Press release
Steady Expansion Forecast for Vanadium Ore Market, Projected to Reach $3.39 Billion by 2029
Vanadium Ore
What Is the Expected CAGR for the Vanadium Ore Market Through 2025?
In the past few years, there has been a consistent growth in the size of the vanadium ore market. A projected increase from $2.78 billion in 2024 to $2.89 billion in 2025, with a compound annual growth rate (CAGR) of 4.1%, is expected. This increase in the historic period is attributable to several factors, including an expansion in the steel industry, developments in infrastructure, applications in the aerospace and defense sectors, stringent regulatory standards for steel quality, and demand from the automotive industry.
What's the Projected Size of the Global Vanadium Ore Market by 2029?
The market for vanadium ore is anticipated to consistently expand in the upcoming years, reaching a value of $3.39 billion in 2029 with a compound annual growth rate (CAGR) of 4.1%. This growth during the projection period can be credited to the escalating renewable energy sector, the revolution in electric vehicles, urbanization and infrastructure initiatives, tightened emission norms, and research and development efforts. Notable trends observed during this time frame encompass advancements in battery and energy storage technologies, technological breakthroughs in steel manufacturing, augmented demand for vanadium in steel production, emerging energy storage applications, and research and development in vanadium extraction methods.
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Top Growth Drivers in the Vanadium Ore Industry: What's Accelerating the Market?
The surge in usage of Vanadium within the automotive industry is set to boost the market for vanadium ore mining. Vanadium alloy, when used in the production of car components, will diminish their weight and enhance their fuel economy. Investment firm (aheadoftheherd.com) has projected that approximately 85% of all cars will integrate vanadium alloy into their manufacturing to lighten their weight and therefore improve their fuel efficiency by 2025.
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What Trends Will Shape the Vanadium Ore Market Through 2029 and Beyond?
The rising trend of utilizing vanadium redox flow batteries (VRFBs) for energy storage is set to bring about a significant shift in the predominantly steel manufacturers-controlled vanadium ore mining market. For example, VFlowTech, a Singaporean firm specializing in manufacturing vanadium redox flow batteries, declared a collaborative undertaking with Advario B.V. in September 2022 to explore the potential expansion of vanadium flow batteries usage for terminal applications across significant markets. Besides terminal applications, the technological solutions of VFlowTech have various practical applications like EV charge-ups, grid proposals, residential areas, telecom infrastructures, and the integration of clean energy in commercial and industrial sectors. Advario B.V., headquartered in the Netherlands, is a firm providing liquid storage logistics.
What Are the Main Segments in the Vanadium Ore Market?
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 Top Companies are Driving Growth in the Vanadium Ore Market?
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.
Which Regions Will Dominate the Vanadium Ore Market Through 2029?
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.
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