The global vanadium market size stood at USD 4.28 billion in 2023. The market revenue is anticipated to rise from USD 3.46 billion in 2024 to USD 4.89 billion by 2032, registering a CAGR of 4.4% from 2024 to 2032.
A naturally found metal in fossil fuel deposits and numerous minerals is vanadium. This metal is rapidly deployed in different industrial applications, such as the automotive, aerospace, and construction sectors. Rapid integration of vanadium in modern technology and infrastructure development due to exclusive properties is propelling market expansion.
Fortune Business Insights™ shares this information in its report titled “Vanadium Market Size Report, 2024-2032.”
Segments
Ferrovanadium Segment Led the Market due to a Rise in Automotive Production
By type, the market is classified into ferrovanadium, vanadium oxide, and vanadium metal. The ferrovanadium segment commanded the market due to increased construction activities and infrastructure improvement. A rise in automotive production is also predicted to fuel segment expansion in the coming years.
Rise in Construction Activities Fostered Steel Segment Expansion
In terms of application, the market is categorized into steel, alloys, chemicals, and batteries. The steel segment held the dominant vanadium market share due to a rise in construction activities. Surging product needs in the steel industry and an increase in automotive manufacturing are propelling market expansion in the region.
The global market is segmented based on region into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Report Coverage
The report has studied the market in depth and underlined several crucial aspects and leading market participants. It provides important insights into the recent market trends and key industry developments. In addition to the factors mentioned above, the report covers many other factors that have helped the market grow.
Drivers and Restraints
Growing Usage of Specialized Alloy Steels in Several Industries to Foster Market Growth
Increased vanadium adoption in different steel-grade production is attributed to its flexible properties. Rapid integration of this metal improves the steel’s resistance to corrosion, making it appropriate for applications demanding high-performance materials.
High-strength, low-alloy steels, which include products, provide outstanding strength-to-weight ratios, allowing lighter and stronger component production for the automotive and construction industries. Growing usage of specialized alloy steels in aerospace, heavy machinery, and construction industries and increasing modern engineering and manufacturing needs are bolstering the vanadium market growth.
However, the use of alternative materials and alloying elements is hindering market growth.
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Regional Insights
Asia Pacific Led the Market due to Surging Adoption of Sustainable Energy Solutions
Asia Pacific commanded the global market owing to the rapid deployment of renewable energy sources and energy storage solutions and increased development and usage of VRFBs in China. Surging adoption of sustainable energy solutions is fueling market growth in the region.
North America’s growth is propelled by the rapid adoption of high-strength steel in infrastructure projects. Increased preference for product-based alloyed steel in construction activities catalyzes regional market expansion.
Competitive Landscape
Increase in Development of New Product Applications by Leading Companies to Propel Market Growth
Bushveld Minerals, Ansteel Group Corporation Limited, EVRAZ plc, HBIS GROUP, and Glencore are some of the leading companies in the market. An increase in the development of new product applications, including energy storage, is paving the way for top manufacturers.
Key Industry Development
July 2023: Glencore made an offtake contract with an Australian battery material manufacturer, Neometals. According to this agreement, Novana, a subsidiary of Neometals, is expected to sell all its vanadium-bearing products from its Vanadium Recovery Project in Finland over five years.
List of Key Players Profiled in the Report:
Australian Vanadium Limited (Australia)
Bushveld Minerals (South Africa)
Ansteel Group Corporation Limited (China)
EVRAZ plc (U.K.)
HBIS GROUP (China)
Glencore (Switzerland)
Atlantic (Australia)
TREIBACHER Industrie AG (Austria)
YILMADEN HOLDING INC. (Turkey)
Hickman Williams & Company (U.S.)