Vanadium is a versatile element with wide-ranging applications that highlight its significance in various industries. Its primary use lies in steel production, where it enhances strength and durability, crucial for construction and infrastructure projects. The aerospace and defense sectors benefit from vanadium alloys due to their strength-to-weight ratio and corrosion resistance. In the chemical industry, vanadium compounds serve as catalysts, contributing to the production of essential chemicals. The element's advantages include its ability to improve material strength, facilitate efficient energy storage, resist corrosion, and enhance chemical processes, positioning vanadium as a valuable and versatile element across multiple industrial domains.
According to Data Bridge Market Research analyses the Global Vanadium Market was valued at USD 1.58 billion in 2021 and is expected to reach USD 2.48 billion by 2029, registering a CAGR of 5.80 % during the forecast period of 2022 to 2029.
"Rise in vanadium redox flow batteries (VRFB) boosts the market growth"
The demand for vanadium in the energy storage sector, driven by the growth of vanadium redox flow batteries (VRFB), stems from the unique advantages of this technology. VRFBs leverage vanadium's ability to provide virtually unlimited capacity for larger storage tanks, facilitating scalable energy storage solutions. The recharge ability of VRFBs through the manipulation of vanadium electrolyte concentrations, thanks to vanadium's reversible redox reactions, adds to their appeal. Additionally, the capability of VRFBs to discharge energy for extended periods, supported by vanadium's role in sustained redox reactions, makes them suitable for applications requiring prolonged power supply.
What restraints the growth of the global vanadium market?
“Environmental concerns with the market growth”
The rising deposition rate of vanadium into the environment, fueled by increased discharges of vanadium-rich industrial by-products such as ash and steel slags from escalating waste incineration, poses a notable constraint on the vanadium market. This trend signals potential environmental and regulatory challenges, as heightened vanadium levels can lead to adverse effects on ecosystems and human health, triggering stricter regulations and increased operational costs for industries involved in vanadium production and use. The association with environmental concerns may impact public perception and harm the market image of businesses connected to high vanadium deposition.
Segmentation: Global Vanadium Market
The global vanadium market is segmented on the basis of product type, technology, gender, end-user, and distribution channel.
- On the basis of products, the global vanadium market is segmented into flat vanadium, multi-wall paper sacks, open mouth, pasted valve, lock vanadium, self-opening-style (SOS) bags, stand up pouch and others
- On the basis of usage, the global vanadium market is segmented into single use and re-usable
- On the basis of capacity, the global vanadium market is segmented into less than 1 kg, 1 kg-5 kg, 5 kg-10 kg and more than 10 kg
- On the basis of size, the global vanadium market is segmented into small size, medium size, large size and extra-large size
- On the basis of sealing and handle, the global vanadium market is segmented into heat seal, hand length handle, ziplock, twisted handle, flat handle and others
- On the basis of shape, the global vanadium market is segmented into rectangle, square, circular and others
- On the basis of distribution channel, the global vanadium market is segmented into convenience stores, supermarkets/hypermarkets, specialty stores, e-commerce and others
- On the basis of end-user, the global vanadium market is segmented into food and beverages, animal feed, cosmetic products, agriculture, construction, pharmaceuticals, chemicals and others
Regional Insights: Asia-Pacific dominates the Global Vanadium Market
The Asia-Pacific region dominates the vanadium market in revenue and market share due to a surging demand for vanadium, notably driven by robust industrialization and infrastructure development. Japan, at the forefront of vanadium consumption, stands out for both its advanced industrial landscape and a highly developed steel industry, where vanadium plays a crucial role as an alloying element.
North America is expected to experience swift growth in the vanadium market, driven by heightened demand in the construction industry. The region's expanding construction activities, fueled by factors such as population growth and infrastructure investments, are boosting the need for vanadium in applications such as reinforcing steel and structural materials.
To know more about the study visit, https://www.databridgemarketresearch.com/reports/global-vanadium-market
Recent Developments in Global Vanadium Market
- In 2020, Nusaned, an investment company based in Saudi Arabia and owned by SABIC, engaged in a collaborative venture with the German technology group SCHMID Group. This joint project was specifically dedicated to advancing technology development and manufacturing within the Vanadium Redox Flow Batteries (VRFB) sector
The Prominent Key Players Operating in the Global Vanadium Market Include:
- Australian Vanadium Limited (Australia)
- Bushveld Minerals (South Africa)
- EVRAZ (U.K.)
- Largo Inc (Canada)
- VanadiumCorp Resource Inc (Canada)
- AMG (Netherlands)
- China Ansteel Group Corporation Limited (China)
- Glencore (Switzerland)
- HBIS GROUP (China)
- Treibacher Industrie AG (Austria)
- Tremond Metals Corp (U.S.)
- Yilmaden (Turkey)
- JAYESH (India)
- Core Metals LLC (U.S.)
- Gulf Chemical and Metallurgical Corporation (U.S.)
- Williams (U.S.)
- Continental Precious Min (Canada)
- Ferroglobe (U.K.)
- Essel Mining & Industries Limited (India)
Above are the key players covered in the report, to know about more and exhaustive list of global vanadium market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Vanadium Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
