Press release
Know Worldwide specifications of the Vanadium MarketSize 2023-2033 | Top Key Players: Angang steel co. ltd., Glencore, Treibacher Industries AG, Tremond metals corp, Yilamaden, Bear Metallurgical Company, Shenzhen Chinary Co., Ltd., and Others.
Global Vanadium Market Size
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The vanadium market refers to the market for versatile metal vanadium, used in steel, batteries, and other industries. Vanadium is a hard, silvery-grey, malleable transition metal chemical element, rarely found in nature. Vanadium is being extracted, refined, and used with new technologies. For instance, several companies are looking at solvent extraction techniques to extract vanadium from ores which could reduce the energy requirements and environmental impact of the refining process. The growing demand for vanadium redox flow batteries (VRFBs) has led to an expansion in the vanadium market. VRFBs are crucial technology for large-scale energy storage and are also being used for grid-scale storage applications. The need for effective and dependable energy storage technologies is growing quickly as the globe moves toward a more sustainable energy future. The rising need for specialized steel alloys across diverse industrial applications is driving the vanadium market demand. The demand for vanadium is anticipated to be fueled by rising crude steel production due to demand from transportation, machinery, automotive, and construction industries, which is driving the market. On the contrary, the supply chain constraints significantly limit the product demand in diverse industries which is challenging the vanadium market.
The ferrovanadium segment held the largest share of the global vanadium market in 2023 and is expected to grow at a significant CAGR during the forecast period.
Based on the type, the global vanadium market is divided into ferrovanadium, vanadium oxide, and vanadium metal. Among these, the ferrovanadium segment held the largest share of the global vanadium market in 2023 and is expected to grow at a significant CAGR during the forecast period. The steel industry uses ferrovanadium mostly to make tool steels, specialist alloy steels, and high-strength low-alloy steels. The growing infrastructure, increased construction activity, and growing automobile manufacturing are expected to drive the market.
The steel segment accounted for the largest market share in 2023 and is expected to grow at a significant CAGR during the forecast period.
Based on the application, the global vanadium market is divided into steel, alloys, chemicals, and batteries. Among these, the steel segment accounted for the largest market share in 2023 and is expected to grow at a significant CAGR during the forecast period. Vanadium is used in the steel industry because it is a component of tool steels, and specialist alloy steels, and high-strength low-alloy steels. In addition to the expanding infrastructure projects, construction activities, and automobile production, there is a surge in product demand.
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Asia Pacific is projected to hold the largest share of the global vanadium market over the forecast period.
Asia Pacific is projected to hold the largest share of the global vanadium market over the forecast period. The country has a high demand for alloyed steel used in construction projects, such as high-rise buildings and critical infrastructure which is driving the vanadium market in the region. The rapid industrialization and infrastructure development in economies such as China and India, among other East Asian countries are contributing to driving the vanadium market in the region.
Europe is predicted to grow at the fastest CAGR in the vanadium market over the forecast period. The region's commitment to the green energy transition and preference for renewable energy & carbon neutrality is propelling the regional market growth. Germany's increased production and use of vanadium driving larger sales, thereby propelling the regional market growth for vanadium.
Major key players in the vanadium market include Australian vanadium limited, Bushveld minerals, EVRAZ plc, HBIS Group, Atlantic Ltd., Largo Resources Ltd., Vanadium Corp Resource Inc., Hickman, Williams & Company, AMG advanced metallurgical group N.V., Angang steel co. ltd., Glencore, Treibacher Industries AG, Tremond metals corp, Yilamaden, Bear Metallurgical Company, Shenzhen Chinary Co., Ltd., and Others.
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Key Target Audience
Market Players
Investors
End-users
Government Authorities
Consulting And Research Firm
Venture capitalists
Value-Added Resellers (VARs)
Recent Developments
In February 2024, Australian Vanadium Limited completed the acquisition of Technology Metals Australia Limited from Resource Capital Fund VII L.P., a fund managed by RCF Management, LLC and others.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the global vanadium market based on the below-mentioned segments:
Global Vanadium Market, By Type
Ferrovanadium
Vanadium Oxide
Vanadium Metal
Global Vanadium Market, By Application
Steel
Alloys
Chemicals
Batteries
Global Vanadium Market, Regional Analysis
North America
US
Canada
Mexico
Europe
Germany
Uk
France
Italy
Spain
Russia
Rest of Europe
Asia Pacific
China
Japan
India
South Korea
Australia
Rest of Asia Pacific
South America
Brazil
Argentina
Rest of South America
Middle East & Africa
UAE
Saudi Arabia
Qatar
South Africa
Rest of Middle East & Africa
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