Vanadium Market Size, Share, Growth, and Industry Analysis, By Type (Vanadium Slag, Petroleum Residue and Vanadium-containing Spent Catalyst, and other), By Application (Carbon Steel, Low-alloy Steel, High Alloy Steel, Tool Steel, and Non-ferrous Alloy), and Regional Forecast to 2028

Updated On: 22 April 2024

Report Overview

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The global vanadium market size was USD 38970 million in 2022. As per our research, the market is expected to reach USD 51420 million by 2028, exhibiting a CAGR of 4.7% during the forecast period. The COVID-19 pandemic has been unprecedented and staggering, with Vanadium Market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

Chemical element vanadium has an atomic number of 23 and is denoted by the letter V. Vanadium is a hard, ductile, uncommon, gray-white element that has been identified in combination with specific minerals and is mostly utilized to create specific alloys. Vanadium prevents corrosion by forming oxide, which acts as a shield on the surface of other materials. Varied applications of this product are driving the market growth.

The vanadium market is anticipated to be driven by the growing demand for the metal in the automotive industry. Ferro vanadium, a vanadium alloy, is used in the production of vehicle parts to lighten and improve the fuel efficiency of the components. Increased demand and production of this product has proportionally increased the vanadium market share and revenue also proliferated the market expansion across the globe.

COVID-19 Impact

"COVID-19 to have a Negative Impact on the Vanadium Market"

The pandemic's effects on the vanadium market were conflicting. Market interruptions brought on by the global economic slump and supply chain problems first had an impact. After the pandemic, there have been prospects for market recovery thanks to the increased focus on infrastructure development, renewable energy, and energy storage. As economies stabilize and industrial activity picks up, the need for high-strength steel and energy storage technologies is anticipated to increase.

Latest Trends

"Risen Demand in the Steel Industry to Drive the Vanadium Market Growth"

The steel industry is the largest consumer of vanadium, and in recent years, interest in vanadium for potential applications, such as the manufacture of vanadium redox batteries, has increased. The steel industry's high consumption of vanadium will lead to favorable opportunities for the market's expansion. The increased demand for vanadium has compelled investors to consider making investments in the creation of synthetic vanadium. in order to utilise this synthetic vanadium in the steel and automobile industries. The expansion of vanadium in a number of industries paves the way for the expansion of the vanadium market. The market for vanadium is expected to have further room to develop as its application in aircraft increases.

Segmentation

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• By Type Analysis

According to type, the market can be segmented into vanadium slag, petroleum residue and vanadium-containing spent catalyst, and other amongst which vanadium slag is anticipated to be the leading segment.

• By Application Analysis

Based on application, the market can be divided into carbon steel, low-alloy steel, high alloy steel, tool steel, and non-ferrous alloy amongst which carbon steel is expected to be the leading segment.

Driving Factors

"Increased Usage in the Medical Sector to Augment the Market Growth"

Vanadium is a supplement used in medicine to treat heart disease, diabetes, pre-diabetes, low blood sugar, and to enhance sports performance. Since vanadium has been shown to enhance the effects of insulin, it may function similarly to an insulin. The vanadium market is anticipated to be driven by the growing demand for the metal in the automotive industry. Ferro vanadium, a vanadium alloy, is used in the production of vehicle parts to lighten and improve the fuel efficiency of the components. These factors are driving the vanadium market growth and market expansion.

"Huge Demand in the (VRFB) to Increase Vanadium Market Expansion"

Vanadium redox flow batteries (VRFB) are becoming more popular due to a few advantages they have over other batteries, such as the capacity to provide infinite capacity for use in larger storage tanks, the capacity to be recharged by adding electrolyte, and the capacity to discharge for extended periods of time.  The market for vanadium is expanding as a result of all of these factors.

Restraining Factors

"Toxin Emitting Nature of the Product to Hinder Vanadium Market Growth"

The rate of vanadium deposition into the environment is constantly rising, which may be a major contributing cause to the rise in environmental discharges of vanadium-rich industrial by-products, including ash and steel slags from increased waste incineration. Due to this significant area of jurisdiction, numerous nations are implementing environmental protection strategies and regulations to lessen the toxic effects of vanadium on the environment. These regulations will impede the growth of the vanadium market and are the main market restraints that will slow the market's growth rate.

Regional Insights

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"Asia Pacific to Dominate the Vanadium Market Growth"

In terms of revenue share, market dominance, and projected revenue throughout the projection period, Asia-Pacific will lead the vanadium market. This is a result of the increasing vanadium demand in this area. The Asia-Pacific area dominates the vanadium market, with Japan leading the way in terms of both consumers and consumers of vanadium. This region also has a very advanced steel sector.

Due to the region's increasing demand in the construction sector, North America is predicted to see the greatest growth during the projected period. Europe is also recorded to grow rapidly during the forecast period and contribute to the global vanadium market expansion.

Key Industry Players

"Leading Players adopt Acquisition Strategies to Stay Competitive"

Several players in the market are using acquisition strategies to build their business portfolio and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the market.

List of Market Players Profiled

• EVRAZ KGOK (U.K.)
• Pangang Group (China)
• China Vanadium Titano-Magnetite Mining (China)
• Synergy Group (Switzerland)
• Beijing Jianlong (China)
• Desheng Group (China)
• Tranvic Group (China)
• Huayuan (China)
• Largo Resources (Canada)
• AMG Vanadium (USA)
• Bushveld Minerals (South Africa)
• VanadiumCorp (Canada)
• Australian Vanadium (Australia)

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.