Rockville, March 13, 2023 (GLOBE NEWSWIRE) -- Fact.MR, a market research and competitive intelligence provider, reveals in its recently published research report that the global vanadium market is estimated to advance at a CAGR of 8.5% and reach US$ 105.4 billion by the end of 2033. Growing use of vanadium as an important metal in VRFBs (vanadium redox flow batteries), which are used for large-scale storage, is expected to stimulate product sales.
The steel industry is one of the prominent industries contributing to the growth of the vanadium market. Some of the uses of vanadium include its utilization as a supplement for the production of medicines used to cure pre-diabetes, diabetes, and heart disease. Moreover, these medicines are also used to improve and maintain athletic movements.
Demand for vanadium in the automobile industry is also predicted to increase over the forecasted period. Various government schemes for energy preservation along with the growing demand for the use and production of wires as well as different alloy types are also anticipated to fuel growth in the market.
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Based on the growing demand for vanadium, manufacturers are making huge investments in the production of artificial vanadium, which is projected to expand the market size. In addition, the increased use of vanadium in the aerospace industry is also generating growth opportunities for players in the target market.
Irrespective of multiple benefits, there are certain adverse effects of excessive utilization of vanadium, which can result in serious health issues such as kidney damage. Further, the consumption of vanadium is not safe for children. However, the use of vanadium to produce insulin acts as the best solution for people experiencing diabetes as it can lower blood sugar levels. In case of excessive consumption, it is estimated to be toxic. Thus, the demand for vanadium is expected to be negatively affected owing to its adverse health consequences for human beings. Furthermore, fluctuations in the prices of vanadium can also limit its adoption to some extent.
Key Takeaways from Market Study
- The market for vanadium stands at US$ 46.2 billion in 2023.
- The global vanadium market is set to expand at a noteworthy CAGR of 8.5% from 2023 to 2033.
- Sales of vanadium are projected to reach a market valuation of US$ 105.4 billion by the end of 2033.
- Demand for vanadium in Canada is anticipated to evolve at a CAGR of 7.7% through 2033.
- Sales of vanadium in Germany are forecasted to advance at a CAGR of 5.7% over the forecast period.
- The United States market is valued at US$ 11.7 billion in 2023.
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Competitive Landscape
Vanadium suppliers are increasing their expenditure on maintaining their product standards by using more efficient raw materials and incorporating advanced manufacturing technologies. In addition, supply chain management systems are strengthened to expand the product reach to global consumers.
Vanadium manufacturers are entering into collaborations and partnerships for new developments to provide quality products to end users while considering pricing trends.
For instance:
- In 2020, Nusaned, owned by SABIC (Saudi Basic Industries Corporation), which is an investment company based in Saudi Arabia, joined a project with SCHMID Group, which is a Germany-based technology group. These companies are together concentrating on technology development and production of VRFB (Vanadium Redox Flow Batteries).
Key Market Players
- Australian Vanadium Limited
- VanadiumCorp Resource Inc.
- Bushveld Minerals Limited
- Largo Resources Ltd.
- EVRAZ PLC
- China Ansteel Group Corporation Limited
- HBIS GROUP
- Tremond Metals Corp
Segmentation of Vanadium Industry Research
- By Grade:
- FeV40
- FeV50
- FeV60
- FeV80
- By Application:
- Iron & Steel
- Energy Storage
- Chemicals
- Titanium Alloys
- Others
- By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global vanadium market for the period from 2023 to 2033.
The study divulges essential insights into the market based on grade (FeV40, FeV50, FeV60, FeV80), application (iron & steel, energy storage, chemicals, titanium alloys, others), and across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).
Key Questions Covered in the Vanadium Market Report
- What will be the estimated size of the Market in 2023?
- At what rate will the global Vanadium sales grow until 2033?
- Which are the factors hampering the Vanadium demand?
- Which region will spearhead the growth in the global industry during 2023-2033?
- Which are the factors driving sales in the Vanadium Market during the forecast period?
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