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Vanadium Ore: Core Growth Enabler in the Vanadium Revolution Transforming The Automobile Industry With Lightweight, Fuel-Efficient Alloys Market, 2025
Vanadium Ore
What Will the Vanadium Ore Industry Market Size Be by 2025?
The size of the Vanadium ore market has been consistently expanding in recent times. An escalation from $2.98 billion in 2024 to $3.06 billion in 2025 at a compound annual growth rate (CAGR) of 2.5% is anticipated. This upward trend during the historical period can be linked to the expansion of the steel industry, developments in infrastructure, applications in the aerospace and defense sectors, stricter regulatory standards for steel quality, and increased demand from the automotive industry.
What's the Long-Term Growth Forecast for the Vanadium Ore Market Size Through 2029?
In the coming years, a consistent rise is anticipated in the size of the vanadium ore market, predicted to reach $3.67 billion by 2029 with a 4.6% compound annual growth rate (CAGR). The expansion during this forecast period is due to factors such as the rise of renewable energy, the revolution of electric vehicles, urbanisation, infrastructure projects, more rigorous emission regulations and research and development initiatives. The period will also witness significant trends such as improvements in battery and energy storage technologies, technological progress in steel production, a surge in vanadium demand used in steel production, emerging applications for energy storage, and ongoing research and development in techniques for extracting vanadium.
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What Are the Key Growth Drivers Fueling the Vanadium Ore Market Expansion?
The rise in Vanadium utilization within the automotive industry will propel the progress of the vanadium ore mining market. The manufacturing of automobile components using vanadium alloy is set to cut down their weight, thus boosting fuel efficiency. For example, investment firm aheadoftheherd.com predicts that about 85% of vehicles will comprise of vanadium alloy to decrease their weight, which in turn enhances their fuel efficiency by 2025.
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What Are the Key Trends Driving Vanadium Ore Market Growth?
The surge in the utilization of vanadium redox flow batteries (VRFBs) for energy storage is a budding trend in the market. This progression will herald a significant transformation in the vanadium ore mining sector, which is principally controlled by steel producers. For instance, in September 2022, VFlowTech, a Singaporean firm that manufactures vanadium redox flow batteries, proclaimed a collaboration with Advario B.V. to explore joint ventures aimed at expanding the application of vanadium flow batteries in key market sectors. Beyond terminal applications, VFlowTech's technology is diverse in its practical usage, which includes powering electric vehicles (EVs), providing grid solutions, serving residential communities, facilitating telecom infrastructure, and integrating clean energy in the commercial and industry sectors. Advario B.V. is situated in the Netherlands and specializes in liquid storage logistics.
How Is the Vanadium Ore Market Segmented?
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 Companies Are Leading the Charge in Vanadium Ore Market Innovation?
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 Are Leading the Global Vanadium Ore Market in Revenue?
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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