Global Vanadium Market Analysis by Type, Application, Region and segments forecast till 2033

Market Overview

The global vanadium market worth USD 4,000 million in 2021 is anticipated to amplify at a CAGR of 6.1% over the forecast duration of 2023-2033, thereby amassing USD 12,500 million by end of the assessment timeframe.

Report Scope

Vanadium is referred to as a chemical element that is predominantly used to make nuclear reactors since they have a low neutron absorbing property. The alloys obtained from this element are also utilized to make rigid tools such as armor plates, springs, axles, and car gears, among others. Moreover, vanadium supplements are used to treat heart diseases, diabetes, syphilis, tuberculosis, and edema. The rising adoption of vanadium in steel manufacturing and automotive industries and escalating usage of this element in electric wires are primarily augmenting the outlook of this market sphere.

Moreover, vanadium also finds its usage in the healthcare sector owing to its efficacy in treating diseases such as diabetes, COPD, and syphilis. This in turn is positively swaying the dynamics of this industry vertical. Also, the rising use of vanadium to make nuclear reactors ascribing to its low neutron absorbing trait is adding momentum to the expansion of this marketplace. Besides, escalating demand for sustainable energy sources along with favorable government schemes to support the same are creating lucrative trends for the business sphere to prosper.

Furthermore, widespread industrialization, growing research & development activities in the field coupled with surging energy prices are stimulating the overall market outlook. On the contrary, rising concerns regarding the adverse effect of vanadium on human health and volatility in its price are hindering the remuneration scope of this industry sphere.

There has been a growing pervasiveness of chronic diseases such as diabetes, COPD, and syphilis. Factors such as unhealthy lifestyles, rising pollution levels, and improper diets of the masses have been primary contributors to the increasing prevalence of the mentioned disorders. This in turn is escalating the demand for vanadium supplements in the healthcare sector. Vanadium is widely used in aerospace applications. This is attributable to the wide array of benefits offered by vanadium such as low density, high strength, and ability to maintain strength at high operating temperatures essential for materials used in aero-engine gas turbines and airframes.

Type Insights

The Vanadium Pentoxide segment is poised to amass approximately 45% market share since Vanadium Pentoxide is a common form of vanadium used in the production of ferrovanadium, which is a major additive in the steel industry. Therefore, it can be assumed that Vanadium Pentoxide has a significant market share in the global vanadium market due to its importance in the steel industry.

Application Insights

The iron & steel segment is expected to amass notable gains over the forecast period ascribing to the ability of vanadium to enhance the strength and reduce overheating sensitivity of iron and steel.

Regional Insights

North America, Europe, Middle East & Africa, Asia Pacific, and Latin America are the major regions constituting the geographical ambit of this business vertical. Among these, Asia Pacific is projected to capture a high revenue share of around 55%. China is the largest producer and consumer of vanadium in the world, accounting for the largest share in the global vanadium market. According to the United States Geological Survey (USGS), in 2020, China produced an estimated 44% of the world's vanadium, followed by South Africa with 26%, and Russia with 15%.

China's dominance in the vanadium market is attributed to its vast reserves of vanadium-bearing titaniferous magnetite ore and the country's increasing demand for vanadium, primarily driven by its steel industry. Vanadium is used as an alloying agent in the production of steel, where it enhances the strength and durability of steel products. Additionally, vanadium is used in the production of batteries, mainly for grid-scale energy storage applications.

Competitive Analysis

The prominent companies characterizing the competitive terrain of this business sphere are Australian vanadium Limited, Bushveld Minerals, EVRAZ plc, LARGO Resources Limited, Vanadium Corp. Resource Inc., AMG Advanced Metallurgical Group N.V, Angang Steel Co. Ltd., Glencore, HBIS group, Treibacher Industries AG, Atlantic, Tremond Metals Corp., Yilamaden, and Jayesh. 

·         In August 2021, Bushveld Minerals, a major vanadium producer in South Africa, announced that it would temporarily reduce its production due to maintenance work at its processing plant. This move is expected to tighten the global vanadium supply, leading to potential price increases.

Global Vanadium Market- Segmental Analysis

By Type:

• Vanadium Pentoxide

• Vanadium Chemicals

• Vanadium Ferrovanadium

• Aluminium-Vanadium Alloys

• Others

By Application:

• Iron & Steel

• Titanium Alloys

• Chemical

• Energy Storage

• Others

Why to buy this Report?

The report provides quantitative and qualitative aspect for Global Vanadium Market in terms of value and volume, along with supporting market trends, challenges, restraints.

The report provides an in depth analysis from both production and consumption point of view at the regional and country level. Key Factors considered within the report scope are Production capacity by countries/regions, average price, consumption ratio, revenue earned and gross margin.

The report provides competitive analysis of around 30-50 companies operated in Global Vanadium Market, these companies are bifurcated into niche players, the leaders and major contenders. The companies are analyzed in terms of following factors such as:

•             Business Model

•             Production Capacity, Revenue, Sales, Gross Margin

•             Key Business Strategy

•             SWOT Analysis

In terms of competitive landscape, the report provides distinctive factors that would help the Card Type in taking a key decision within the business:

•             Company Share Analysis from 2020-2022

•             Company Analysis by Revenue and Sales

•             Company Production Capacity, Gross Margin

•             Company Share Analysis by Card Type/Card Type

•             Company Share Analysis by Product/Specification