Press release
Mining Marvel: Vanadium Ore Market Explores Key Trends, Size, and Strategies for Growth in the Mining Sector || Glencore plc, Aurox Resources Pty Ltd., Sumitomo Corporation
Vanadium Ore Market
The Business Research Company offers in-depth market insights through Vanadium Ore 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 ore market size has grown steadily in recent years. It will grow from $2.75 billion in 2023 to $2.86 billion in 2024 at a compound annual growth rate (CAGR) of 4.1%. The growth in the historic period can be attributed to steel industry growth, infrastructure development, aerospace and defense applications, increasing regulatory standards for steel quality, automotive industry demand.
The vanadium ore market size is expected to see steady growth in the next few years. It will grow to $3.29 billion in 2028 at a compound annual growth rate (CAGR) of 3.5%. The growth in the forecast period can be attributed to growing renewable energy, electric vehicle revolution, urbanization and infrastructure projects, stricter emission standards, research and development initiatives. Major trends in the forecast period include advancements in battery technologies, energy storage technologies, technological advancements in steel production, increased demand for vanadium in steel production, emerging energy storage applications, research and development in vanadium extraction technologies.
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Market Segmentation:
The vanadium ore market covered in this report is segmented -
1) By Type: FeV40, FeV50, FeV60, FeV80
2) By Application: Iron and Steel, Chemical, Energy Storage, Other Applications
3) By End Use Industry: Automotive, Aerospace And Defense, Steel Industry, Other End Use Industries
Major Driver - Vanadium Revolution Transforming The Automobile Industry With Lightweight, Fuel-Efficient Alloys
The increasing use of Vanadium in automobile industry will drive the vanadium ore mining market. The use of vanadium alloy for manufacturing automobile parts will reduce their weight and increases their fuel efficiency. According to an investing firm (aheadoftheherd.com), around 85% of all automobiles will incorporate vanadium alloy to reduce their weight, thereby increasing their fuel efficiency by 2025.
Competitive Landscape:
Major companies operating in the vanadium ore market report are Glencore plc, Aurox Resources Pty Ltd., Sumitomo Corporation, Hbis Company Limited, Mitsubishi Materials Corp., Williams Companies Inc., Pangang Group Vanadium Titanium & Resources Co. Ltd., CIECH SA, Globe Specialty Metals Inc., Essel Mining & Industries Limited, Continental Precious Minerals Inc., Largo Inc., Treibacher Industrie AG, General Atlantic LP, Ferrostaal GmbH, Neometals Ltd., Gulf Chemical and Metallurgical Corporation, Reed Resources Ltd., American Resources Corporation, Liontown Resources Ltd., Core Metals Group LLC, Bear Metallurgical Company, Tremond Alloys & Metals Corp., Hickman Industries Ltd., Western Uranium & Vanadium Corp., Golden Deeps Ltd., Australian Vanadium Limited, Cristina Rubinetterie SpA, Euro Vanadium Limited
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Top Trend - Energizing The Future Vanadium Redox Flow Batteries' Impact On The Vanadium Ore Industry
The use of vanadium redox flow batteries (VRFB's) for energy storage is an emerging trend market. This trend will drive a structural change in the vanadium ore mining market dominated by steel manufacturers. For instance, in September 2022, VFlowTech, a Singapore-based manufacturing company of vanadium redox flow batteries announced a partnership with Advario B.V. to investigate collaborative efforts to extend the use of vanadium flow batteries for terminal applications in important markets. Despite terminal applications, VFlowTech's technology has a variety of real-world applications, such as an electric vehicle (EV) powering up, grid offerings, residential neighborhoods, telecom structures, and commercial and industrial sector clean energy integration. Advario B.V. is a Netherlands-based liquid storage logistics company.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Vanadium Ore Market Characteristics
3. Vanadium Ore Market Trends And Strategies
4. Vanadium Ore Market - Macro Economic Scenario
5. Vanadium Ore Market Size And Growth
…..
27. Vanadium Ore Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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