In 2023, Germany led global imports of ferro-vanadium with 17.12% share, followed by the United States with 15.06%, and Japan at 10.85%. Notable growth was observed in countries like Estonia (23.19%), Indonesia (16.98%), and Kazakhstan (10.2%). Conversely, significant declines were recorded in the Philippines (-33.24%), Switzerland (-21.1%), and Malaysia (-16.53%). While most European countries displayed moderate fluctuations, North American countries showed mixed trends. For instance, Canada experienced a 3.57% decline, contrasting with Mexico's 1.39% increase. Economic variations and changing demand are major contributory factors.
Looking ahead to 2024 and beyond, the global ferro-vanadium market could be influenced by emerging trends in advanced manufacturing, renewable energy sector demands, and geopolitical factors affecting trade routes. Monitoring these evolving aspects will be essential for stakeholders to adapt strategically.
Top countries in Import of Ferro-Vanadium Share by Country (US Dollars)
| # | 10 Countries | Percent | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 Germany | 17.12 | 2023 | +4.63% | +1.06% | View data |
| 2 | 2 United States | 15.06 | 2023 | +4.99% | +1.27% | View data |
| 3 | 3 Japan | 10.85 | 2023 | +3.79% | -2.7% | View data |
| 4 | 4 South Korea | 6.13 | 2023 | +4.25% | +0.6% | View data |
| 5 | 5 Italy | 5.88 | 2023 | +4.39% | +1.02% | View data |
| 6 | 6 Brazil | 3.74 | 2023 | +4.66% | -0.52% | View data |
| 7 | 7 Belgium | 3.68 | 2023 | +5.85% | +2.7% | View data |
| 8 | 8 Spain | 3.51 | 2023 | +4.61% | +1.69% | View data |
| 9 | 9 India | 2.69 | 2023 | +5.19% | +1.37% | View data |
| 10 | 10 Canada | 2.24 | 2023 | +4.53% | -3.57% | View data |
