According to a new report published by We Market Research, titled, “Vanadium Market,” The vanadium market was valued at $ 4,000 million in 2021, and is estimated to reach $ 12,500 Million by 2033, growing at a CAGR of 6.1% from 2023 to 2033.
Vanadium is referred to as a chemical element that is predominantly used to make nuclear reactors since they have a low neutron absorbing property. The alloys obtained from this element are also utilized to make rigid tools such as armor plates, springs, axles, and car gears, among others.
Moreover, vanadium supplements are used to treat heart diseases, diabetes, syphilis, tuberculosis, and edema. The rising adoption of vanadium in steel manufacturing and automotive industries and escalating usage of this element in electric wires are primarily augmenting the outlook of this market sphere.
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All the data that has been presented in report is extracted from authenticated sources to ensure their reliability. Surveys conducted related to current and prospective market conditions of Vanadium are strictly based on industry experts’ opinions. Report coverage is broad and spans from key market dynamics and regional analysis to company profiles and expert recommendations.
Growth driving and challenging factors are thoroughly examined to help readers focus on the most impactful aspects of growth. The study reveals a set of market growth constraints to provide sound knowledge about the existing and potential challenges to business growth, which would play an important role for Vanadium companies while strategy designing.
Regional Insights
North America, Europe, Middle East & Africa, Asia Pacific, and Latin America are the major regions constituting the geographical ambit of this business vertical. Among these, Asia Pacific is projected to capture a high revenue share of around 55%. China is the largest producer and consumer of vanadium in the world, accounting for the largest share in the global vanadium market. According to the United States Geological Survey (USGS), in 2020, China produced an estimated 44% of the world’s vanadium, followed by South Africa with 26%, and Russia with 15%.
China’s dominance in the vanadium market is attributed to its vast reserves of vanadium-bearing titaniferous magnetite ore and the country’s increasing demand for vanadium, primarily driven by its steel industry. Vanadium is used as an alloying agent in the production of steel, where it enhances the strength and durability of steel products. Additionally, vanadium is used in the production of batteries, mainly for grid-scale energy storage applications.
Type Insights
The Vanadium Pentoxide segment is poised to amass approximately 45% market share since Vanadium Pentoxide is a common form of vanadium used in the production of ferrovanadium, which is a major additive in the steel industry. Therefore, it can be assumed that Vanadium Pentoxide has a significant market share in the global vanadium market due to its importance in the steel industry.
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There has been a growing pervasiveness of chronic diseases such as diabetes, COPD, and syphilis. Factors such as unhealthy lifestyles, rising pollution levels, and improper diets of the masses have been primary contributors to the increasing prevalence of the mentioned disorders.
This in turn is escalating the demand for vanadium supplements in the healthcare sector. Vanadium is widely used in aerospace applications. This is attributable to the wide array of benefits offered by vanadium such as low density, high strength, and ability to maintain strength at high operating temperatures essential for materials used in aero-engine gas turbines and airframes.
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