Vanadium

Vanadium

Global Vanadium Market to Reach US$3.4 Billion by 2030

The global market for Vanadium estimated at US$2.7 Billion in the year 2023, is expected to reach US$3.4 Billion by 2030, growing at a CAGR of 3.5% over the analysis period 2023-2030. Iron & Steel Application, one of the segments analyzed in the report, is expected to record a 3.8% CAGR and reach US$1.6 Billion by the end of the analysis period. Growth in the Chemical Application segment is estimated at 3.1% CAGR over the analysis period.

The U.S. Market is Estimated at US$723.0 Million While China is Forecast to Grow at 6.7% CAGR

The Vanadium market in the U.S. is estimated at US$723.0 Million in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$700.8 Million by the year 2030 trailing a CAGR of 6.7% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 1.1% and 2.7% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 1.8% CAGR.

Global Vanadium Market - Key Trends and Drivers Summarized

Vanadium is a scarce, tough, and malleable gray-white element that typically occurs combined in specific minerals. It is primarily utilized to manufacture various alloys. Due to a protective oxide film that forms on its surface, vanadium exhibits excellent resistance to corrosion.. The most prominent driver is its use in the steel industry, where vanadium is added to steel alloys to enhance their strength, hardness, and resistance to corrosion and extreme temperatures. This is particularly important in the construction and automotive sectors, which demand materials that can ensure safety and durability. The infrastructure development boom in emerging economies, along with increasing automotive production, especially in electric vehicles where strong, lightweight materials are essential, continues to push demand for vanadium-enhanced steel alloys.

Another significant growth area for vanadium is in energy storage solutions, specifically vanadium redox flow batteries (VRFBs). These batteries are gaining traction in the renewable energy sector because they offer several advantages over traditional batteries, including longer lifecycle, ability to scale easily, and safety in terms of non-flammability. VRFBs are ideal for grid storage applications, necessary to balance the intermittent nature of renewable energy sources such as  solar and wind. With the global shift towards sustainable energy practices and the increase in utility-scale energy storage installations, demand for vanadium in this application is expected to surge, contributing to the metal`s market growth.

Technological advancements and innovations in extraction and processing methods are also vital trends shaping the vanadium market. Improved recovery methods have made it possible to extract vanadium more efficiently from various sources, including waste materials from steel mills and slag from coal. Environmental regulations and the push towards reducing industrial waste are further accelerating these technological innovations, making vanadium recovery more sustainable and cost-effective. As a result, these advancements not only increase the supply side of the vanadium market but also support its growth by promoting wider applications in various industries, ensuring a stable and potentially lower-cost supply chain.

Select Competitors (Total 32 Featured) -

• Australian Vanadium Limited
• Bushveld Minerals Limited
• EVRAZ PLC
• Largo Resources Ltd.
• VanadiumCorp Resource Inc.

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