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Leading Growth Driver in the Vanadium Market in 2025: Surging Demand For Large-Scale Energy Storage Powers Growth In The Vanadium Market Driver's Influence
Vanadium Market
The growth of the vanadium market is forecasted to be driven by the advancements in large-scale energy storage technologies. These technologies encompass systems that preserve energy for future use, which assists in balancing variations in energy provision and consumption, provides supplementary power during blackouts, and conserves energy for transport or miscellaneous utilities. Vanadium employs a pivotal role in these technologies, particularly in vanadium redox flow batteries (VRFBs), facilitating the accumulation and discharge of significant energy levels over expansive durations. As per an analysis published by the International Energy Agency (IEA), an autonomous intergovernmental institution based in France, the cumulative installed grid-scale battery storage capacity approximated 28 GW at the culmination of 2022, marking a surge of over 75% from 2021, with roughly 11 GW of storage capacity installed. Additionally, the installed grid-scale battery capacity for storage is projected to multiply 35-fold to nearly 970 GW between 2022 and 2030. Consequently, the advancement of large-scale energy storage technologies is anticipated to fuel the vanadium market. The surge in steel production is anticipated to invigorate the progression of the vanadium market. The procedure of steel production involves the conversion of iron ore and/or cra*p into steel. Vanadium, integral to the fabrication of vanadium redox flow batteries (VRFBs), also plays a crucial part in the steel industry, being extensively deployed as an alloying component in steel manufacturing. As stated by the Press Information Bureau, a government agency based in India, the production of crude steel witnessed substantial growth, escalating from 109.137 million tonnes (MT) in 2019-20 to 144.299 MT in 2023-24, marking a robust growth of 13.4% over the preceding year's 127.197 MT in 2022-23. The capacity of the domestic steel industry also saw enhancement, rising from 142.299 MT annually in 2019-20 to 179.515 MT in 2023-24, thus bolstering production. Capacity utilization during this period reached 81%. Hence, the escalation in steel production is projected to bolster the vanadium market.
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What growth opportunities are expected to drive the vanadium market's CAGR through 2034?
In the past few years, the vanadium market has seen robust growth. It is projected to expand from a market size of $2.47 billion in 2024 to $2.62 billion in 2025, registering a compound annual growth rate (CAGR) of 6.1%. The significant growth during the historic period is primarily owing to factors such as steel and alloy production, advances in battery technologies, urban development and infrastructural expansion, and the surge in renewable energy.
The vanadium market is anticipated to witness a substantial expansion in the upcoming years, surging to a value of $3.28 billion by 2029. This expansion, characterized by a compound annual growth rate (CAGR) of 5.8%, can be attributed to several major factors such as the transition to green energy, advancements in e-mobility, infrastructure capital investments, and space exploration. Some of the significant trends expected during this period include the recycling of vanadium, use of vanadium nitride batteries, application of vanadium in aerospace, and the integration of energy storage.
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What are the emerging trends shaping the future of the vanadium market?
Leading businesses in the vanadium market are concentrating on innovative methods for producing vanadium, including belt filter technology, to consolidate their market foothold. The belt filter is a commercial mechanism used predominantly in the chemical industry for the separation of solids and liquids, especially the dewatering of sludges. For example, U.S. Vanadium LLC, a producer of a wide range of specialty vanadium chemicals based in the United States, implemented an industrial Belt Filter system in September 2022. This upgrade not only improved vanadium recovery rates at the plant but also lowered operational costs and increased recycling operations while diminishing the plant's overall environmental footprint. The state-of-the-art Belt Filter technology at the plant boosts vanadium recovery and augments the production of valuable vanadium products. The belt filter results in a relatively dry cake with only a 5-6% moisture content, which can be repurposed across different industrial uses.
Which growth-oriented segments of the vanadium market are leading the industry's development?
The vanadium market covered in this report 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
Subsegments:
1) By Vanadium Pentoxide: Chemical Grade, Metallurgical Grade
2) By Vanadium Ferrovanadium: Low-Vanadium Ferrovanadium, High-Vanadium Ferrovanadium
3) By Aluminum-Vanadium Alloys: Aluminum-Vanadium Alloys with High Vanadium Content, Aluminum-Vanadium Alloys With Low Vanadium Content
4) By Vanadium Chemicals: Vanadyl Sulfate, Vanadium Chloride, Vanadium Trioxide
5) By Other Types: Vanadium Recovery Products, Vanadium Oxide
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Asia-Pacific was the largest region in the vanadium market in 2024. North America is expected to be the fastest-growing region in the forecast period. The regions covered in vanadium market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
What companies are at the forefront of innovation in the vanadium market?
Major companies operating 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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What Is Covered In The Vanadium Global Market Report?
•Market Size Forecast: Examine the vanadium market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the vanadium market for a structured understanding.
•Key Players Overview: Analyze major players in the vanadium market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the vanadium market.
•Segment Contributions: Evaluate how different segments drive overall growth in the vanadium market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the vanadium market.
•Industry Challenges: Identify potential risks and obstacles affecting the vanadium market.
•Competitive Landscape: Review strategic developments in the vanadium market, including expansions, agreements, and new product launches.
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