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Vanadium Market 2024-2033: Unveiling Recent Trends, In-Depth Analysis, and Size Forecast with Industry Leaders Glencore PLC, HBIS GROUP Co. Ltd., China Ansteel Group Corporation Limited, and EVRAZ PLC.
Vanadium Market
The Business Research Company's Vanadium Global Market Report 2023 identifies the expansion of large-scale energy storage technologies is expected to propel the growth of the vanadium market going forward. Energy storage technologies are systems that store energy for later use to smooth out fluctuations in energy supply and demand, to provide backup power during outages and to store energy for transportation or other applications. Vanadium is used in energy storage technologies like vanadium redox flow batteries (VRFBs) and enables storing and releasing large amounts of energy over long periods. For instance, in July 2023, according to a report published by the International Energy Agency (IEA), a France-based autonomous intergovernmental organization, total installed grid-scale battery storage capacity stood at close to 28 GW at the end of 2022 and installations increased by more than 75% over 2021, with roughly 11 GW of storage capacity installed.
The vanadium market size has grown strongly in recent years. It will grow from $2.32 billion in 2023 to $2.47 billion in 2024 at a compound annual growth rate (CAGR) of 6.5%. The growth in the historic period can be attributed to steel and alloy production, battery technologies, urbanization and infrastructure growth, renewable energy. The vanadium market size is expected to see strong growth in the next few years. It will grow to $3.08 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%.
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Major competitors in the vanadium market are Glencore PLC, HBIS GROUP Co. Ltd., China Ansteel Group Corporation Limited, EVRAZ PLC, Essel Mining & Industries Limited, Ferroglobe PLC, Advanced Metallurgical Group (AMG) N.V., Largo Inc., Treibacher Industrie AG, Bushveld Minerals Ltd., Gulf Chemical and Metallurgical Corporation, Atlantic Ltd., JAYESH Group.
A key trend in the vanadium market includes rising focus towards product advancement to attain maximum revenues. Major companies operating in the vanadium market are focused on innovative vanadium production techniques, such as belt filter technology, to strengthen their position in the market. Belt filter is an industrial system used for solid or liquid separation processes, particularly the chemical industry dewatering sludges. For instance, in September 2022, U.S. Vanadium LLC, a US-based manufacturer of a variety of specialty vanadium chemicals, installed an industrial Belt Filter plant that improved the facility's vanadium recovery rates, cut expenses for operation, increased recycling activities and reduced the plant's overall environmental impact.
Read More On The Global Vanadium Market Report Here: https://www.thebusinessresearchcompany.com/report/vanadium-global-market-report
The vanadium market is segmented -
1) By Type: Vanadium Pentoxide, Vanadium Ferrovanadium, Aluminum-Vanadium Alloys, Vanadium Chemicals, Other Types
2) By Production Process: Aluminothermic Reduction Technique, Silicon Reduction Technique
3) By Application: Iron And Steel, Chemical, Titanium Alloys, Other Applications
4) By End-user: Automotive, Chemical, Energy Storage, Other End-Users
4) By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Asia-Pacific was the largest region in the vanadium market.
The Business Research Company's "Global Vanadium Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Vanadium Market Include:
1. Executive Summary
2. Vanadium Market Characteristic
3. Vanadium Market Trends And Strategies
4. Vanadium Market - Macro Economic Scenario
5. Vanadium Market Size And Growth
……………
27. Vanadium Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Vanadium Market
29. Vanadium Market Future Outlook And Potential Analysis
30. Appendix
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