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Vanadium Market Size, Emerging Trends, Market Opportunities, Key Players And Forecast To 2033
Vanadium Market Size
According to The Business Research Company's, the vanadium market size has grown strongly in recent years. It will grow from $2.32 billion in 2023 to $2.47 billion in 2024 at a compound annual growth rate (CAGR) of 6.5%. The growth in the historic period can be attributed to steel and alloy production, battery technologies, urbanization and infrastructure growth, renewable energy.
The vanadium market size is expected to see strong growth in the next few years. It will grow to $3.08 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%. The growth in the forecast period can be attributed to green energy transition, e-mobility, infrastructure investments, space exploration. Major trends in the forecast period include vanadium recycling, vanadium nitride batteries, vanadium in aerospace, energy storage integration.
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Market Drivers and Trends:
The expansion of large-scale energy storage technologies is expected to propel the growth of the vanadium market going forward. Energy storage technologies are systems that store energy for later use to smooth out fluctuations in energy supply and demand, to provide backup power during outages and to store energy for transportation or other applications. Vanadium is used in energy storage technologies like vanadium redox flow batteries (VRFBs) and enables storing and releasing large amounts of energy over long periods. For instance, in July 2023, according to a report published by the International Energy Agency (IEA), a France-based autonomous intergovernmental organization, total installed grid-scale battery storage capacity stood at close to 28 GW at the end of 2022 and installations increased by more than 75% over 2021, with roughly 11 GW of storage capacity installed. Furthermore, the installed grid-scale battery capacity for storage is predicted to expand 35-fold, almost 970 GW, between 2022 and 2030. Therefore, developing large-scale energy storage technologies will drive the vanadium market.
Major companies operating in the vanadium market are focused on innovative vanadium production techniques, such as belt filter technology, to strengthen their position in the market. Belt filter is an industrial system used for solid or liquid separation processes, particularly the chemical industry dewatering sludges. For instance, in September 2022, U.S. Vanadium LLC, a US-based manufacturer of a variety of specialty vanadium chemicals, installed an industrial Belt Filter plant that improved the facility's vanadium recovery rates, cut expenses for operation, increased recycling activities and reduced the plant's overall environmental impact. The new Belt Filter technology at the facility improves vanadium recovery and increases the production of valuable vanadium products. The belt filter produces a comparatively dry cake with only a 5-6% moisture level, which may be recycled in various industrial applications.
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
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Major Key Players of the Market:
Glencore PLC, HBIS GROUP Co. Ltd., China Ansteel Group Corporation Limited, EVRAZ PLC, Essel Mining & Industries Limited, Ferroglobe PLC, Advanced Metallurgical Group (AMG) N.V., Largo Inc., Treibacher Industrie AG, Bushveld Minerals Ltd., Gulf Chemical and Metallurgical Corporation, Atlantic Ltd., JAYESH Group, Hickman Williams & Company, Angang Steel Co. Ltd., VanadiumCorp Resource Inc., Meta Materials Inc., Bear Metallurgical Company, U.S. Vanadium Holding Company LLC, Shenzhen Chinary Co. Ltd., Core Metals LLC, YILMADEN HOLDING Inc., Tremond Metals Corp., Australian Vanadium Limited, Otto Chemie Pvt Ltd.
Vanadium Market 2024 Key Insights:
• The vanadium market size is expected to grow to $3.08 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%.
• Surging Demand For Large-Scale Energy Storage Powers Growth In The Vanadium Market
• Rising Focus Towards Product Advancement To Attain Maximum Revenues
• Asia-Pacific was the largest region in the vanadium market in 2023
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