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 2027

Market Synopsis

The global vanadium market was recorded at 88.23 kilo tons in 2017 and expected to register a CAGR of 6.1% during the forecast period. Vanadium is a chemical compound found naturally in fossil fuel deposits. Around 80% of vanadium produced is mixed with iron to make corrosion and shock resistance steel additive called ferrovanadium. This additive is used to make tools such as car gears, armor plates, piston rods, cutting tools, and axels. According to the United States Geological Survey (USGS), China produced around 43,010 metric tons of vanadium and Russia around 16,004 metric tons of vanadium by 2017. In November 2018, Largo Resources a mineral company announced to expand the vanadium mining capacity by 25% in Brazil.

The global demand for vanadium is directly related to the demand for steel. Ferrovanadium is significantly used in the production of steel and other alloys. The growing demand for steel in various applications in the automotive, construction, and manufacturing industries is expected to fuel the growth of the global vanadium market. Steel finds application in the manufacturing of automobile structures, panels, doors, engine blocks, gears, suspension, wheels, fuel tanks, steering, and braking systems. According to the International Organization of Motor Vehicle Manufacturers, 97.3 million vehicles were manufactured in 2017, a 2.36% increase as compared to 2016. Thus, the use of steel in the automotive industry is increasing as it helps to reduce the overall weight of the vehicle and enhance fuel efficiency. The World Steel Association reported that world crude steel production reached 1,680.1 million tons during 2017. China is the largest producer of steel accounting for about 48.2–50.3% of global production led by high infrastructure investments in China. Further, the Indian Bureau of Mines reported that the vanadium consumption in the iron & steel industry was 1,020 tons in 2015–2016, thus high consumption of steel is expected to drive the growth of the global market.

Key Players

Some of the prominent players in the global vanadium market are Atlantic Ltd (Australia), Bushveld Minerals (South Africa), AMG Advanced Metallurgical Group NV (The Netherlands), Bear Metallurgical Company (US), Hickman, Williams & Company (US), Treibacher Industrie AG (Austria), Shenzhen Chinary Co., Ltd (China), VanadiumCorp Resource Inc (Canada), EVRAZ (UK),  Largo Resources Ltd (Canada), and Glencore (Switzerland).

Global Vanadium Market Share, by Type 2019 (%)  

Source: MRFR Analysis

Regional Analysis

The global vanadium market has been studied across five key regions, namely Asia-Pacific, North America, Latin America, Europe, and the Middle East & Africa.

The growth of the Asia-Pacific market is mainly driven by high production of steel in countries such as China, Japan, India, and South Korea. The total production capacity of China and India is around 80% of Asia-Pacific, whereas South Korea 3% and Vietnam 2.1%. South Korea is highly investing in the research and development of vanadium-based batteries. The shifting trend toward electric vehicles is likely to drive the growth of the regional market for vanadium battery. Moreover, development in the Indian economy has fueled the automobile, infrastructure, industrial manufacturing and consumer durables industries in the country, which has significantly increased the demand for steel. Thus, the domestic steel industry grew in line to meet the steel demand to a modest capacity of 97.9 metric tons in 2019.

The growth of the European market is primarily driven by increasing production of automobiles. The World Steel Association reported that the steel production in the European Union was around 168.1 million tons in 2017. Russia produced 71.3 million tons of steel and Ukraine 22.7 million tons in 2019.

Market Segmentation

The global vanadium market has been segmented on the basis of type, application, and region. Based on type, the global vanadium market has been segregated into vanadium pentoxide, vanadium ferrovanadium, aluminum-vanadium alloys, vanadium chemicals, and others. The vanadium pentoxide segment is expected to register healthy CAGR owing to its increasing application in the steel industry. By application, the global market is divided into iron & steel, chemical, energy storage, titanium alloys, and others.

Intended Audience

• Vanadium miners


• Vanadium product manufacturers


• Traders and distributors of vanadium


• Research and development institutes


• Potential investors


• Raw material suppliers

Report Scope:

Report Attribute/Metric	Details
Market Size	2018: USD 88.23 Million 2027: Significant value
CAGR	6.1%(2017–2024)
Base Year	2019
Forecast Period	2020-2027
Historical Data	2018
Forecast Units	Value (USD Million)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	By Type, Application and Region
Geographies Covered	North America, Europe, Asia-Pacific, and Rest of the World (RoW)
Key Vendors	Atlantic Ltd (Australia), Bushveld Minerals (South Africa), AMG Advanced Metallurgical Group NV (The Netherlands), Bear Metallurgical Company (US), Hickman, Williams & Company (US), Treibacher Industrie AG (Austria), Shenzhen Chinary Co., Ltd (China), VanadiumCorp Resource Inc (Canada), EVRAZ (UK), Largo Resources Ltd (Canada), and Glencore (Switzerland).
Key Market Opportunities	The use of steel in the automotive industry is increasing
Key Market Drivers	The growing demand for steel in various applications in the automotive, construction, and manufacturing industries

Frequently Asked Questions (FAQ) :

---