• The Asia Pacific Ferro Vanadium market size was valued at US$ 984.2 million in 2024 and is projected to reach US$ 1.27 billion by 2030, at a CAGR of 4.3% during the forecast period 2024-2030.
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Report Studies
• Ferro vanadium is an alloy of iron and vanadium used primarily as an additive in steel production to improve strength, toughness, and wear resistance, particularly in high-strength low-alloy (HSLA) steels for construction and automotive applications.
• The Asia Pacific ferro vanadium market is experiencing moderate growth, driven by infrastructure development and the automotive industry. China dominates with a 60% market share, followed by Japan at 15% and South Korea at 10%. In 2023, the construction sector consumed 45% of total production, with automotive at 30% and energy at 15%. The market saw a 6% increase in demand due to growing HSLA steel production for lightweight vehicles. Key players include Pangang Group Vanadium Titanium & Resources Co., Ltd. (China) and EVRAZ plc (UK), collectively holding a 45% market share in the region.
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By Types
• Vanadium content: 35%-48% • Vanadium content: 48%-60% • Vanadium content: 70-85%
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: • Pangang Group Vanadium Titanium & Resources Co., Ltd. • HBIS Group • Australian Vanadium Limited • VanadiumCorp Resource Inc.
