The Vanadium Ore Global Market Report 2023 by The Business Research Company, provides vanadium ore market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.
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According to The Business Research Company’s Vanadium Ore Global Market Report 2023, the market size is expected to grow from $2.78 billion in 2022 to $2.97 billion in 2023 at a compound annual growth rate (CAGR) of 6.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the vanadium ore is expected to grow from $3.76 billion in 2027 at a CAGR of 6.1%.
The increasing use of Vanadium in automobile industry will drive the vanadium ore mining market. The use of vanadium alloy for manufacturing automobile parts will reduce their weight and increases their fuel efficiency.
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The vanadium ore market is segmented:
1) By Type: FeV40, FeV50, FeV60, FeV80
2) By Application: Iron and Steel, Chemical, Energy Storage, Other Applications
3) By End Use Industry: Automotive, Aerospace And Defense, Steel Industry, Other End Use Industries
The use of vanadium redox flow batteries (VRFB’s) for energy storage is an emerging trend market. This trend will drive a structural change in the vanadium ore mining market dominated by steel manufacturers. For example, in 2020, Nusaned Investment, a Saudi Arabia-based investment company owned by SABIC, entered in joint venture with, Germany-based technology group, SCHMID Group to focus on manufacturing and technology development in the field of Vanadium Redox Flow Batteries (VRFB).
The vanadium ore market report table of contents includes:
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