Ferrotitanium Market Size, Share, Growth, and Industry Analysis by Type (Ferrotitanium 35%, Ferrotitanium 70%, and Others), By Application (Stainless Steel Stabilizer, Molten Metal Additive, and Others), Regional Insights and Forecast To 2031

Updated On: 08 April 2024

Ferrotitanium Market Report Overview

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The global ferrotitanium market size was USD 228.1 million in 2021 and is projected to touch USD 356.84 million by 2031, exhibiting a CAGR of 4.6% during the forecast period.

Ferrotitanium is an alloying additive made of iron and titanium, formed by reduction or melting, with a minimum weight of titanium of 20% and maximum weight content of 75%. Compared to silicon or manganese, ferrotitanium has a substantially higher deoxidizing capacity. Steel's mechanical qualities are further enhanced by ferrotitanium thanks to the metal's increased strength and corrosion resistance. In the steel sector, tool steel and stainless steel are where ferrotitanium is most frequently employed.

Additionally improving alloy characteristics is ferrotitanium. It enhances their machining capabilities and increases their wear resistance. It is also added to profile cables with a fraction of 0 to 2 mm at the same time.

COVID-19 Impact: Difficulty in Manufacturing to Hamper Market Growth

The global COVID-19 pandemic has been unprecedented and staggering, with ferrotitanium experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

Because the Covid-19 pandemic directly affected the manufacturers' supply chains around the world and forced the closure of production facilities to reduce the danger of virus propagation, it posed a significant problem for the ferrovanadium and ferrotitanium business. The major industries have been severely hit, including those in the automobile, aerospace, maritime, building sand construction, and other fields. Due to a social distance strategy that resulted in the closure of the majority of manufacturing facilities, the consumption of steel across all industries has decreased.

LATEST TRENDS

"Increasing Application from Steel Industry to Drive Market Trends"

Ferrotitanium is frequently used to produce stainless steel, automotive tools & parts, wire for submerged arc welding applications, auto-grade steel, and wire. One of the key reasons propelling the ferrotitanium market is the expanding automotive sector. The alloy ferro vanadium provides stability against alkalis, sulfuric, and hydrochloric acids. It serves to increase the tensile strength of steel, welding electrodes, and casting while also giving steel corrosion resistance. Steel, aerospace, marine, and other industries among others use ferro vanadium extensively.

Ferrotitanium Market Segmentation

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• By Type Analysis

By type, the market is segmented into Ferrotitanium 35%, Ferrotitanium 70%, and Others.

• By Application Analysis

Based on application, the market is classified into Stainless Steel Stabilizer, Molten Metal Additive, and Others.

DRIVING FACTORS

"Increasing Demand from Construction Sector to Foster Market"

The increase in demand from the automotive and aerospace sectors, the increased usage of titanium in medical implants, and the rising desire for lightweight cars are just a few of the reasons contributing to the global ferrotitanium market growth. The demand for ferrotitanium is also anticipated to increase throughout the forecast period due to the expansion of the construction sector.

"Rising Adoption in Medical Industry to Aid Market Growth"

Titanium is suitable for usage in the medical sector since it is elastic and biocompatible. Titanium must be employed in surgical devices and pacemaker cases because of the increasing frequency of surgeries and implantations. It benefits joints, hip replacements, and osseointegration. Additionally, they are employed in military field trauma care kits and microsurgical techniques. In the ensuing years, this will increase demand for the titanium metal industry. The enormous prospects in the automotive sector will cause the titanium industry to expand quickly. In the manufacture of valves, springs, camshafts, wrist components, connecting rods, and automobile engines, metal is utilized in place of aluminum. It enhances sustainability, lowers noise, and increases fuel efficiency.

RESTRAINING FACTORS

"Environmental Concerns to Hamper Growth"

The manufacture of steel results in significant carbon dioxide emissions. The biggest problem limiting the steel industry in the twenty-first century is climate change. The steel industry is dedicated to keeping its production process' carbon footprint as low as possible. Therefore, during the projection period, demand for ferrotitanium and ferro vanadium is being constrained by the escalating environmental concern.

Ferrotitanium Market Regional Insights

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"Infrastructural Development in Asia Pacific to Drive Market Share "

Asia Pacific will account for the largest ferrotitanium market share. The increasing demand for ferrotitanium and ferrovanadium will increase due to the existence of significant infrastructure projects in developing nations like China, India, Indonesia, and others. In order to strengthen strength and corrosion resistance to alkaline reagents including sulfuric and hydrochloric acids, building & construction is driving the market throughout the projected period for steel staircases, interior & exterior décor goods, and others.

KEY INDUSTRY PLAYERS

"Chemical Mixtures by Manufacturers to Increase Market Growth"

Leading manufacturers are concentrated on continuously improving their product line by introducing cutting-edge features to set their products apart from those of other companies. Competitors underline the need of maintaining the market's intense rivalry. The main rivals are using a range of analytical techniques. Major players also place a strong emphasis on expanding their reach through partnerships, agreements, joint ventures, expansions, and investments. The introduction of cutting-edge chemicals is anticipated to boost product demand and promote the expansion of the market. Additionally, the key players are investing more in the development of the product. 

List of Market Players Profiled

• Global Titanium (U.S.)
• AMG Superalloys (U.K.)
• Arconic (U.S.)
• Metalliage (Canada)
• VSMPO-AVISMA (Russia)
• Kluchevskiy Ferroalloy Plant (Russia)
• Mottram (U.S.)
• Cronimet (U.S.)
• ZTMC (India)
• Bansal Brothers (India)
• OSAKA Titanium (Japan)
• Guotai Industrial (China)
• Jinzhou Guangda Ferroalloy (China)
• Hengtai Special Alloy (China)

Industry Development

August 2021: By 2025, a new US$ 228 million vertically integrated steel and mining processing plant for vanadium will be operational at the Uzlovaya special economic zone in the Tula region of Russia.

REPORT COVERAGE

The research begins with a summary of the global market for ferrotitanium. The executive summary contains key facts and figures about the global market. The next section of the research focuses on macroeconomic, demand, and supply drivers, restrictions, and major trends. The study includes an impact analysis of weighted average model-based growth drivers to provide clients with superior decision-making insights.