Global Vanadium Ore Market Report 2021 - Opportunities And Strategies, Market Forecast And Trends
25 Oct, 2021
The vanadium mining market consists of sales of vanadium ores and concentrates and related services.
Global Vanadium Ore Market Size And Drivers:
The global vanadium ore market is expected to grow from $1.49 billion in 2020 to $1.6 billion in 2021 at a compound annual growth rate (CAGR) of 7.4%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The vanadium mining market is expected to reach $2.36 billion in 2025 at a CAGR of 10.2%. The increasing use of Vanadium in automobile industry will drive the Vanadium ore mining market.
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Trends In The Global Vanadium Ore Market
The use of vanadium redox flow batteries (VRFB's) for energy storage is an emerging trend market. This trend will drive a structural change in the vanadium ore mining market dominated by steel manufacturers. For example, in 2020, Nusaned Investment, a Saudi Arabia based investment company owned by SABIC, entered in joint venture with, Germany based technology group, SCHMID Group to focus on manufacturing and technology development in the field of Vanadium Redox Flow Batteries (VRFB).
Global Vanadium Ore Market Segments:
The global vanadium ore market is further segmented –
By Type: FeV40, FeV50, FeV60, FeV80
By Application: Iron & Steel, Chemical, Energy Storage, Others
By End Use Industry: Automotive, Aerospace And Defense, Steel Industry, Others
By Geography: The global vanadium ore market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa.
Read More On The Report For The Global Vanadium Ore Market At:
https://www.thebusinessresearchcompany.com/report/vanadium-ore-mining-global-market-reportVanadium Ore Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides vanadium ore market overviews, analyzes and forecasts market size and growth for the global vanadium ore market, vanadium ore market share, vanadium ore market players, vanadium ore market segments and geographies, vanadium ore market’s leading competitors’ revenues, profiles and market shares. The vanadium ore market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.