Vanadium Market Surpass $56 Billion By 2026 | CAGR 6.6%

Author: Acumen Research and Consulting

According to a new report published by Acumen Research and Consulting titled Vanadium Market (By Application: Iron & Steel, Energy Storage, Chemical, Titanium Alloys) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 - 2026”, the global market for vanadium is estimated to grow at a robust rate and reach a market value of more than $56 billion by 2026. Vanadium was discovered by Andrés Manuel del Río in 1801. Vanadium is a metallic element with atomic number 23 and symbol V. It is a silverygrey,hard, malleable and ductiletransition metal. This metal is rarely present in the natural habitat, although, once isolated synthetically, the development of an oxide coating stabilizes the free ions of this metal against further corrosion.

China is the largest producer of vanadium in the world. The total output of Chinese vanadium exceeded 84,000 tons in 2017. China accounts for more than 57% share of the global vanadium production which exhibited more enthusiasm for Chinese players'. Increasing demand for vanadium across several end use industries such as batteries, chemical usage as well as alloy production is a major aspect driving the global vanadium market. In addition, increasing investments by several governments to focus on deploying vanadium redox batteries across energy storage stations is another key aspect bolstering the demand for the global vanadium market.

Demand and Supply Pressures Creating a Perfect Storm

The demand for vanadium is currently exceeding supply and thus the overall vanadium demand is anticipated to show positive trends throughout the forecast period. Tightening inventories across the globe as well as increasing mining shut downs coupled with tightening environmental norms across the major vanadium producing countries is one of the key factor creating pressure on the suppliers. This is further anticipated to lead to a price decline over the forecast period. Although, several vanadium producers are now opting sophisticated technologies to render cost efficient practices. China is expected to be a major vanadium supplier till the end of the forecast period.

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Vanadium in exploration:

The drop in the prices of iron ore has resulted in an unwitting emergence in vanadium. Vanadium is majorly produced as a by-product during the production of steel. The shut down of several vanadium producing sites has resulted in a 10% decline in the overall supply in the past few years. However, increasing capacities especially in China is a key element which is expected to balance the demand and supply. Also, several key producers of vanadium are investing heavily in the exploration of vanadium across the untapped areas. This is expected to bring a relief in the global vanadium industry.

Increasing number of energy storage units across the globe is one key aspect which is anticipated to augment the overall demand for vanadium over the coming years. Energy storage companies are focusing on deploying vanadium batteries to extract maximum output and to achieve cost effectiveness in terms of installation and maintenance of batteries. Several vanadium redox battery manufacturers are also looking out to deploy these batteries in automobiles to achieve more profits and less maintenance. Some of the key investors in the global vanadium industry are majorly focusing on procuring fine vanadium to apply across several end use industries. The decoupling of vanadium especially through integrated iron ore manufacturers portray a lucrative opportunity for the vanadium exploration giants to target multi product deposits. This trend is established in the rising number of pureplay vanadium undertakings across the globe.

Some of the major companies operating in the global vanadium market include Australian Vanadium Limited, EVRAZ Group, Bushveld Minerals Limited, Pangang Group Vanadium Titanium & Resources Co., Ltd., Largo Resources and Vanadium Corporation among others. These players are focusing on key market strategies such as mergers and acquisitions with local and domestic players to increase their hold and reach across the global and diverse vanadium market. However, the market giants hold a major chunk of the pie due to industry consolidation. The energy storage segment is projected to foresee a robust growth especially in the Asia-Pacific region. This is mainly due to increasing governmental projects as well as rising demand for high discharge rate batteries. Geographically, Asia-Pacific region is anticipated to foresee the fastest growth over the forecast period.

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