Press release
Vanadium Market Size, Share, Growth, Trends, Forecast 2024-2032 | $3.46B Revenue in 2024 | Projected to Hit $4.89B by 2032
vanadium market size
Vanadium is a multipurpose conversion metal widely used to improve steel alloys by boosting strength and resistance to wear and corrosion. The huge demand for Vanadium Redox Flow Battery (VRFB), crucial for renewable energy integration, is attributed to the product's capacity to enhance energy storage efficiency.
The COVID-19 pandemic had a detrimental effect on the market due to supply chain disruptions, price unpredictability, varying demand patterns. Moreover, halt in mining and processing jobs also hampered market growth during this period.
Fortune Business Insights presents this information in their report titled "Vanadium Market, 2024-2032." The vanadium market is poised for significant expansion, with revenue projected to soar from US$3.46 billion in 2024 to US$4.89 billion by 2032, fueled by a robust annual growth rate of 4.4%.
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List of Key Players Profiled in the Report:
Australian Vanadium Limited (Australia)
Bushveld Minerals (South Africa)
Ansteel Group Corporation Limited (China)
EVRAZ plc (U.K.)
HBIS GROUP (China)
Glencore (Switzerland)
Atlantic (Australia)
TREIBACHER Industrie AG (Austria)
YILMADEN HOLDING INC. (Turkey)
Hickman Williams & Company (U.S.)
Segments
Rapid Expansion of theSteel Industry Fostered Ferrovanadium Segment Expansion
In terms of type, the market is divided into ferrovanadium, vanadium oxide, and vanadium metal. The ferrovanadium segment led the vanadium market share as it is widely used in the steel industry. The rapid adoption of ferrovanadium for tool steel and specialized alloy steel manufacturing is driving segment expansion.
Steel Holds the Leading Position in the Market Owing to Increase in Infrastructure Projects
By application, the market is segregated into steel, alloys, chemicals, and batteries. The steel segment dominated the market due to increased product adoption in high-strength, low-alloy, and specialized alloy steels. Rising product demand for infrastructure projects is fueling segment expansion.
The global market is segmented based on region into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Report Coverage
The market research report presents a comprehensive market examination, highlighting essential elements, such as the competitive environment and major product categories. Moreover, the report offers valuable insights into market trends and significant industry developments. Apart from the factors above, the report includes numerous aspects that have accelerated market expansion in recent times.
Drivers and Restraints
Increasing Need for Renewable Energy Sources to Propel Market Growth
Vanadium Redox Flow Battery (VRFB) is gaining traction as a large-scale energy storage technology, mainly in grid-scale applications and renewable energy integration. Rapid inclination toward sustainable energy boosts the demand for effective and dependable energy storage solutions. VRFB is highly preferred over conventional battery technologies, providing numerous benefits, such as long service life and high discharge capacity.
The electrolyte solution is these batteries' major component, comprising vanadium ions in diverse oxidation states. Due to their exclusive metal chemistry, these batteries are widely deployed for applications that need regular battery cycle rates. The increasing need for renewable energy sources, including solar and wind power, is driving the adoption of large-scale energy storage solutions.
On the other hand, supply chain constraints are hindering the vanadium market growth.
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Regional Insights
Infrastructure Development and Rapid Industrialization Boosted Market Expansion in Asia Pacific
Asia Pacific's market size stood at USD 3.12 billion in 2023 due to an increase in infrastructure development and a surge in industrialization. China is the major steel manufacturer and consumer globally, particularly in the high-strength rebar and structural steel industries. Increased alloyed steel adoption in construction projects foster market expansion in the region.
Europe is driven by its promise of a green energy transition. Growing emphasis on renewable energy and carbon neutrality and rising demand for VRFBs in large-scale energy storage projects foster market expansion in the region.
Competitive Landscape
Growing Emphasis on Price Competition by Top Players to Fuel Market Expansion
With extreme competitive conflict, the market is highly combined. Leading companies exist in China, Russia, and South Africa. These players focus on price competition, specifically throughout oversupply or economic downturn periods, to boost their market share.
Key Industry Development
February 2024: Australian Vanadium Ltd procured Technology Metals Australia Ltd to gain vertical integration for vanadium flow battery development. These batteries can offer an energy storage solution for increasing renewable energy sources.
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