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
Report Attributes | Description |
Market Size in 2022 | USD 4,000 Million |
Market Forecast in 2033 | USD 12,500 Million |
CAGR % 2023-2033 | 6.1% |
Base Year | 2022 |
Historic Data | 2020-2021 |
Forecast Period | 2023-2033 |
Report USP | Production, Consumption, company share, company heatmap, company production capacity, growth factors and more |
Segments Covered | Type, Application |
Regional Scope | North America, Europe, APAC, South America and Middle East and Africa |
Country Scope | U.S.; Canada; U.K.; Germany; France; Italy; Spain; Benelux; Nordic Countries; Russia; China; India; Japan; South Korea; Australia; Indonesia; Thailand; Mexico; Brazil; Argentina; Saudi Arabia; UAE; Egypt; South Africa; Nigeria |
Key Companies | Australian vanadium Limited, Bushveld Minerals, EVRAZ plc, LARGO Resources Limited, Vanadium Corp. Resource Inc., AMG Advanced Metallurgical Group N.V, Angang Steel Co. Ltd., Gelncore, HBIS group, Treibacher Industries AG, Atlantic, Tremond Metals Corp., Yilamaden, and Jayesh |
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
1.
Global Vanadium Market Introduction and
Market Overview
1.1. Objectives
of the Study
1.2. Vanadium Market Definition & Description
1.3. Global
Vanadium Market Scope and Market Estimation
1.3.1. Global
Vanadium Market Size, Revenue (US$ Mn), Market CAGR (%), Market forecast (2023-2033)
1.3.2. Global
Vanadium Market Revenue Share (%) and Growth Rate (Y-o-Y) from 2019-2033
1.4. Market
Segmentation
1.4.1. Type
of Global Vanadium Market
1.4.2. Application
of Global Vanadium Market
1.4.3. Region
of Global Vanadium Market
2.
Executive
Summary
2.1. Global
Vanadium Market Industry Trends
under COVID-19 Outbreak
2.1.1. Global
COVID-19 Status Overview
2.1.2. Influence
of COVID-19 Outbreak on Global Vanadium
Market Industry Development
2.2. Market
Dynamics
2.2.1. Drivers
2.2.2. Limitations
2.2.3. Opportunities
2.2.4. Impact
Analysis of Drivers and Restraints
2.3. Pricing
Trends Analysis & Average Selling Prices (ASPs)
2.4. Key
Mergers & Acquisitions, Expansions, JVs, Funding / VCs, etc.
2.5. Porter’s
Five Forces Analysis
2.5.1. Bargaining
Power of Suppliers
2.5.2. Bargaining
Power of Buyers
2.5.3. Threat
of Substitutes
2.5.4. Threat
of New Entrants
2.5.5. Competitive
Rivalry
2.6. Value
Chain / Ecosystem Analysis
2.7. PEST
Analysis
2.8. Russia-Ukraine
War Impacts Analysis
2.9. Economic
Downturn Analysis
2.10. Market
Investment Opportunity Analysis (Top Investment Pockets), By Segments & By
Region
3.
Global
Vanadium Market Estimates &
Historical Trend Analysis (2020 - 2022)
4.
Global
Vanadium Market Estimates & Forecast
Trend Analysis, By Type
4.1. Global
Vanadium Market Revenue (US$ Mn) Estimates and Forecasts, By Type, 2023 to 2033
4.1.1. Vanadium
Pentoxide
4.1.2. Vanadium
Chemicals
4.1.3. Vanadium
Ferrovanadium
4.1.4. Aluminium-Vanadium
Alloys
4.1.5. Others
5.
Global
Vanadium Market Estimates & Forecast
Trend Analysis, By Application
5.1. Global
Vanadium Market Revenue (US$ Mn) Estimates and Forecasts, By Installation, 2023
to 2033
5.1.1. Iron
& Steel
5.1.2. Titanium
Alloys
5.1.3. Chemical
5.1.4. Energy
Storage
5.1.5. Others
6.
Global
Vanadium Market Estimates & Forecast
Trend Analysis, By Region
6.1. Global
Vanadium Market Revenue (US$ Mn) Estimates and Forecasts, By Region, 2023 to
2033
6.1.1. North
America
6.1.2. Europe
6.1.3. Asia
Pacific
6.1.4. Middle
East & Africa
6.1.5. South
America
7.
North
America Vanadium Market: Estimates &
Forecast Trend Analysis
7.1. North
America Vanadium Market Assessments & Key Findings
7.1.1. North
America Vanadium Market Introduction
7.1.2. North America
Vanadium Market Size Estimates and Forecast (US$ Million) (2023 to 2033)
7.1.2.1. By Type
7.1.2.2. By Application
7.1.2.3. By
Country
7.1.2.3.1. The
U.S.
7.1.2.3.2. Canada
7.1.2.3.3. Mexico
8.
Europe
Vanadium Market: Estimates &
Forecast Trend Analysis
8.1. Europe
Vanadium Market Assessments & Key Findings
8.1.1. Europe
Vanadium Market Introduction
8.1.2. Europe
Vanadium Market Size Estimates and Forecast (US$ Million) (2023 to 2033)
8.1.2.1. By Type
8.1.2.2. By Application
8.1.2.3. By
Country
8.1.2.3.1. Germany
8.1.2.3.2. U.K.
8.1.2.3.3. France
8.1.2.3.4. Italy
8.1.2.3.5. Spain
8.1.2.3.6. Russia
8.1.2.3.7. Rest
of Europe
9.
Asia
Pacific Vanadium Market: Estimates &
Forecast Trend Analysis
9.1. Asia
Pacific Market Assessments & Key Findings
9.1.1. Asia
Pacific Vanadium Market Introduction
9.1.2. Asia
Pacific Vanadium Market Size Estimates and Forecast (US$ Million) (2023 to 2033)
9.1.2.1.
By Type
9.1.2.2. By Application
9.1.2.3. By
Country
9.1.2.3.1. China
9.1.2.3.2. Japan
9.1.2.3.3. India
9.1.2.3.4. Australia
9.1.2.3.5. South
Korea
9.1.2.3.6. ASEAN
9.1.2.3.7. Rest
of Asia Pacific
10. Middle East & Africa Vanadium Market: Estimates & Forecast
Trend Analysis
10.1. Middle
East & Africa Market Assessments & Key Findings
10.1.1. Middle
East & Africa Vanadium Market
Introduction
10.1.2. Middle
East & Africa Vanadium Market Size Estimates and Forecast
(US$ Million) (2023 to 2033)
10.1.2.1. By Type
10.1.2.2. By Application
10.1.2.3. By
Country
10.1.2.3.1. U.A.E.
10.1.2.3.2. Saudi
Arabia
10.1.2.3.3. Egypt
10.1.2.3.4. South
Africa
10.1.2.3.5. Rest
of Middle East & Africa
11. South America Vanadium Market: Estimates & Forecast
Trend Analysis
11.1. South
America Market Assessments & Key Findings
11.1.1. South
America Vanadium Market Introduction
11.1.2. South
America Vanadium Market Size Estimates and Forecast (US$ Million) (2023 to 2033)
11.1.2.1. By Type
11.1.2.2. By Application
11.1.2.3. By
Country
11.1.2.3.1. Brazil
11.1.2.3.2. Argentina
11.1.2.3.3. Colombia
11.1.2.3.4. Rest
of South America
12. Competition Landscape
12.1. Global
Vanadium Market Competition Matrix & Benchmarking, by Leading Players /
Innovators / Emerging Players / New Entrants
12.2. Global
Vanadium Market Concentration & Company Market Shares (%) Analysis, 2022
13. Company Profiles
13.1. Australian vanadium Limited
13.1.1. Company
Overview & Key Stats
13.1.2. Financial
Performance & KPIs
13.1.3. Product
Portfolio
13.1.4. Business
Strategy & Recent Developments
* Similar details would be provided for all the
players mentioned below
13.2. Bushveld Minerals
13.3. EVRAZ plc
13.4. LARGO Resources Limited
13.5. Vanadium Corp. Resource Inc.
13.6. AMG Advanced Metallurgical Group N.V
13.7. Angang Steel Co. Ltd.
13.8. Glencore
13.9. HBIS group
13.10. Treibacher Industries AG
13.11. Atlantic
13.12. Tremond Metals Corp.
13.13. Yilamaden
13.14. Others**
14. Research Methodology
14.1. External
Transportations / Databases
14.2. Internal
Proprietary Database
14.3. Primary
Research
14.4. Secondary
Research
14.5. Assumptions
14.6. Limitations
14.7. Report
FAQs
15. Research Findings & Conclusion
We Market Research senior executive is assigned to each consulting engagement and works closely with the project team to deliver as per the clients expectations.
Market Research Process
We Market Research monitors 3 important attributes during the QA process- Cost, Schedule & Quality. We believe them as a critical benchmark in achieving a project’s success.
One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached We Market Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).
The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research
The second stage involved primary research in which several market players and automotive parts suppliers were contacted to study their viewpoint concerning the development of their market and production capacity, clientele, and product line. This stage concluded in a brief understanding of the competitive ecosystem and also glanced through the strategies and pricing of the companies profiled.
In the final stage of the study, market forecasts for the electric utility were derived using multiple market engineering approaches. This data helped the client to get an overview of the market and accelerate the process of investment.
Business process outsourcing, being one of the lucrative markets from both supply- and demand- side, has appealed to various companies. One of the prominent corporations based out of Japan approached us with their requirements regarding the scope of the procurement outsourcing market for around 50 countries. Additionally, the client also sought key players operating in the market and their revenue breakdown in terms of region and application.
Business Solution
An exhaustive market study was conducted based on primary and secondary research that involved factors such as labor costs in various countries, skilled and technical labors, manufacturing scenario, and their respective contributions in the global GDP. A comparative study of the market was conducted from both supply- and demand side, with the supply-side comprising of notable companies, such as GEP, Accenture, and others, that provide these services. On the other hand, large manufacturing companies from them demand-side were considered that opt for these services.
Conclusion
The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2033.
}})
Only Four Thousand Seven Hundred Fifty US dollar
Only Five Thousand Seven Hundred Fifty US dollar
Only Seven Thousand Seven Hundred Fifty US dollar