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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.
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.
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.
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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.
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Ferro Titanium and Ferro Vanadium Market Challenges
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:
AMG Advanced Metallurgical Group N.V
Jinzhou Guangda Ferroalloy Co., Ltd
Gulf Chemical and Metallurgical Corporation
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.
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.
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