Global Ferrovanadium Market: Overview
In the last 2 years, the global ferrovanadium market has witnesses a surge in price and some remarkable changes in global trade landscape. Price of ferrovanadium has doubled as compared to the price of 2017. Higher prices of ferrovanadium have led to increased demand for its substitutes. A blend of iron and vanadium, ferrovanadium finds abundant use in the assembly of steel. The components of ferrovanadium come with minimal risk of corrosion, which makes it suitable in the steel industry.
In addition, use of ferrovanadium in the aerospace industry has increased rapidly due to its high corrosion and heat resistance and structural strength is another growth promoting factor for the global ferrovanadium market. Furthermore, wide use of ferrovanadium in many end use industries like construction, transportation, and oil & gas is likely to boost the global ferrovanadium market in the forthcoming years.
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Global Ferrovanadium Market: Notable Developments
The market has witnessed some developments in the last few years. One such significant development in the global ferrovanadium market is mentioned below:
- In September 2019, AMG Advanced Metallurgical Group entered into an agreement with Glencore Plc for supply of all of its ferrovanadium production. Following the agreement, AMG is bound to supply ferrovanadium from its existing as well as future facilities in Ohio. With both the companies having presence all over the globe, the agreement would bring better reach for ferrovanadium products worldwide in times to come.
Some of the reputed organizations functioning in the global ferrovanadium market are as mentioned below:
- Hickman, Williams & Companies
- Jinzhou Guangda Ferroalloy Co Ltd
- Gulf Chemical and Metallurgical Corporation
- Bear Metallurgical Company
- AMG Advanced Metallurgical Group
- Reade International Corp
Global Ferrovanadium Market: Key Trends
The following drivers, restrains, and opportunities is expected to shape the future course of the global ferrovanadium market during the study tenure, from 2019 to 2027.
Aerospace Industry Opens up New Growth Prospects for Ferrovanadium
The global ferrovanadium market is likely to driven by its increased utilization of ferrovanadium in alloying process, which is used making of hardened steel. Again, hardened steel is utilized in a variety of applications like in the making of crankshafts, bicycles frames, and axles. It is also used in the making of some of the vital parts of steel. As such, with the expansion of steel industry, the global ferrovanadium market is expected to gather momentum over the years. Ferrovanadium is also used in the production of high carbon steel alloy, which is used in the making of medical tools. Ferrovanadium is mixed with titanium alloy and then it is used in the making of jet engines and high-speed airframes. With such increased use in the aerospace industry, global ferrovanadium market is expected to witness considerable growth over the period of forecast.
The economic landscape across the globe is evolving constantly with mining industry looking forward toward sustainable growth options. Notwithstanding, capital investments by the miners remain quite low. Furthermore, fluctuating prices of commodities in the last few years is the main reason for such reduced interest of investment in the mining industry. In addition, expenses incurred during exploration are declining considerably in the last few years due to sluggish economic growth. As such, mining sector faced with scarce investment fights to keep up its volume of production of ferrovanadium.
In addition, rising cost of raw materials is likely to hamper the growth of the global ferrovanadium market. In the year 2017, the price of vanadium skyrocketed all of a sudden and reached its peak in the month of May. Production limitations imposed upon major producers of vanadium in China led to such a price rise.
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Global Ferrovanadium Market: Geographical Analysis
The global ferrovanadium market is split into the regions of Latin America, Western Europe, Asia Pacific, the Middle East and Africa, North America, and Eastern Europe.
It is estimated that Asia Pacific will account for a large chunk of the global ferrovanadium market. In Asia Pacific, China is likely to emerge as a leading producer of ferrovanadium. Presence of vast vanadium mines in the region is likely to exert positive influence on the ferrovanadium market in the region. India and Russia are also prominent producers of ferrovanadium in Asia Pacific. Europe is likely to come up as a major consumer of ferrovanadium in forthcoming years, thanks to the presence of numerous automobile makers.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
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The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
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Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
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The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
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