Vanadium Market Forecast 2024-2033: Projected CAGR, Key Drivers, And Trends

Overview and Scope

Vanadium is a metallic element obtained from minerals as a light-gray powder with a silvery luster or as a ductile metal and they have low neutron-absorbing properties. Vanadium is often used as an alloying element in steel, imparting strength, toughness and corrosion resistance.

Sizing and Forecast

The vanadium market size has grown strongly in recent years. It will grow from $2.32 billion in 2023 to $2.47 billion in 2024 at a compound annual growth rate (CAGR) of 6.5%. The growth in the historic period can be attributed to steel and alloy production, battery technologies, urbanization and infrastructure growth, renewable energy.

The vanadium market size is expected to see strong growth in the next few years. It will grow to $3.08 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%. The growth in the forecast period can be attributed to green energy transition, e-mobility, infrastructure investments, space exploration. Major trends in the forecast period include vanadium recycling, vanadium nitride batteries, vanadium in aerospace, energy storage integration.

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Segmentation & Regional Insights

The vanadium market covered in this report is segmented –

1) By Type: Vanadium Pentoxide; Vanadium Ferrovanadium; Aluminum-Vanadium Alloys; Vanadium Chemicals; Other Types

2) By Production Process: Aluminothermic Reduction Technique; Silicon Reduction Technique

3) By Application: Iron And Steel; Chemical; Titanium Alloys; Other Applications

4) By End-user: Automotive; Chemical; Energy Storage; Other End-Users

Asia-Pacific was the largest region in the vanadium market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in vanadium market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

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Major Driver Impacting Market Growth

The expansion of large-scale energy storage technologies is expected to propel the growth of the vanadium market going forward. Energy storage technologies are systems that store energy for later use to smooth out fluctuations in energy supply and demand, to provide backup power during outages and to store energy for transportation or other applications. Vanadium is used in energy storage technologies like vanadium redox flow batteries (VRFBs) and enables storing and releasing large amounts of energy over long periods. For instance, in July 2023, according to a report published by the International Energy Agency (IEA), a France-based autonomous intergovernmental organization, total installed grid-scale battery storage capacity stood at close to 28 GW at the end of 2022 and installations increased by more than 75% over 2021, with roughly 11 GW of storage capacity installed. Furthermore, the installed grid-scale battery capacity for storage is predicted to expand 35-fold, almost 970 GW, between 2022 and 2030. Therefore, developing large-scale energy storage technologies will drive the vanadium market.

Key Industry Players

Major players in the vanadium market are Glencore PLC, HBIS GROUP Co. Ltd., China Ansteel Group Corporation Limited, EVRAZ PLC, Essel Mining & Industries Limited, Ferroglobe PLC, Advanced Metallurgical Group (AMG) N.V., Largo Inc., Treibacher Industrie AG, Bushveld Minerals Ltd., Gulf Chemical and Metallurgical Corporation, Atlantic Ltd., JAYESH Group, Hickman Williams & Company, Angang Steel Co. Ltd., VanadiumCorp Resource Inc., Meta Materials Inc., Bear Metallurgical Company, U.S. Vanadium Holding Company LLC, Shenzhen Chinary Co. Ltd., Core Metals LLC, YILMADEN HOLDING Inc., Tremond Metals Corp., Australian Vanadium Limited, Otto Chemie Pvt Ltd.

The vanadium market report table of contents includes: