The Global Vanadium Trioxide Market Size accounted for USD 2.6 Billion in 2022 and is estimated to achieve a market size of USD 4.1 Billion by 2032 growing at a CAGR of 4.8% from 2023 to 2032.
Vanadium Trioxide Market Highlights
Vanadium trioxide is a black crystalline solid and slightly soluble in water. Naturally, vanadium trioxide occurs as the mineral karelianite, whereas, artificially, during the combustion of residual oils organovanadium compounds which are found in fuel oils and are oxidized & transformed into different vanadium compounds. It is a high-purity product and is used in a range of applications. Vanadium trioxide is commonly used as a catalyst in the production of other chemicals, gas processing, coloring compounds, and dye fixings. Along with this, it is used as an electrode in lithium-ion batteries and in the coating of carbon nanotubes. However, it is highly toxic if swallowed, inhaled, or absorbed through the skin. Vanadium trioxide ignites upon heating in air and undergoes slow air oxidation at room temperature.
Global Vanadium Trioxide Market Dynamics
Vanadium Trioxide Market Report Coverage
|Market||Vanadium Trioxide Market|
|Vanadium Trioxide Market Size 2022||USD 2.6 Billion|
|Vanadium Trioxide Market Forecast 2032||USD 4.1 Billion|
|Vanadium Trioxide Market CAGR During 2023 - 2032||4.8%|
|Vanadium Trioxide Market Analysis Period||2020 - 2032|
|Vanadium Trioxide Market Base Year||2022|
|Vanadium Trioxide Market Forecast Data||2023 - 2032|
|Segments Covered||By Purity Level, By Application, And By Geography
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||EVRAZ plc, Bushveld Minerals Limited, Largo Resources Ltd., AMG Advanced Metallurgical Group N.V., Atlantic Ltd., Panzhihua Iron and Steel (Group) Co., Ltd., VanadiumCorp Resource Inc., Vanchem Vanadium Products (Pty) Ltd., Tremond Metals Corp., and Vanadium One Iron Corp.
||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Covid-19 Analysis, Regulation Analysis|
Vanadium Trioxide Market Insights
The major market drivers include its growth in use particularly in the industrial catalytic sector. An increase in the use of vanadium trioxide in lithium-ion batteries is anticipated to drive the demand throughout the forecast period. Several companies and research organizations are involved in the research & development of vanadium trioxide which is driving the growth of the global vanadium trioxide market. This research & development activities related to vanadium trioxide are increasing the use of this component in novel applications. This, in turn, is projected to be one of the significant opportunities for key players in this market. The health hazards associated with the use of vanadium trioxides such as throat & eye infection and irritation to the skin are expected to hamper the market growth over the forecast period.
Vanadium Trioxide Market, By Segmentation
The worldwide market for vanadium trioxide is split based on purity level, application, and geography.
Vanadium Trioxide Purity Levels
According to vanadium trioxide industry analysis, technical grade vanadium trioxide has the largest market share in the vanadium trioxide market. This is primarily because vanadium trioxide is widely used as a component in the production of ferrovanadium alloy, which is used as an additive in steel production to improve steel strength and durability. Because it contains impurities and has a lower vanadium content, technical grade vanadium trioxide is typically less expensive than high-purity grade vanadium trioxide. It is, however, still appropriate for many steel production applications where significantly reduced purity is acceptable. Because the steel industry is a major end-use industry for vanadium trioxide, demand for technical grade vanadium trioxide remains high.
High-purity grade vanadium trioxide, on the other hand, has a higher purity level and is used in applications such as catalysts, ceramics, and high-performance batteries, but it may have a smaller market share than technical grade vanadium trioxide. This is because high-purity grade vanadium trioxide has relatively niche and specialised applications that may necessitate higher purity levels for optimal performance.
Vanadium Trioxide End-Users
According to the vanadium trioxide market forecast, the metallurgy application is expected to dominate the vanadium trioxide market in terms of demand and market share. Vanadium trioxide's largest end-use industry is metallurgy, where it is primarily used as a component in the production of ferrovanadium alloy. Ferrovanadium alloy is a critical component in the metallurgical industry because it is used as an additive in the steel production method to enhance the strength, toughness, and corrosion resistance of steel.
The petrochemical and superconducting industries are relatively niche and specialized, and their demand for vanadium trioxide is lower than that of the metallurgy industry. Vanadium trioxide is used as a catalyst in the petrochemical industry to produce maleic anhydride, which is used in the production of various chemicals and plastics. Vanadium trioxide is a material used in the production of high-temperature superconductors in the superconducting industry.
Vanadium Trioxide Market Regional Outlook
The Middle East & Africa
Vanadium Trioxide Market Regional Analysis
Asia-Pacific is a significant market for vanadium trioxide, owing to the growing steel industry in countries such as China, Japan, and South Korea. These are major steel producers and consumers, and vanadium trioxide is widely used as a component in the manufacture of ferrovanadium alloy for steel strengthening. Rapid industrialization, urbanization, and infrastructure development in Asia-Pacific are expected to drive steel demand, and thus vanadium trioxide demand, in the region.
Europe is a significant market for vanadium trioxide, with demand coming from a variety of end-use industries including steel, petrochemicals, and ceramics. European countries with well-established steel and chemical industries, such as Germany, France, and the United Kingdom, are major consumers of vanadium trioxide. Furthermore, Europe's emphasis on renewable energy and energy storage technologies is expected to drive demand for vanadium trioxide for use in high-performance batteries. North America is also a significant market for vanadium trioxide, owing to the steel industry and the expanding energy storage sector. Vanadium trioxide is a major consumer in the United States, with applications in steel production, petrochemicals, and batteries.
Vanadium Trioxide Market Players
Some of the top vanadium trioxide companies offered in the professional report include EVRAZ plc, Bushveld Minerals Limited, Largo Resources Ltd., AMG Advanced Metallurgical Group N.V., Atlantic Ltd., Panzhihua Iron and Steel (Group) Co., Ltd., VanadiumCorp Resource Inc., Vanchem Vanadium Products (Pty) Ltd., Tremond Metals Corp., and Vanadium One Iron Corp
The market size of vanadium trioxide was USD 2.6 Billion in 2022.
The CAGR of vanadium trioxide is 4.8% during the analysis period of 2023 to 2032.
The key players operating in the global vanadium trioxide market is includes EVRAZ plc, Bushveld Minerals Limited, Largo Resources Ltd., AMG Advanced Metallurgical Group N.V., Atlantic Ltd., Panzhihua Iron and Steel (Group) Co., Ltd., VanadiumCorp Resource Inc., Vanchem Vanadium Products (Pty) Ltd., Tremond Metals Corp., and Vanadium One Iron Corp.
Asia-Pacific held the dominating position in vanadium trioxide industry during the analysis period of 2023 to 2032.
Asia-Pacific region exhibited fastest growing CAGR for market of vanadium trioxide during the analysis period of 2023 to 2032.
The current trends and dynamics in the vanadium trioxide industry include growing demand for steel, increasing use as a catalyst, and advancements in energy storage technologies.
The technical grade held the maximum share of the vanadium trioxide industry.?