Vanadium Market Emerging Business Trends and Analysis of Key Manufacturers by Forecast 2028- Yilamaden, Gelncore, EVRAZ plc, HBIS group 

Market Overview

In terms of volume, the global Vanadium Market was 88.23 kilotons in 2021 and is expected to register a CAGR of 6.8% during the review period. Vanadium compound is significantly used as an alloying element in the iron & steel industry. Its corrosion resistance property makes it ideal for application in the manufacturing of tubes and pipes used to carry chemicals. In addition, mixing titanium with vanadium and iron increases the durability and strength of the material used in the manufacturing of wind turbines. For instance, in November 2018, JSW steel announced to ramp up the steel manufacturing capacity to 44-55 million tonnes per annum by 2030 to cater to the need of end-use industries.

Moreover, the demand for vanadium in the energy sector is growing rapidly. It is considered as a superior substitute for lithium used in the manufacturing of batteries. The vanadium-based batteries are highly durable and hold immense energy storage capacity. For instance, in September 2018, Korea Advanced Institute of Science & Technology developed a new vanadium redox-flow battery (VRFB), which has high capacity retention and long durability.

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Market Segmentation

The global Vanadium market has been segmented on the basis of type, application, and region. By type, the global vanadium market has been divided into vanadium pentoxide, vanadium ferrovanadium, aluminum-vanadium alloys, vanadium chemicals, and others. The vanadium ferrovanadium segment held significant market share in 2021 and is projected to dominate in the coming years owing to the rise in the application in the iron & steel industry. The global market has been segmented based on application into chemical, energy storage, titanium alloys, and others. The high demand for iron & steel in the construction and automotive industries is expected to boost the growth of the segment in the coming years.

Regional Analysis

The Asia-Pacific market is expected to register a healthy CAGR during the forecast period owing to high public and private sector investments in the construction industry. The economic development and urbanization, particularly in India, Philippines, China, and Indonesia has influenced the spending in infrastructure sectors of power, water, telecommunications, and transportation. The North American market is led by the US construction industry growing at a CAGR of 5% in 2018. The growth is driven by the increase in construction activities such as roads and bridges. In North America, South and West regions are expected to register a CAGRs of 6% and 5%, respectively. Thus, infrastructure development and increasing construction activities are likely to propel the growth of the global vanadium market growth during the review period.

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Table Of Contents

1 Executive Summary

2 Scope Of The Report

2.1 Market Definition

2.2 Scope Of The Study

2.2.1 Research Objectives

2.2.2 Assumptions & Limitations

2.3 Markets Structure

3 Market Research Methodology

3.1 Research Process

3.2 Primary Research

3.3 Secondary Research

3.4 Forecast Model

Continue...

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Competitive Analysis

Australian vanadium limited
Bushveld minerals
EVRAZ plc
LARGO resources limited
Vanadium corp resource Inc
AMG advanced metallurgical group N.V
Angang steel co. ltd
Gelncore
HBIS group
Treibacher industires AG
Atlantic
Tremond metals corp
Yilamaden
Jayesh

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