Global ferrovanadium market expected to reach a market value of US$ 5,776.5 Mn by 2028

According to a new market report published by Future Market Insights, the global Ferrovanadium market is estimated to a reach value of US$ 3,547.6 Mn by 2022 end and is expected to expand at a CAGR of 5.0% from 2022 to 2028 and reach a market value of US$ 5,776.5 Mn by 2028.

Ferrovanadium is an alloy used to strengthen steel. It is a combination of iron and vanadium in which vanadium content varies from 35%-80%. It is used as an additive to enhance the quality of ferroalloys. When added to steel, the products are light in weight with extremely high tensile strength. The market for ferrovanadium is primarily driven by increasing demand for high strength steel and high strength low alloy steel from the construction and automotive and transportation industries. The growth of these industries will be the key contributor responsible for the growth of the market of ferrovanadium during the forecast period. As these industries are most prominent industries consuming majority of the steel consumption across the globe.

Ferro-Alloy Resources Ltd (LON:FAR) is developing the giant Balasausqandiq vanadium deposit in Kyzylordinskaya oblast of southern Kazakhstan. The ore at this deposit is unlike that of nearly all other primary vanadium deposits and is capable of being treated by a much lower cost process.

Click to view all articles for the EPIC:
Or click to view the full company profile:
Facebook
Twitter
LinkedIn

More articles like this

The role of Vanadium in steel alloys

Iron and steel refer to steel and pig iron, both of which are alloys with iron and carbon as the main elements. Iron and steel are the most widely used metal materials in industry. When vanadium

Ferro-Alloy Resources Limited

Uses, properties, and sources of Vanadium

About 80% of the vanadium produced is used as a steel additive. Vanadium-steel alloys are very tough and are used for armour plate, axles, tools, piston rods and crankshafts. Less than 1% of vanadium, and as

Profitability of future Vanadium Redox Flow Batteries

Researchers in Italy have estimated the profitability of future vanadium redox flow batteries based on real device and market parameters and found that market evolutions are heading to much more competitive systems, with capital costs down

The potential of Flow Batteries for long-term energy storage

In the coming decades, renewable energy sources such as solar and wind will increasingly dominate the conventional power grid. Because those sources only generate electricity when it’s sunny or windy, ensuring a reliable grid—one that can

Discover the power of Vanadium Flow Batteries

In the fast-changing world of energy storage, the vanadium flow battery stands out. This new way of storing electricity has many great features, making it a top choice for different uses. Vanadium flow batteries work by

Innovative applications for vanadium flow battery technology

Energy storage systems are becoming a requirement for many electrical power delivery systems. Flow battery technology has commercial advantages over other energy storage systems because of the inherent efficiencies and life cycles available that do not

Ferro-Alloy Resources Feasibility Study Update

Ferro-Alloy Resources Limited (LON:FAR), the vanadium producer and developer of the large high grade Balasausqandiq vanadium project in Southern Kazakhstan, has announced a comprehensive update on the Project’s current Feasibility Study. The Company has also launched a third tranche of

Understanding Redox Flow Batteries and their benefits

What is a Redox Flow Battery A redox flow battery operates on the electrochemical principle of storing and generating electricity through oxidation and reduction reactions between distinct active materials, hence called “Redox” (i.e., “Red” from reducation

The potential of high power density Vanadium Flow Batteries

Vanadium flow batteries are a promising technology for storing renewable energy, as they have long lifespans, high safety, and scalability. However, they also have a high initial cost, which limits their widespread adoption. The key component of a