Market Definition:

Vanadium compound is significantly used as an alloying element in the iron & steel industry. For instance, in November 2019, JSW steel announced to ramp up the steel manufacturing capacity to 44–55 million tones per annum by 2030 to cater to the need of end-use industries. Its corrosion resistance property makes it ideal for application in the manufacturing of tubes and pipes used to carry chemicals. In addition, mixing titanium with vanadium and iron increases the durability and strength of the material used in the manufacturing of wind turbines.

Market Scenario and Growth Factors:

Vanadium Market Share was 88.23 kilotons in 2019 and is expected to register a CAGR of 6.8% during the review period. Moreover, the demand for vanadium in the energy sector is growing rapidly. It is considered as a superior substitute for lithium used in the manufacturing of batteries. The vanadium-based batteries are highly durable and hold immense energy storage capacity. For instance, in September 2019, Korea Advanced Institute of Science & Technology developed a new vanadium redox-flow battery (VRFB), which has high capacity retention and long durability.

Competitive Analysis:

The leading players in the global Vanadium Market include:

Williams & Company (US),
Bushveld Minerals (South Africa),
Atlantic Ltd (Australia),
AMG Advanced Metallurgical Group NV (The Netherlands),
Bear Metallurgical Company (US),
Hickman, Shenzhen Chinary Co., Ltd (China),
VanadiumCorp Resource Inc (Canada),
EVRAZ (UK),
Largo Resources Ltd (Canada),
Glencore (Switzerland),
Treibacher Industrie AG (Austria).
Market Segmentation:

The global vanadium market has been segmented on the basis of type, application, and region. By type, the global vanadium market has been divided into vanadium pentoxide, vanadium ferrovanadium, aluminum-vanadium alloys, vanadium chemicals, and others. The vanadium ferrovanadium segment held significant market share in 2019 and is projected to dominate in the coming years owing to the rise in the application in the iron & steel industry. The global market has been segmented based on application into chemical, energy storage, titanium alloys, and others. The high demand for iron & steel in the construction and automotive industries is expected to boost the growth of the segment in the coming years.

Regional Analysis:

The Asia-Pacific market is expected to register a healthy CAGR during the forecast period owing to high public and private sector investments in the construction industry. The economic development and urbanization, particularly in India, Philippines, China, and Indonesia has influenced the spending in infrastructure sectors of power, water, telecommunications, and transportation. The North American market is led by the US construction industry growing at a CAGR of 5% in 2019. The growth is driven by the increase in construction activities such as roads and bridges. In North America, South and West regions are expected to register a CAGRs of 6% and 5%, respectively. Thus, infrastructure development and increasing construction activities are likely to propel the growth of the global vanadium market growth during the review period.