Global Vanadium Market– Industry Trends and Forecast to 2029

Global Vanadium Market, By Grade Type (FeV40, FeV50, FeV60, FeV80), Production Process (Aluminothermic Reduction Technique, Silicon Reduction Technique), Application (Iron and Steel, Chemical, Titanium Alloys, Others), End User (Automotive Chemical, Energy Storage, Others) – Industry Trends and Forecast to 2029

Market Analysis and Size

Vanadium occurs naturally in the environment in about 65 minerals and in fossil fuel deposits. It is produced mainly in Russia and China from steel smelter slag. Other countries produce it either from flue dust of heavy oil, magnetite directly, or as a by-product of uranium mining.  Vanadium is mainly used to produce specialty steel alloys likesome aluminium alloys and high-speed tool steels.  Vanadium pentoxide is the most essential industrial vanadium compound which is used as a catalyst for the manufacture of sulfuric acid. The vanadium redox battery for energy storage may be an important application in the upcoming period.

Data Bridge Market Research analyses that the 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. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, patent analysis and technological advancements.     

Report Scope and Market Segmentation

Market Definition

Vanadium is a chemical element with atomic number 23 and the symbol is V. Vanadium is a hard, ductile, rare grey-white element which has found in combined form with certain minerals and it is mainly used to produce certain alloys. Vanadium resists corrosion because it forms oxide and that oxide work as a protective film on the surface of other material.

Vanadium Market Dynamics

Drivers

• Increase the use in automobile sector

Growing demand of Vanadium in automobile industry will expected to drive the Vanadium market. Vanadium alloy which is Ferro vanadium used for the manufacturing of automobile parts which will increases their fuel efficiency and reduce their weight. Vanadium reduces the overall weight of the system in the automobile industry.

• Huge demand in medical industry

Vanadium is used as a supplement in medicine for curing low blood sugar, pre-diabetes or diabetics, heart diseases, and also for improving athletic performance. Vanadium may work like an insulin, as there is evidence that it can upsurge the effect of insulin.

• Demand in vanadium redox flow batteries (VRFB)

The growth of vanadium redox flow batteries (VRFB) is due to their few advantages over other batteries which is  including the ability to offer unlimited capacity for use in bigger storage tanks and the ability to be recharged through the placement of electrolyte and the ability to be discharged for long periods of time.

Opportunities

• Rise the demand in steel industry

The highest demand for vanadium is generated by the steel industry, and in current years there has been an augmented the interest in vanadium for possible application such as the production of vanadium redox batteries, the highest demand of vanadium will create beneficial opportunities for the market growth.

• Invested for the production of artificial vanadium

Rise in demand for the vanadium market has forced the investors for planning to invest in the production of artificial vanadium. So that they can use this artificial vanadium in the automobile and steel sectors. The growth of vanadium in several sectors create the path for the growth of the vanadium market. The rise in the use of vanadium in aerospace is also projected to rise the growth opportunity of the vanadium market.

Restraints/ Challenges

The deposition rate of vanadium into the environment is continuously increasing which can be main factor to increase in discharges to the environment of vanadium rich industrial by-products in which including ash and steel slags from the increase of waste incineration. Due to this major jurisdiction countries are executing environmental protection strategies and regulations to decrease the toxic effects of Vanadium in the environment these regulations will obstruct the growth of Vanadium market and are the major market restrains that will hinder the market's growth rate.

This vanadium market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the vanadium market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Recent Development

• In 2020, Nusaned which is a Saudi Arabia based investment company and owned by SABIC, involved in joint project with Germany based technology group, SCHMID Group to focus on technology development and manufacturing in the sector of Vanadium Redox Flow Batteries (VRFB).

Global Vanadium Market Scope

The vanadium market is segmented on the basis of grade type, production process, application and end-user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Grade Type

• FeV40
• FeV50
• FeV60
• FeV80

Production Process

• Aluminothermic Reduction Technique
• Silicon Reduction Technique

 Application

• Iron and Steel
• Chemical
• Titanium Alloys
• Others

 End User

• Automotive Chemical
• Energy Storage
• Others

Vanadium Market Regional Analysis/Insights

The vanadium market is analysed and market size insights and trends are provided by country, grade type, production process, application and end-user as referenced above.

The countries covered in the vanadium market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

Asia-Pacific dominates the vanadium market in terms of revenue share and market share and revenue during the forecast period. This is due to the growing demand for vanadium in this region. The Asia-Pacific region leads the vanadium market, with japan leading the way in terms of consumer as well as the consumer of vanadium and also has an extremely developed steel industry in this region.

During the projected period, North America is anticipated to be the fastest developing region because of the rising demand in the construction industry in this region.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Vanadium Market Share Analysis

The vanadium market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to vanadium market.

Some of the major players operating in the vanadium market are:

• Australian Vanadium Limited (Australia)
• Bushveld Minerals (South Africa)
• EVRAZ (UK)
• 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 (US)
• Yilmaden (Turkey)
• JAYESH (India)
• Core Metals LLC (US)
• Gulf Chemical and Metallurgical Corporation (US)
• Williams (US)
• Continental Precious Min (Canada)
• Ferroglobe (UK)
• Essel Mining & Industries Limited (India)