Press release
Leading Element Driving Change in the Vanadium Ore Market in 2025: Vanadium Revolution Transforming The Automobile Industry With Lightweight, Fuel-Efficient Alloys Driver
Vanadium Ore
The surge in Vanadium application in the auto industry is set to propel the vanadium ore mining sector forward. Utilizing vanadium alloy in car part production will lead to lighter vehicles and heightened fuel efficiency. As exampled by an investment company (aheadoftheherd.com), it is anticipated that by 2025, about 85% of cars will incorporate vanadium alloy for weight reduction purposes, subsequently improving their fuel efficiency.
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How will the growth rate of the vanadium ore market shape industry trends by 2034?
The size of the vanadium ore market has seen a consistent increase over the recent years. The market will witness a jump from $2.78 billion in 2024 to $2.89 billion in 2025, implying a compound annual growth rate (CAGR) of 4.1%. The factors prompting this upward trend in the historical phase include expansion of the steel industry, advances in infrastructure, applications in aerospace and defence, heightened regulatory norms regarding steel quality, and mounting demand from the automobile sector.
The market size of vanadium ore is predicted to experience consistent expansion in the coming years, reaching a valuation of $3.39 billion in 2029 with a compound annual growth rate (CAGR) of 4.1%. This predicted surge during the forecast period can be credited to the increasing demand for renewable energy, the boom in electric vehicles, infrastructural development and the acceleration of urbanization processes, alongside stricter emission regulations and research and development efforts. The forecast period also suggests key trends such as advancements in energy storage and battery technologies, technical innovations in steel manufacturing, rising demand for vanadium in the steel industry, emerging applications for energy storage, and research and progression in vanadium extraction technologies.
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What trends are poised to drive the future success of the vanadium ore market?
An emerging market trend is the use of vanadium redox flow batteries (VRFBs) for energy storage. This trend is set to bring about foundational changes to the vanadium ore mining market, a sector primarily dominated by steel manufacturers. For example, in September 2022, VFlowTech, a Singapore-based VRFB manufacturer, announced its collaboration with Advario B.V. to explore joint efforts to broaden the application of vanadium flow batteries in major markets for terminal applications. Beyond terminal applications, VFlowTech's technology can be used in various practical scenarios, including powering electric vehicles (EVs), grid offerings, residential communities, telecom infrastructure, and the integration of clean energy in the commercial and industrial sectors. Advario B.V. is a company based in the Netherlands that deals with liquid storage logistics.
Which primary segments of the vanadium ore market are driving growth and industry transformations?
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
Subsegments:
1) By FeV40: Powdered FeV40, Granulated FeV40
2) By FeV50: Alloyed FeV50, Non-Alloyed FeV50
3) By FeV60 : High-Density FeV60, Low-Density FeV60
4) FeV80 : Heat-Resistant FeV80, Corrosion-Resistant FeV80
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Which geographical regions are pioneering growth in the vanadium ore market?
Asia-Pacific was the largest region in the vanadium ore market in 2024. South America was the second largest region in the global vanadium ore market analysis. The regions covered in the vanadium ore market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the influential players reshaping the vanadium ore market landscape?
Major companies operating in the vanadium ore market include Glencore plc, Aurox Resources Pty Ltd., Sumitomo Corporation, Hbis Company Limited, Mitsubishi Materials Corp., Pangang Group Vanadium Titanium & Resources Co. Ltd., Globe Specialty Metals Inc., Essel Mining & Industries Limited, Continental Precious Minerals Inc., Largo Inc., Treibacher Industrie AG, Ferrostaal GmbH, Neometals Ltd., Gulf Chemical and Metallurgical Corporation, Reed Resources Ltd., American Resources Corporation, Core Metals Group LLC, Bear Metallurgical Company, Tremond Alloys & Metals Corp., Western Uranium & Vanadium Corp., Golden Deeps Ltd., Australian Vanadium Limited, Euro Vanadium Limited.
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What Is Covered In The Vanadium Ore Global Market Report?
•Market Size Forecast: Examine the vanadium ore market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the vanadium ore market for a structured understanding.
•Key Players Overview: Analyze major players in the vanadium ore market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the vanadium ore market.
•Segment Contributions: Evaluate how different segments drive overall growth in the vanadium ore market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the vanadium ore market.
•Industry Challenges: Identify potential risks and obstacles affecting the vanadium ore market.
•Competitive Landscape: Review strategic developments in the vanadium ore market, including expansions, agreements, and new product launches.
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