123ArticleOnline Logo
Welcome to 123ArticleOnline.com!
ALL >> Business >> View Article

Vanadium Market Size, Share, Growth, Demand, Trends, And Regional Outlook By 2023

Profile Picture
By Author: Market Research Future
Total Articles: 175
Comment this article
Facebook ShareTwitter ShareGoogle+ ShareTwitter Share

Market Definition:
Vanadium compound is significantly used as an alloying element in the iron & steel industry. For instance, in November 2019, JSW steel announced to ramp up the steel manufacturing capacity to 44–55 million tones per annum by 2030 to cater to the need of end-use industries. Its corrosion resistance property makes it ideal for application in the manufacturing of tubes and pipes used to carry chemicals. In addition, mixing titanium with vanadium and iron increases the durability and strength of the material used in the manufacturing of wind turbines.

Market Scenario and Growth Factors:
Vanadium Market Size was 88.23 kilotons in 2019 and is expected to register a CAGR of 6.8% during the review period. Moreover, the demand for vanadium in the energy sector is growing rapidly. It is considered as a superior substitute for lithium used in the manufacturing of batteries. The vanadium-based batteries are highly durable and hold immense energy storage capacity. For instance, in September 2019, Korea Advanced Institute of Science & Technology developed a new vanadium redox-flow battery (VRFB), ...
... which has high capacity retention and long durability.

Competitive Analysis:
The leading players in the global Vanadium Market include:
Williams & Company (US),
Bushveld Minerals (South Africa),
Atlantic Ltd (Australia),
AMG Advanced Metallurgical Group NV (The Netherlands),
Bear Metallurgical Company (US),
Hickman, Shenzhen Chinary Co., Ltd (China),
VanadiumCorp Resource Inc (Canada),
EVRAZ (UK),
Largo Resources Ltd (Canada),
Glencore (Switzerland),
Treibacher Industrie AG (Austria).

Market Segmentation:
The global vanadium market has been segmented on the basis of type, application, and region. By type, the global vanadium market has been divided into vanadium pentoxide, vanadium ferrovanadium, aluminum-vanadium alloys, vanadium chemicals, and others. The vanadium ferrovanadium segment held significant market share in 2019 and is projected to dominate in the coming years owing to the rise in the application in the iron & steel industry. The global market has been segmented based on application into chemical, energy storage, titanium alloys, and others. The high demand for iron & steel in the construction and automotive industries is expected to boost the growth of the segment in the coming years.

Regional Analysis:
The Asia-Pacific market is expected to register a healthy CAGR during the forecast period owing to high public and private sector investments in the construction industry. The economic development and urbanization, particularly in India, Philippines, China, and Indonesia has influenced the spending in infrastructure sectors of power, water, telecommunications, and transportation. The North American market is led by the US construction industry growing at a CAGR of 5% in 2019. The growth is driven by the increase in construction activities such as roads and bridges. In North America, South and West regions are expected to register a CAGRs of 6% and 5%, respectively. Thus, infrastructure development and increasing construction activities are likely to propel the growth of the global vanadium market growth during the review period.

Browse key industry insights spread across 140 pages with 35 market data tables & 19 figures & charts from the report, “Vanadium Market: Information by Type (Vanadium Pentoxide, Vanadium Ferrovanadium, Aluminum-Vanadium Alloys, Vanadium Chemicals and others), Application (Iron & Steel, Chemical, Energy Storage, Titanium Alloys and others) and Region (North America, Europe, Latin America, Asia-Pacific and Middle East & Africa) - Forecast till 2024” in detail along with the table of contents @ https://www.marketresearchfuture.com/reports/vanadium-market-8054

Total Views: 209Word Count: 532See All articles From Author

Add Comment

Business Articles

1. Best Property Preservation Updating Services In Alabama
Author: RPR Services

2. Expansion Of Photoresist & Photoresist Ancillaries Market Will Remain Close To Being Stagnant Through 2025
Author: Jack Martin

3. 6 Easy Ways To Protect Your Home From Burglaries
Author: AYS System

4. Difc Investment Crowdfunding Business License - 10 Leaves
Author: Nitya

5. How To Find The Most Profitable On-demand Business With Uber Clone App
Author: Maria Smith

6. How Does The Uber Clone App Work? How Do I Choose The Best Uber Clone Script?
Author: Uber clone scipt

7. How To Obtain Fssc 22000 Certification In 5 Simple Steps
Author: John

8. Best Playschool Franchise - iris florets
Author: irisflorets

9. 2507 Super Duplex Round Bars
Author: chhajed alloys

10. Why Do Businesses Opt For Commercial Housekeeping Services?
Author: Tuskers India

11. Benefits Of Outsourcing Housekeeping Services
Author: Tuskers India

12. Specific Details Regarding Frp Pipes
Author: D CHEL OIL AND GAS

13. Why Are On-demand Home Services Apps The Next Big Thing In The Business World?
Author: Lilac Homier

14. Same Day Payday Loans For Cash Advance For Your Convenience
Author: Amy Jones

15. Specific Details Regarding Forged Circles And Forged Rings
Author: kanak metal & alloys

Login To Account
Login Email:
Password:
Forgot Password?
New User?
Sign Up Newsletter
Email Address: