Global Vanadium Market: Information by Type (Vanadium Pentoxide, Vanadium Ferrovanadium, Aluminum-Vanadium Alloys, Vanadium Chemicals and others), Application (Iron & Steel, Chemical, Energy Storage, Titanium Alloys and others) and Region (North America, Europe, Latin America, Asia-Pacific and Middle East & Africa) - Forecast till 2028

Vanadium Market Overview

Vanadium Market is projected to be worth USD 4 Billion by 2028, registering a CAGR of 5% during the forecast period (2021 - 2028).Many impacts pave the way for the growth of the vanadium market. The main reason for the growth of the vanadium market is because of its beneficial properties like ductile and malleable transition metal which is used in many industries. It is found naturally in the fossil fuel deposit. China is the dominating country to produce vanadium.

It is expected that the growth of the vanadium market will be great in the future because of its uses in the automobile industry. To talk about its chemical nature its atomic number is 23 and which will be written as "V" in the chemical form. The colour of the Vanadium is like silver grey. Its nature is a hard, ductile and malleable transition metal. The vanadium is been produced as the secondary product of uranium mining or from the steel smelter slag and also from the flue dust of heavy oil.

COVID Analysis

Due to the spread of the pandemic across the globe, a lot of industries and sectors are facing loss because of the lack of transportation and shortage of labours. Then the spread of the pandemic has halted all the business and made people stay at their houses. Due to this even the industrial and the construction sector was halted due to the outbreak of the pandemic.

As china is dominating country in vanadium production, mainly for the construction, steel application. Due to the spread of the pandemic, everything was halted. It is expected that all the losses faced by the sectors are recovered in the upcoming years.

Market Dynamics

The steel sectors are the main driving force for the vanadium market revenue. And also the beneficiary acts of the vanadium is one of the main reason for the growth of the vanadium market value. Some of the beneficiary usages of the vanadium are, it is used as a supplement for medicine production to cure diabetics, pre-diabetics, low heart disease, blood sugar and also helps to maintain and improve athletic movements. In the forecasting period, the usage of vanadium in the automobile industry is expected to bring growth. Even the government schemes towards energy preservation and the increasing demand for the production and usage of the wires and different types of alloys are also expected to rise the growth of the vanadium market share.

Due to the increase in the demand for the vanadium market, the investors are also planning to invest in the production of artificial vanadium. So that they can use this for the steel and automobile sectors. As the growth of vanadium in many sectors paves the way for the growth of the vanadium market size. The increase in the use of Vanadium in aerospace is also expected to increase the growth opportunity of the vanadium market.

In recent days even government schemes have also preserved the vanadium and increased the demand for the production of the vanadium because of its beneficiary activities.

Though there are many beneficiary reasons available in the use of the vanadium, still on the other side there are serious health effects such as kidney damage if it is consumed in large amounts. Even it is also unsafe for kids to consume the vanadium. Though it is proved that it acts as the best solution for producing insulin and relieves from lowering the sugar level. But on the other side, it is expected to be toxic if it is consumed beyond the limit. So this fades away the vanadium market growth.

The main challenge is the fluctuation of the cost of the vanadium in recent days. This is also one of the challenges faced in the growth of the vanadium industry. The other challenging factor is the spread of the pandemic. The increase in the spread of the pandemic has caused the shutdown of all the sectors. So the manufacturing companies are facing the challenge to regain their market value again in the vanadium industry.

Cumulative growth analysis

The overall growth analysis of the Vanadium Market is great because of its growing needs. Even in recent times, the growth of the vanadium is tremendous as it is been used in the automobile, medical and construction industries. Here are some of the usages of the vanadium, used in the crankshafts, bicycle frames, axles, and acts like insulin, used for curing diabetics, and also used in aerospace. So the investors are interested in investing their money in the manufacture of vanadium.

Value chain analysis

The growth of the vanadium market is been good after the spread of the pandemic. but it is expected to reach a tremendous height in the forecasting period. Due to many beneficiary activities in using the vanadium, the government in many countries has approved schemes to increase the demand and also to increase the manufacturing rate. The main challenge is the fluctuation of the cost of the raw materials and the cost of the vanadium. And also it is not suggested to be over-consumed or consumed by kids because of its toxic nature. As this may lead to kidney failure.

Market segment overview

By grade type

By production process

By end-user

By application type

By region

North America

Latin America

Western Europe

Eastern Europe

Asia Pacific

The Middle East and Africa

Competitive landscape

The Vanadium Market has different competitors. They are also planning to develop their market value after the spread of the pandemic. Due to the increase in the demand for vanadium products in recent times because the sectors have increased their manufacturing units. Due to the demand, the key players are wishing to collaborate with other manufacturing companies. They are also developing their company’s market value by increasing the production value and delivering the product on time.

Global Vanadium Market Share, by Type 2019 (%)  

Source: MRFR Analysis

Regional analysis

The Vanadium Market is been used in many regions, some of the main regions are the Asia Pacific, Europe, North America.

To talk about the major players of the vanadium market in the Asia Pacific region. This is because the countries like Japan, India, China are some of the top countries to produce and consume the vanadium for the steel industry. They also develop their market value by using many strategies.

North America is the growing country of the vanadium market, they are trying to produce and consume the vanadium in different sorts of countries. North America is expected to reach its growth in the forecasting period.

Other regions like the Europe, South America, South Africa is expected to increase their manufacturing and consumption value in the future.

Key players

Recent developments