argentina, Colombia, Chile, and Rest of South America), and Rest of
the World (the Middle East and Africa).
Key Takeaways
- The
Asia Pacific is expected to register a CAGR of 6.2% during
the forecast period (2022-2027). The
increasing demand for steel for automotive, defense, construction, and others in
Asian countries such as China, India, Japan, and South Korea is driving the
market demand for Ferro Titanium and Ferro Vanadium.
- Ferro Titanium is used as Stainless Steel Stabilizer due to its exceptional elasticity and
resistance to corrosion and heat. It also provides immense tensile-property
stability, stress-corrosion cracking, and thermal fatigue is helping in the growth of Ferro Titanium and
Ferro Vanadium during the forecast period.
- Ferro Vanadium provides high
strength and corrosion resistance to steel in various end-use industries like
oil & gas, building & construction, and other industrial application is
boosting the market during the forecast period.
Figure: Asia Pacific Ferro Titanium and Ferro Vanadium Market Revenue, 2021-2027 (US$ Billion)
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Ferro Titanium and Ferro Vanadium Market Segment Analysis – By Ferro Titanium Grade
The 70% Ferro Titanium is estimated to grow at a significant CAGR of
4.8% during the forecast period. The factor that is helping in
the growth of the 70%
Ferro Titanium type
segment is the steel industry. 70%
Ferro Titanium is a
low residual, low melting point alloy used in steel industries produced by
titanium scrap and low carbon iron scrap for different sectors like oil and gas
in logistics and export. According to the organization of petroleum exporting
countries, global oil demand is now estimated to reach 96.4 mb/d in 2021. By 2022,
growth in global oil demand is estimated to reach 100.6 mb/d, around 0.5 mb/d
above 2019 levels. Therefore,
the growing oil demand will boost the production of steel and in turn will
increase the demand for Ferro Titanium during the forecast period.
Ferro Titanium and Ferro Vanadium Market Segment Analysis – By Ferro Titanium Application
The Steelmaking
type segments accounted for approximately 50% of
the market share of ferro titanium market in 2021 and is estimated to grow at
a significant CAGR during the forecast period. Steel is mostly used in transportation,
electric and electronic, Energy, medical devices, industries owing to
affordability, durability, functionality, corrosion resistance, sturdiness,
aesthetics, and safety, and others. The steel is also essential for
energy production and transmission to minimize environmental impacts, such as
greenhouse gas emissions and saves energy over its many life cycles through its
100% recyclability, durability, and lightweight potential. According to World Steel Association, the use of
steel in energy is projected to increase 1.5 times as of now by 2050. Therefore the growing demand for steel
in energy will drive Ferro Titanium and Ferro Vanadium Market during the forecast period.
Ferro Titanium and Ferro Vanadium Market Segment Analysis – By Ferro Vanadium Grade
The FeV80 type segment is estimated to grow at a significant CAGR of 5.2%during the forecast period. The FeV80 consists of 80% vanadium have application in the steel & iron industries due to the high yield, Brinell hardness, electric resistance, and tensile strength of steel. It is used as an additive to enhance the quality of ferroalloys. Ferrovanadium has an increasing demand for high-strength steel and high-strength low alloy steel from the construction and transportation industries. According to CUMIC Steel Limited, the building & construction sector holds more than 50% of the world steel demand owing to flexibility applicability and earthquake-resistant property. Therefore, the growing use of steel in building & construction will increase the Waterborne FeV80 type segments during the forecast period.
Ferro Titanium and Ferro Vanadium Market Segment Analysis – By Ferro Vanadium Application
The Concrete Reinforcing Bars segment accounted for more than 30% of the market share in the Ferro vanadium market in 2021
and is estimated to grow significantly during the forecast period. Concrete Reinforcing Bars are
used as a material in building and construction owing to cost-effective and
rust-free solutions in the cold climatic region. According to Associated
General Contractors of America, the Construction sector creates nearly US$ 1.4 trillion in revenue
yearly year having more than 733,000 employers
with over 7 million employees in the United States. Therefore, the
growing usage of Concrete Reinforcing Bars in buildings & construction will
increase the demand for Ferro Titanium and Ferro Vanadium during the forecast
period.
Ferro Titanium and Ferro Vanadium Market Segment Analysis – By End-Use Industry
The Transportation segment accounted for more than 18% of the market share in 2021 and is estimated to grow significantly during the forecast period. The growing use of steel in automotive, marine, defense, and others are boosting the market by 2027. According to the U.S. Department of Transportation, 72.5% of the US nation's freight by weight is done by truck and generated US$ 732.3 billion in revenue in 2020 representing 80.4% of the nation’s freight share. Therefore, the growing use of the truck in freight which increases the manufacturing of trucks using iron & steel will fuel the demand for Ferro Titanium and Ferro Vanadium during the forecast period.
Ferro Titanium and Ferro Vanadium Market Segment Analysis – By Geography
Asia Pacific region held the largest share in the Ferro Titanium and Ferro Vanadium market in 2021 up to 45%, owing to the presence of large Infrastructure projects in developing countries like China, India, Indonesia, and others will boost the demand for Ferro Titanium and Ferro Vanadium by 2027. Growing demand for concrete reinforcing bars, steel staircase, interior & exterior décor products of steel, and others in building & construction to increase strength and corrosion resistance to alkaline reagents such as sulfuric and hydrochloric acids is boosting the market during the forecast period. According to Invest India, the Construction equipment industry has generated US$ 6.5 billion in 2020, construction industry is expected to grow with a CAGR of 7.1% each year and to be the third-largest by 2025. Therefore, the growing building & construction sector will increase the demand for the Ferro Titanium and Ferro Vanadium Market.
Ferro Titanium and Ferro Vanadium Market Drivers
The demand for Advanced high Strength Steel in Automotive
The growing demand for lightweight vehicles and electric vehicles is driving the Ferro Titanium and Ferro Vanadium market. The usage of new grades of advanced high strength steel enables to reduce vehicle component weight by 25%-39% and total weight by 8%-10% as compared to conventional steel reducing the overall weight of the vehicle by 100-150 kg. According to World Steel Organization, the total weight of the electric vehicle is reduced by 188 kg for a five-seater using advanced high strength steel and also reducing the emission of greenhouse gases by 70% of the total life cycle. Therefore, the growing demand for electric vehicles and lightweight vehicles will increase the demand for advanced high strength steel, which in turn, will boost the Ferro Titanium and Ferro Vanadium market during the forecast period.
Increasing demand for Stainless steel in Appliances
Ferro Titanium and Ferro Vanadium Market Challenges
Increasing Environment Concern
The emission of carbon dioxide during the
production of steel is very high. Climate change is the major issue to restrain
the steel industry in the 21st century. According to World Steel
Organisation, the global transportation industry is the major contributor of
greenhouse gas emissions for around 24% of all man-made CO2 emissions. The steel
industry is committed to continuing to reduce the carbon footprint from its production
process. The production of Ferro Titanium
and Ferro Vanadium releases toxic
material which affects the health and increases
the risk of plaque buildup in arteries in the neck, heart, and legs according
to the American Heart Association. Therefore the growing environmental concern
is restraining the demand for Ferro Titanium
and Ferro Vanadium during the forecast period.
Ferro Titanium and Ferro Vanadium Industry Outlook
Technology launches, acquisitions, and
R&D activities are key strategies adopted by players in this market. Ferro Titanium
and Ferro Vanadium top 10 companies include:
- Mottram Ltd
- Atlantic Ltd
- AMG Advanced Metallurgical Group N.V
- Jinzhou Guangda Ferroalloy Co., Ltd
- Bear Metallurgical Company
- Taiyo Koko Co., Ltd
- Gulf Chemical and Metallurgical Corporation
- EVRAZ Vanadium
- Ti Volga LLC
- M/S Bansal Brothers
Recent Developments
In August 2021, Evraz Vanadium plans to build a new US$ 228 million vanadium plant Vertically integrated steel and mining processing plant at the Uzlovaya special economic zone in the Tula region in Russia and will be operated by 2025.
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