Press release
Vanadium Market Report 2024: Strategies And Recent Developments | Glencore PLC, HBIS GROUP Co. Ltd., China Ansteel Group Corporation Limited, EVRAZ PLC, Essel Mining & Industries Limited
Vanadium Market Size
The Business Research Company offers in-depth market insights through Vanadium Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
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%. The growth in the forecast period can be attributed to green energy transition, e-mobility, infrastructure investments, space exploration. Major trends in the forecast period include vanadium recycling, vanadium nitride batteries, vanadium in aerospace, energy storage integration.
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Market Segmentation:
The main types of vanadium are vanadium pentoxide, vanadium ferrovanadium, aluminum-vanadium alloys, vanadium chemicals and others. Vanadium pentoxide (V2O5) is an inorganic chemical that looks like a brown or yellow solid, but when newly precipitated from an aqueous solution, it can seem deep orange. The various production processes are the aluminothermic reduction technique and silicon reduction technique applied in iron and steel, chemical, titanium alloys and others. The end users are automotive, chemical, energy storage and others.
Major Driver - Surging Demand For Large-Scale Energy Storage Powers Growth In The Vanadium Market
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. Furthermore, the installed grid-scale battery capacity for storage is predicted to expand 35-fold, almost 970 GW, between 2022 and 2030. Therefore, developing large-scale energy storage technologies will drive the vanadium market.
Competitive Landscape:
Major players 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, Hickman Williams & Company, Angang Steel Co. Ltd., VanadiumCorp Resource Inc., Meta Materials Inc., Bear Metallurgical Company, U.S. Vanadium Holding Company LLC, Shenzhen Chinary Co. Ltd., Core Metals LLC, YILMADEN HOLDING Inc., Tremond Metals Corp., Australian Vanadium Limited, Otto Chemie Pvt Ltd.
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Top Trend - 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. The new Belt Filter technology at the facility improves vanadium recovery and increases the production of valuable vanadium products. The belt filter produces a comparatively dry cake with only a 5-6% moisture level, which may be recycled in various industrial applications.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Vanadium Market Characteristics
3. Vanadium Market Trends And Strategies
4. Vanadium Market - Macro Economic Scenario
5. Vanadium Market Size And Growth
…..
27. Vanadium Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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