Vanadium Market Projected to Reach USD 3,832.90 Million by 2034, Growing at a CAGR of 3.1%

Polaris Market Research announces the release of its latest research report titled, "Vanadium Market Size, Share, Trends, & Industry Analysis Report: By Grade Type (FeV40, FeV50, FeV60, and Other), By Application, and By Region - Market Forecast, 2025-2034."

The report analyzes the market for vanadium to register a compound annual growth rate (CAGR) of 3.1% during 2025-2034. The market was valued at USD 2,816.51 million in 2024 and is projected to grow to USD 3,832.90 million by 2034.

Market Introduction :

Vanadium is a chemical element known for its strength-enhancing and corrosion resistance properties. As a transition metal, vanadium appears silver-gray in its pure form and is typically found in various minerals. Vanadium is also obtained as a byproduct of mining processes involving uranium or phosphate ores. The metal is valued for its ability to significantly improve the strength and hardness of steel when used in small amounts. Along with its metallurgical operations, vanadium is also used in vanadium redox flow batteries (VRFBs). Furthermore, vanadium compounds have potential use in catalysts, ceramics, pigments, and even in health supplements due to their biological activity.

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Market Growth Drivers:

Rising Adoption of Electric Vehicles (EVs): EVs need efficient and durable batteries to ensure improved performance and reliability. Vanadium-based batteries offer advantages such as longer lifespan and faster charging times, which makes them an attractive option for EV manufacturers. Governments globally are promoting the adoption of EVs to lower carbon emissions, which increases the need for advanced battery technologies. Thus, the growing adoption of EVs is propelling the vanadium market growth.

Growing Aerospace Industry: The rising air travel and growing defense budgets globally are fueling the growth of the aerospace industry. Vanadium plays a crucial role in meeting these demands owing to its strength and corrosion resistance. These properties allow aircraft manufacturers to develop durable components that reduce aircraft weight and emissions.

Market Key Players

• AMG
• Aura Energy Ltd
• Australian Vanadium Limited
• Bushveld Minerals
• EVRAZ plc
• Glencore
• HBIS Group
• Largo, Inc.
• Pangang Group Vanadium and Titanium Resources Co., Ltd.
• Vanadium Resources Limited

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Vanadium Market Report Highlights

• Based on application, in 2024, the steel segment dominated with the largest share. Vanadium improves steel's strength, toughness, and resistance to wear and corrosion, which is essential in construction, infrastructure, and automotive industries.

• The FeV40 segment, by grade type, is witnessing significant growth due to its balanced composition and versatile applications.

• In 2024, the Aisa Pacific vanadium market dominated with the largest share due to rapid industrialization, infrastructure development, and expanding steel production.

• The North America vanadium market is experiencing significant growth, driven by expanding renewable energy infrastructure and rising electric vehicle production.

Market Segmentation
Vanadium Market, Grade Type Outlook (Revenue - USD Million, 2020-2034)
• FeV40
• FeV50
• FeV60
• Other

Vanadium Market, Application Outlook (Revenue - USD Million, 2020-2034)
• Steel
• Non-Ferrous Alloys
• Chemicals
• Energy Storage

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Regional Analysis
By region, the report offers vanadium market insights into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

Asia Pacific led the global market in 2024. This is primarily due to rapid industrialization, infrastructure development, and increased steel manufacturing in the region. Rising investments in renewable energy and energy storage projects further contribute to the regional market dominance.

The market growth in North America is fueled by rising EV production and expanding renewable energy infrastructure. The aerospace and defense industries are further driving the demand for vanadium through advanced alloy manufacturing.

North America
 Grade Type Outlook
 FeV40
 FeV50
 FeV60
 Other
 Application Outlook
 Steel
 Non-Ferrous Alloys
 Chemicals
 Energy Storage

Europe
 Grade Type Outlook
 FeV40
 FeV50
 FeV60
 Other
 Application Outlook
 Steel
 Non-Ferrous Alloys
 Chemicals
 Energy Storage

Asia Pacific
 Grade Type Outlook
 FeV40
 FeV50
 FeV60
 Other

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