In 2017, the global Vanadium market was approximately 86.47 Kilotons and is expected to grow at the CAGR of 6.6% during the forecasted period 2019-2026.
Vanadium is a chemical element discovered by Andrés Manuel del Río and atomic number 23. Owing to its various properties such as ductile and malleable transition metal it has found a wide array of application in various sectors. Being a rare metal many companies are trying to formulate the metal artificially which will fulfill the demand across the globe.
The market research study on “Vanadium Market (By Application: Iron & Steel, Energy Storage, Chemical, Titanium Alloys) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 - 2026” offers a detailed outlook, strategic recommendations, and insightful viewpoints on the global Vanadium market. The report also analyzes the key players operating in vanadium market and identifies the key strategies deployed by them along with the market share of leading players. The global vanadium market is segmented as below:
Vanadium Market by Application
Vanadium Market by Geography
The global vanadium market is expected to grow at a CAGR of 6.6%. The compound is obtained via various production methods like primary and secondary. Approximately 18% of the vanadium is obtained from mining. Some of the driving factors of the global vanadium market includes increasing government schemes towards energy generation and rising demand for the wires and various types of alloys. The market is increasing at the rapid growth rate owing to the government incentives schemes, and standard shift in generation of energy to green technology. Vanadium may considered as a substitute for the metals used in manufacturing of wires. Moreover, there is an increase in demand for the market owing to the several factors including increasing energy prices, and growing concerns regarding energy consumption and emission, which may further propel the growth of the market.
However, being a rare metal continuous fluctuation in the prices may slow the market growth. In 2018, the vanadium prices was increased dramatically as the market moved into structural deficit. Reduction in the capacity, dwindling global inventories, introduction of new rebar regulations in China has affected the pricing of the metal across the globe.
On the basis of application the market is segmented into Iron & Steel, Energy Storage, Chemical, And Titanium Alloys.
Geographically, the global vanadium market is segmented into North America, Europe, China, Japan, Southeast Asia, India, South America, and Middle East and Africa.
Asia Pacific is estimated to be the fastest growing region during the forecast period owing to the lack of electricity in rural areas in emerging economies. The increasing investments by the manufacturers, well developed manufacturing sector, and low labor cost in this region drives the market in APAC. China is expected to dominate the APAC market owing to the presence of huge manufacturer.
Europe is experiencing a healthy growth during the forecast period. Proper government schemes including feed-in tariff (FIT) and financial support is driving the market in this region. The investments by the energy generation manufacturers coupled increasing demand for the wires and chemical from energy sector will propelling the growth of the vanadium market.
North America is expected to hold the major share for the market growth owing to the increasing demand for vanadium from various sectors, well developed industrial sector, and increasing government support. The demand is mainly increased because of the rising energy demand from industrial facilities including refining, metals, chemicals paper, and commercial facilities. U.S. and Mexico is expected to hold the major share in the North America market.
LAMEA is expected to witness the steady growth owing to the poor economic condition and less government support.
Some of the major players in the market are EVRAZ Group, Australian Vanadium Limited, Pangang Group Vanadium Titanium & Resources Co., Ltd., Bushveld Minerals Limited, Vanadium Corporation, and Largo Resources..