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Rising Focus Towards Product Advancement To Attain Maximum Revenues Industry Trends Gaining Momentum in the Global Vanadium Market
Vanadium Market
Vanadium Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
The size of the vanadium market has seen substantial growth in the past few years. It is predicted to increase from $2.47 billion in 2024 to $2.61 billion in 2025, indicating a compound annual growth rate (CAGR) of 5.4%. The expansion in the previous period can be credited to factors like steel and alloy production, advancements in battery technologies, urbanization, infrastructure development, and renewable energy.
Vanadium Market Size Forecast: What's the Projected Valuation by 2029?
In the forthcoming years, the vanadium market size is projected to witness robust growth, reaching a valuation of $3.51 billion by 2029, with a compound annual growth rate (CAGR) of 7.7%. This surge during the forecast period is linked to factors such as the switch to green energy, e-mobility, investments in infrastructure, and space exploration. Notable trends expected during this forecast period encompass vanadium recycling, vanadium nitride batteries, its usage in aerospace, and integration into energy storage.
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What Are the Drivers Transforming the Vanadium Market?
The advancement of major energy storage technologies is anticipated to boost the growth trajectory of the vanadium market. These technologies are engineered to store energy for later consumption to level out discrepancies in energy influx and to deliver emergency backup power and energy storage for transportation or other uses. Vanadium plays a significant role in these technologies, particularly in vanadium redox flow batteries (VRFBs), facilitating the storage and discharge of extensive amounts of energy for extended durations. For example, in July 2023, as per a report put forth by the International Energy Agency (IEA), a France-based independent intergovernmental organization, the total grid-scale battery storage capacity was close to 28 GW at the close of 2022 and installations saw an uptick of more than 75% over 2021, with about 11 GW of storage capacity being installed. Moreover, the forecast for installed grid-scale battery capacity for storage is projected to surge 35 times, almost 970 GW, in the period from 2022 to 2030. Accordingly, the progression of large-scale energy storage technologies will stimulate the vanadium market.
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Which Fast-Growing Trends Are Poised to Disrupt the Vanadium Market?
Leading firms in the vanadium industry are concentrating on creating inventive vanadium production techniques, such as belt filter technology, to enhance their market standing. The belt filter is an industrial mechanism employed for the separation of solids or liquids, often used in chemical industry for dehydrating sludges. U.S. Vanadium LLC, a manufacturer of a range of specialty vanadium chemicals based in the US, for example, introduced a commercial Belt Filter plant in September 2022. This upgrade improved the plant's vanadium recovery rates, trimmed down operational costs, amplified recycling efforts, and resulted in an overall reduction of the plant's environmental footprint. The implementation of new Belt Filter technology has enhanced vanadium recovery and boosted generation of valuable vanadium products at the facility. The belt filter is capable of producing a relatively dry cake with a moisture content of just 5-6%, which can be reused in a variety of industrial applications.
Which Segments in the Vanadium Market Offer the Most Profit Potential?
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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Which Firms Dominate the Vanadium Market by Market Share and Revenue in 2025?
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.
Which Regions Offer the Highest Growth Potential in the Vanadium Market?
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.
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