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.
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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.
|Vanadium Market Size in 2023||US$ 46.2 Billion|
|Anticipated Market Value (2033)||US$ 105.4 Billion|
|Forecasted Market Growth Rate (2023 to 2033)||8.5% CAGR|
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.
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 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 :
- By Application :
- Iron & Steel
- Energy Storage
- Titanium Alloys
- By Region :
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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.
“Medical, automobile, and construction industries are driving high demand for vanadium. In addition, growing use of vanadium in axles, bicycle frames, and crankshafts is fueling opportunities for market players,”