Vanadium Market Description
Vanadium is a chemical element, silvery white in colour, a part of metal. Vanadium is an organic element that is hard, silver-greyish, malleable metal. This metal can be easily pressed and shaped without cracking and breaking. This is a very rare element naturally to be found. This element is predominantly used in making nuclear reactors as they possess low neutron absorbing property. The alloys obtained from this element is also used to make rigid tools such as armour plates, springs, axles and car gears. Moreover, the vanadium is also used as a supplement to treat heart diseases, diabetes, syphilis, tuberculosis and edema.
Vanadium Market Overview
The Vanadium Market is expected to witness a substantial upturn with a CAGR of 6.1% during the forecasted period of 2022 to 2030. As per experts, the Vanadium Market is expected to witness a significant growth by 2030. Vanadium Market was valued at USD 4 billion in 2021; however, it is anticipated to amplify at a noteworthy progress of USD 12.5 billion by the year 2030.
Increasing implementation of vanadium in steel manufacturing and automotive industries, along with its rising usage in electric wires are the factors influencing the market. In addition to this, vanadium is also used in medical sector for treating chronic diseases such as COPD, and syphilis, which is positively impacting the market.
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Moreover, the rising use of vanadium to make nuclear reactors owing to its low neutron absorbing property is adding momentum to the growth. Additionally, growing demands for renewable energy resources coupled with governments grants in support of the same are influencing the market.
Growing health concern due to improper for consumption twined with rising pollution is contributing to the rise in chronic disorders among the population. This factor is influencing the market growth. Widespread developments in aerospace applications is aiding to the growth of market, as vanadium is extensively being used in aerospace applications, this is due to advantages offered by vanadium such as low density, high strength, high temperature resistant etc.
Market Segmentation
The Vanadium Market is segmented into Type and Application.
Type
The market is further segmented on Product Type as
- Vanadium Pentoxide
- Vanadium Chemicals
- Vanadium Ferrovanadium
- Aluminium-Vanadium Alloys
- Others
Application
The market is further segmented into Application as
- Iron & Steel
- Titanium Alloys
- Chemical
- Energy Storage
- Others
The iron and steel segment is expected to display a notable rise during the forecasted timeline ascribing to the ability of vanadium to enhance the strength and reduce overheating of iron and steel.
Regional Analysis
Based on the regional analysis the market covers regions such as North America, Europe, Middle East & Africa, Asia Pacific, and Latin America. Asia Pacific is marked as dominant region and is expected to remain the same during the forecasted period reason being prevalence of significant market players, prosperous steel industry and varied industrialization.
Market Key players
The key players of a market comprise of investors and intermediaries. Businesses are analysing the process that identifies direct competitors to accomplish their mission and vision. Many leading corporations are undertaking acquisitions and development activities to sustain the competition. The market is highly competitive and has witnessed growing competition between vendors. Some of the key players are Australian vanadium Limited, Bushveld Minerals, EVRAZ plc, LARGO Resources Limited, Vanadium Corp. Resource Inc., AMG advanced Metallurgical Group N.V, Angang Steel Co. Ltd., Gelncore, HBIS group, Treibacher Industires AG, Atlantic, Tremond Metals Corp., Yilamaden, and Jayesh.
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