-- Vanadium Market report performs systematic gathering, recording and analysis of data about the issues related to the marketing of goods and services and serves the businesses with an excellent market research report. The report provides intelligent solutions to the complex business challenges and commences an effortless decision-making process. The report analyses and evaluates the important industry trends, market size, market share estimates, and sales volume with which Materials & Packaging industry can speculate the strategies to increase return on investment (ROI). In the winning Vanadium Market document, the statistics have been represented in the graphical format for an unambiguous understanding of facts and figures.
Data Bridge Market Research analyses that the vanadium market was valued at USD 1.58 billion in 2021 and is expected to reach USD 2.48 billion by 2029, registering a CAGR of 5.80 % during the forecast period of 2022 to 2029.
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Market Definition
Vanadium is a chemical element with atomic number 23 and the symbol is V. Vanadium is a hard, ductile, rare grey-white element which has found in combined form with certain minerals and it is mainly used to produce certain alloys. Vanadium resists corrosion because it forms oxide and that oxide work as a protective film on the surface of other material.
Some of the major players operating in the vanadium market are:
- Australian Vanadium Limited (Australia)
- Bushveld Minerals (South Africa)
- EVRAZ (UK)
- Largo Inc (Canada)
- VanadiumCorp Resource Inc (Canada)
- AMG (Netherlands)
- China Ansteel Group Corporation Limited (China)
- Glencore (Switzerland)
- HBIS GROUP (China)
- Treibacher Industrie AG (Austria)
- Tremond Metals Corp (US)
- Yilmaden (Turkey)
- JAYESH (India)
- Core Metals LLC (US)
- Gulf Chemical and Metallurgical Corporation (US)
- Williams (US)
- Continental Precious Min (Canada)
- Ferroglobe (UK)
- Essel Mining & Industries Limited (India)
Vanadium Market Dynamics
Drivers
- Increase the use in automobile sector
Growing demand of Vanadium in automobile industry will expected to drive the Vanadium market. Vanadium alloy which is Ferro vanadium used for the manufacturing of automobile parts which will increases their fuel efficiency and reduce their weight. Vanadium reduces the overall weight of the system in the automobile industry.
- Huge demand in medical industry
Vanadium is used as a supplement in medicine for curing low blood sugar, pre-diabetes or diabetics, heart diseases, and also for improving athletic performance. Vanadium may work like an insulin, as there is evidence that it can upsurge the effect of insulin.
- Demand in vanadium redox flow batteries (VRFB)
The growth of vanadium redox flow batteries (VRFB) is due to their few advantages over other batteries which is including the ability to offer unlimited capacity for use in bigger storage tanks and the ability to be recharged through the placement of electrolyte and the ability to be discharged for long periods of time.
Opportunities
- Rise the demand in steel industry
The highest demand for vanadium is generated by the steel industry, and in current years there has been an augmented the interest in vanadium for possible application such as the production of vanadium redox batteries, the highest demand of vanadium will create beneficial opportunities for the market growth.
- Invested for the production of artificial vanadium
Rise in demand for the vanadium market has forced the investors for planning to invest in the production of artificial vanadium. So that they can use this artificial vanadium in the automobile and steel sectors. The growth of vanadium in several sectors create the path for the growth of the vanadium market. The rise in the use of vanadium in aerospace is also projected to rise the growth opportunity of the vanadium market.
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The vanadium market is segmented on the basis of grade type, production process, application and end-user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Grade Type
- FeV40
- FeV50
- FeV60
- FeV80
Production Process
- Aluminothermic Reduction Technique
- Silicon Reduction Technique
Application
- Iron and Steel
- Chemical
- Titanium Alloys
- Others
End User
- Automotive Chemical
- Energy Storage
- Others
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