Ferro Titanium and Ferro Vanadium Market - Forecast(2023 - 2028)

Report Code: CMR 1278 Report Format: PDF + Excel

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 spreadThe 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)Asia Pacific Ferro Titanium and Ferro Vanadium Market Revenue

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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

Stainless steel is widely used in home appliances for the manufacturing of different products like cookware, kitchen appliances, sinks, fixtures, and others owing to high durability, modern look, and high resistance to rust, fire, and heat. According to the Retailers Association of India (RAI), the sales of consumer electronics and appliances goods in the third quarter of 2021 have increased by 23.5% compared with the same period in 2020. Electronics hardware production in India increased from US$ 72.38 billion in 2019 to US$ 89.38 billion in 2020 and is estimated to reach US$ 400 billion by 2024. Therefore the increasing demand for home appliances will increase the demand for stainless steel, which in turn, will boost the demand for Ferro Titanium and Ferro Vanadium during the forecast period.

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:

  1. Mottram Ltd
  2. Atlantic Ltd
  3. AMG Advanced Metallurgical Group N.V
  4. Jinzhou Guangda Ferroalloy Co., Ltd
  5. Bear Metallurgical Company
  6. Taiyo Koko Co., Ltd
  7. Gulf Chemical and Metallurgical Corporation
  8. EVRAZ Vanadium
  9. Ti Volga LLC
  10. 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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1. Ferro Titanium and Ferro Vanadium Market- Market Overview
    1.1 Definitions and Scope
2. Ferro Titanium and Ferro Vanadium Market- Executive Summary
    2.1 Key Trends by Ferro Titanium Grade
    2.2 Key Trends by Ferro Titanium Manufacturing process
    2.3 Key Trends by Ferro Titanium Application
    2.4 Key Trends by Ferro Vanadium Grade
    2.5 Key Trends by Ferro Vanadium Manufacturing process
    2.6 Key Trends by Ferro Vanadium Application
    2.7 Key Trends by End-use Industry
    2.8 Key Trends by Geography
3. Ferro Titanium and Ferro Vanadium Market– Comparative analysis 
    3.1 Market Share Analysis- Major Companies
    3.2 Product Benchmarking- Major Companies
    3.3 Top 5 Financials Analysis
    3.4 Patent Analysis- Major Companies
    3.5 Pricing Analysis (ASPs will be provided)
4. Ferro Titanium and Ferro Vanadium Market - Startup Companies Scenario Premium
    4.1 Major startup company analysis:
        4.1.1 Investment
        4.1.2 Revenue
        4.1.3 Product portfolio
        4.1.4 Venture Capital and Funding Scenario
5. Ferro Titanium and Ferro Vanadium Market – Industry Market Entry Scenario Premium Premium
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing Business Index
    5.3 Successful Venture Profiles
    5.4 Customer Analysis – Major companies
6. Ferro Titanium and Ferro Vanadium Market - Market Forces
    6.1 Market Drivers
    6.2 Market Constraints
    6.3 Porters Five Force Model
        6.3.1 Bargaining Power of Suppliers
        6.3.2 Bargaining Powers of Buyers
        6.3.3 Threat of New Entrants
        6.3.4 Competitive Rivalry
        6.3.5 Threat of Substitutes 
7. Ferro Titanium and Ferro Vanadium Market – Strategic Analysis
    7.1 Value/Supply Chain Analysis
    7.2 Opportunity Analysis
    7.3 Product/Market Life Cycle
    7.4 Distributor Analysis – Major Companies
8. Ferro Titanium and Ferro Vanadium Market – By Ferro Titanium Grade (Market Size -US$ Million/Billion)
    8.1 70% Ferro Titanium
    8.2 35% Ferro Titanium 
9. Ferro Titanium and Ferro Vanadium Market – By Ferro Titanium Manufacturing Process (Market Size -US$ Million/Billion)
    9.1 Electric Silicon Thermal 
    9.2 Electrothermal 
    9.3 Aluminothermic Reduction
10. Ferro Titanium and Ferro Vanadium Market – By Ferro Titanium Application (Market Size -US$ Million/Billion)
    10.1 Stainless Steel Stabilizer
    10.2 Molten Metal Additive
    10.3 Steelmaking
    10.4 Submerged arc 
    10.5 Paints
    10.6 Varnishes
    10.7 Lacquers
    10.8 Others
11. Ferro Titanium and Ferro Vanadium Market – By Ferro Vanadium Grade (Market Size -US$ Million/Billion)
    11.1 FeV40
    11.2 FeV50
    11.3 FeV60
    11.4 FeV70
    11.5 FeV75
    11.6 FeV80
    11.7 Others
12. Ferro Titanium and Ferro Vanadium Market – By Ferro Vanadium Manufacturing Process (Market Size -US$ Million/Billion)
    12.1 Alumino thermic Reduction
    12.2 Silicon Reduction
13. Ferro Titanium and Ferro Vanadium Market – By Ferro Vanadium Application (Market Size -US$ Million/Billion)
    13.1 Concrete Reinforcing Bars
    13.2 Pipeline
    13.3 Structural Plates
    13.4 Axles
    13.5 Frames
    13.6 Crankshafts
    13.7 Others
14. Ferro Titanium and Ferro Vanadium Market – By End-Use Industry(Market Size -US$ Million/Billion)
    14.1 Transportation
        14.1.1 Automotive
        14.1.2 Aerospace
        14.1.3 Marine
        14.1.4 Railway
        14.1.5 Others
    14.2 Building & Construction
        14.2.1 Residential Construction
        14.2.2 Commercial Construction
        14.2.3 Infrastructure
        14.2.4 Others
    14.3 Electrical & Electronics
    14.4 Household Appliance
    14.5 Healthcare
    14.6 Energy 
    14.7 Industrial
    14.8 Oil & Gas 
    14.9 Others
15. Ferro Titanium and Ferro Vanadium Market -By Geography (Market Size -US$ Million/Billion)
    15.1 North America
        15.1.1 USA
        15.1.2 Canada
        15.1.3 Mexico
    15.2 Europe
        15.2.1 UK
        15.2.2 Germany
        15.2.3 France
        15.2.4 Italy
        15.2.5 Netherlands
        15.2.6 Spain
        15.2.7 Russia
        15.2.8 Belgium
        15.2.9 Rest of Europe
    15.3 Asia-Pacific
        15.3.1 China
        15.3.2 Japan
        15.3.3 India
        15.3.4 South Korea
        15.3.5 Australia and New Zealand
        15.3.6 Indonesia
        15.3.7 Taiwan
        15.3.8 Malaysia
        15.3.9 Rest of APAC
    15.4 South America
        15.4.1 Brazil
        15.4.2 Argentina
        15.4.3 Colombia
        15.4.4 Chile
        15.4.5 Rest of South America
    15.5 Rest of the World
        15.5.1 Middle East
            15.5.1.1 Saudi Arabia
            15.5.1.2 UAE
            15.5.1.3 Israel
            15.5.1.4 Rest of the Middle East
        15.5.2 Africa
            15.5.2.1 South Africa
            15.5.2.2 Nigeria
            15.5.2.3 Rest of Africa
16. Ferro Titanium and Ferro Vanadium Market– Entropy
    16.1 New Product Launches
    16.2 M&As, Collaborations, JVs and Partnerships
17. Ferro Titanium and Ferro Vanadium Market – Industry/Segment Competition Landscape Premium
    17.1 Company Benchmarking – Major Companies
    17.2 Market Share at Global Level - Major companies
    17.3 Market Share by Key Region - Major companies
    17.4 Market Share by Key Country - Major companies
    17.5 Market Share by Key Application - Major companies
    17.6 Market Share by Key Product Type/Product category - Major companies
18. Ferro Titanium and Ferro Vanadium Market – Key Company List by Country Premium Premium
19. Ferro Titanium and Ferro Vanadium Market Company Analysis - Business Overview, Product Portfolio, Financials, and Developments
    19.1 Company 1
    19.2 Company 2
    19.3 Company 3
    19.4 Company 4
    19.5 Company 5
    19.6 Company 6
    19.7 Company 7
    19.8 Company 8
    19.9 Company 9
    19.10 Company 10 and more
"*Financials would be provided on a best efforts basis for private companies"