What are the Historical Developments and Current Growth Metrics of the Vanadium Market?
The vanadium market has seen considerable growth due to a variety of factors.
• In recent years, there has been a significant increase in the vanadium market size. It is predicted to expand from $2.47 billion in 2024 to $2.62 billion in 2025, with a compound annual growth rate (CAGR) of 6.1%.
The prior growth can be linked to factors such as steel and alloy manufacturing, advancements in battery technologies, urbanization and infrastructure development, as well as the rise of renewable energy.
What is the Forecasted Market Size and CAGR for the Vanadium Market?
The vanadium market is expected to maintain its strong growth trajectory in upcoming years.
• It's anticipated that the size of the vanadium market will experience considerable growth in the coming years, with projections estimating it to reach $3.28 billion by 2029, growing at a compound annual growth rate (CAGR) of 5.8%.
The growth expected in the forecast period is largely tied to factors such as the transition to green energy, e-mobility, infrastructure investments, and space exploration initiatives. Key trends predicted for the forecast period encompass activities like vanadium recycling, the introduction of vanadium nitride batteries, the use of vanadium in aerospace, and the integration of energy storage.
What Key Factors and Trends Are Driving The Growth Vanadium Market?
The rising trend of large-scale energy storage technologies is projected to contribute to the expansion of the vanadium market. Energy storage technologies serve to retain energy to be used later, enabling power supply and demand equilibrium, providing power backup during downtime, and storing energy for mobility or diverse applications. These technologies use vanadium in products such as vanadium redox flow batteries (VRFBs), which facilitate substantial energy storage and release on a long-term basis. For instance, a report by the International Energy Agency (IEA), an autonomous organization based in France, stated that as of July 2023, total installed grid-scale battery storage capacity was nearly 28 GW by end of 2022, marking a growth of over 75% from 2021, with about 11 GW of storage capacity added. Moreover, the installed grid-scale battery storage capacity is expected to surge 35-fold to nearly 970 GW between 2022 and 2030. Consequently, the evolution of large-scale energy storage technologies is likely to fuel the vanadium market.
Vanadium Market Driver: Growth of Steel Production Stimulating the Market Expansion
What Are The Market Segments In The Vanadium Market?
The vanadium market covered in this report is segmented –
1) By Type: Vanadium Pentoxide, Vanadium Ferrovanadium, Aluminum-Vanadium Alloys, Vanadium Chemicals, Other Types
2) By Production Process: Aluminothermic Reduction Technique, Silicon Reduction Technique
3) By Application: Iron And Steel, Chemical, Titanium Alloys, Other Applications
4) By End-user: Automotive, Chemical, Energy Storage, Other End-Users
Subsegments:
1) By Vanadium Pentoxide: Chemical Grade, Metallurgical Grade
2) By Vanadium Ferrovanadium: Low-Vanadium Ferrovanadium, High-Vanadium Ferrovanadium
3) By Aluminum-Vanadium Alloys: Aluminum-Vanadium Alloys with High Vanadium Content, Aluminum-Vanadium Alloys With Low Vanadium Content
4) By Vanadium Chemicals: Vanadyl Sulfate, Vanadium Chloride, Vanadium Trioxide
5) By Other Types: Vanadium Recovery Products, Vanadium Oxide
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How Are Emerging Trends Reshaping The Dynamics Of The Vanadium Market?
Key players in the vanadium market are concentrating their efforts on more innovative vanadium production strategies, including belt filter technology, in order to consolidate their market position. The belt filter is a unique system utilized in various separation processes of solids and liquids, most notably in the dewatering of sludges within the chemical industry. US Vanadium LLC, a U.S. company that specializes in the production of special vanadium chemicals, exemplified this in September 2022 when they set up an industrial Belt Filter plant. The installation brought about a notable increase in vanadium recovery rates, a reduction in operating costs, promoted recycling initiatives, and lessened the plant's total environmental footprint. Additionally, the innovative Belt Filter technology boosts the facility's vanadium recovery, with an added benefit of elevating the production of valuable vanadium products. This belt filter subsequently creates a relatively dry cake with a moisture content of just 5-6%, which can be repurposed across a range of industrial usages.
Who Are the Key Players In The Vanadium Market?
Major companies operating in the vanadium market are:
• Glencore PLC
• HBIS GROUP Co. Ltd.
• China Ansteel Group Corporation Limited
• EVRAZ PLC
• Essel Mining & Industries Limited
• Ferroglobe PLC
• Advanced Metallurgical Group (AMG) N.V.
• Largo Inc.
• Treibacher Industrie AG
• Bushveld Minerals Ltd.
• Gulf Chemical and Metallurgical Corporation
• Atlantic Ltd.
• JAYESH Group
• Hickman Williams & Company
• Angang Steel Co. Ltd.
• VanadiumCorp Resource Inc.
• Meta Materials Inc.
• Bear Metallurgical Company
• U.S. Vanadium Holding Company LLC
• Shenzhen Chinary Co. Ltd.
• Core Metals LLC
• YILMADEN HOLDING Inc.
• Tremond Metals Corp.
• Australian Vanadium Limited
• Otto Chemie Pvt Ltd.
What Are The Regional Insights Into The Vanadium Market?
Asia-Pacific was the largest region in the vanadium market in 2024. North America is expected to be the fastest-growing region in the forecast period. The regions covered in vanadium market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
