According to Organic Market Research, Global Vanadium Market Share was USD 2.74 billion in 2023 and the market is projected to touch USD 3.43 billion by 2032, at a CAGR of 3.0% during the forecast period. The Market is poised for substantial growth, with steel production, energy storage, and aerospace as key sectors. While challenges such as supply volatility exist, innovations in energy storage and the expansion of high-strength steel applications offer significant opportunities for the market’s future.
The Global Vanadium Market Size is experiencing significant growth due to increasing demand across various industries, particularly in steel production, energy storage, and aerospace. Vanadium is primarily used as a strengthening alloy in steel manufacturing, accounting for a substantial portion of its demand. The material’s unique properties, such as high tensile strength and corrosion resistance, make it indispensable in the construction, automotive, and aerospace industries.
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Market Segmentation
By Vanadium Type,
- Vanadium Pentoxide
- Vanadium Ferrovanadium
- Aluminum-Vanadium Alloys
- Vanadium Chemicals
- Others
By Grade Type
- FeV40
- FeV50
- FeV60
- Others
By Application
- Iron & Steel
- Chemical
- Titanium Alloys
- Others
By End-user
- Automotive Chemical
- Energy storage
- Others
Customization Scope
- Available upon request
Pricing
- Available upon request
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Key Players in the Market
The major players in the market are AMG, Aura Energy Ltd., Australian Vanadium Limited, Bushveld Minerals, EVRAZ plc, Glencore, HBIS Group, Largo Inc., Pangang Group Vanadium and Titanium Resources Co., Ltd., and Vanadium Resources Limited.
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