The major consumption of the ferro vanadium that is being manufactured is used in the process of alloying that is used in the manufacturing of the hardened steel.
Sarasota, FL -- (SBWIRE) -- 06/21/2017 -- Zion Market Research, the market research group announced the analysis report titled "Ferro Vanadium Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecasts 2016–2024"
Ferro Vanadium Market: Overview
Ferro vanadium falls under the group of ferroalloy. Ferro vanadium is nothing but an alloy which is produced by the combination of vanadium and iron. Ferro vanadium is majorly used in the manufacturing of steel. The features inherited by the vanadium includes high temperature, abrasion resistance, and hardenability. The products that consist of ferro vanadium have minimum risk of corrosion.
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Ferro Vanadium Market: Segmentation
The market for the ferro vanadium market is fragmented globally into the production method and commercial grade. On the basis of the production method, the market is globally segregated into silicon reduction technique, aluminothermic reduction technique, and others. Depending on the commercial grade, the market is divided into FeV 40, FeV 60, FeV 50, and FeV 80.
Ferro Vanadium Market: Growth Factors
The major consumption of the ferro vanadium that is being manufactured is used in the process of alloying that is used in the manufacturing of the hardened steel. Hardened steel is used in the applications such as in the manufacturing of bicycles frames, axles, crankshafts, and other very critical components of steel. Thus, the industrial progress of the steel industry will trigger the growth of the ferro vanadium market. In the manufacturing of the high carbon steel alloy, ferro vanadium is used widely. This high carbon steel is used in the production of the medical tools. When vanadium is used in the alloys of titanium they can be used for manufacturing of the high-speed airframes and in jet engines. The overall weight of the steel is reduced by using ferro vanadium; hence, it is used in the manufacturing of the automobiles that are light in weight.
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Ferro Vanadium Market: Regional Analysis
The geographical segmentation of the global ferro vanadium market is diversified into Asia Pacific, North America, Western Europe, Eastern Europe, the Middle East and Africa, and Latin America. The largest producer of the ferro vanadium is expected to be Asia Pacific region. China, from the Asia Pacific region, is the major manufacturer of the ferro vanadium. The overall growth of the market will be enhanced owing to the presence of huge mines of vanadium which will positively affect the production of the vanadium completely. Other regions in the Asia Pacific region that are expected to be the major ferro vanadium producers are Russia and India. The next in the line is the South African region which is expected to be the next biggest manufacturer of vanadium. The prime consumer of the ferro vanadium is Europe; it is due to the existence of the huge number of the automobile manufacturers. In the North American region, the demand for ferro vanadium is expected to develop slowly.
Ferro Vanadium Market: Competitive Players
The key market players that are involved in the ferro vanadium market includes Atlantic Ltd., Tremond Metals Corp., Gulf Chemical and Metallurgical Corporation, Hickman, Williams & Companies, AMG Advanced Metallurgical Group, Core Metals Group, and Bear Metallurgical Company
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Ferro Vanadium Market: Regional Segment Analysis
North America(U.S.); Europe(UK, France, Germany); Asia-Pacific(China, Japan, India); Latin America(Brazil); The Middle East and Africa