Vanadium Market
Vanadium Market Analysis, By Grade (FeV40, FeV50, FeV60, FeV80), By Application (Iron & Steel, Energy Storage, Chemicals, Titanium Alloys, Others), and Region – Global Market Insights 2023 to 2033
Analysis of Vanadium Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
FREE CustomizationVanadium Market Growth Outlook (2023 to 2033)
The global vanadium market stands at a valuation of US$ 46.2 billion in 2023 and is anticipated to reach US$ 105.4 billion by the end of 2033. According to Fact.MR, worldwide sales of vanadium are predicted to rise rapidly at a CAGR of 8.5% from 2023 to 2033.
Vanadium is a chemical element with the symbol V and atomic number 23. It is a hard, rare grey-white, and ductile element, which is found in combination with various other minerals. It is widely used for manufacturing certain alloys, including titanium alloys, steel alloys, and iron alloys.
Vanadium resists corrosion due to its ability to form an oxide and the same oxide can work as a protective film on surfaces of different materials. Vanadium naturally occurs in the environment in fossil fuel deposits and around 65 minerals. Vanadium is produced from the steel smelter slag or as a secondary product of uranium mining. In addition, flue dust of heavy oil is also used in the production of vanadium.
- China and Russia are prominent producers of vanadium from steel smelter slag. Other global countries produce vanadium directly from magnetite, from the flue dust of heavy oil, and as a by-product of uranium mining.
Vanadium pentoxide is a noticeable industrial vanadium compound, which is utilized as a catalyst for the production of sulfuric acid. The use of vanadium redox flow batteries for the storage of energy can also become an important application over the coming 10 years.
The global industry is expected to exhibit remarkable growth over the forecast period due to the rising use of vanadium in the automobile industry. As a malleable and ductile transition metal, it is used in numerous industries. It is also widely used in fossil fuel deposits.
The rising use of vanadium in different end-use industries, including medical, automotive, and construction are contributing to its increased sales. Crankshafts, axles, bicycle frames, etc. are some popular areas where vanadium is used.
As per this recently published research report by Fact.MR, a provider of market research and competitive intelligence, the global market is expected to grow rapidly due to the beneficial properties of vanadium. Growth drivers, regional analysis, restraints, novel opportunities, import and export analysis, production–consumption analysis, technological advancements, and pricing analysis are included in the research report.
| Report Attributes | Details |
|---|---|
| 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 |
| Canada Market Growth Rate (2023 to 2033) | 7.7% CAGR |
| Germany Market Growth Rate (2023 to 2033) | 5.7% CAGR |
| Key Companies Profiled | Australian Vanadium Limited; VanadiumCorp Resource Inc.; Bushveld Minerals Limited; Largo Resources Ltd.; EVRAZ PLC; China Ansteel Group Corporation Limited; HBIS GROUP; Tremond Metals Corp |
Which Factors are Expected to Stimulate the Sales of Vanadium Globally?
“Increasing Use of Vanadium in Automobile Industry”
Vanadium is being utilized at an increased rate in the automobile industry. Vanadium alloy, which is ferro vanadium, is utilized for the production of automobile parts to reduce their weight and increase their fuel efficiency. It is capable to reduce the overall weight of the automobile system.
“Growing Demand from the Medical Industry”
Vanadium is widely used as a supplement to medicine to cure heart diseases, diabetes, pre-diabetes, and low blood sugar. In addition, it is also used to improve the performance of athletes. Sometimes, it also works as an insulin due to proven shreds of evidence of its ability to upsurge the impact of insulin in the human body.
“Increasing Demand for Vanadium Redox Flow Batteries (VRFB)”
Increasing demand for vanadium redox flow batteries is due to their advantages compared to other batteries. They are capable of providing unlimited capacity and can be recharged through electrolyte placement. The battery of VRFBs lasts longer than other batteries. All these factors are predicted to contribute to the rising demand for VRFBs around the world.
“Rising Demand for Vanadium in Steel Industry”
In recent years, the steel industry has been largely contributing to sales of vanadium. When vanadium is used in steel, it results in an increased affinity with oxygen, nitrogen, and carbon. It can also produce stable compounds in steel with the use of these materials.
Vanadium exists mainly in steel due to its function of refining grains and the structure of steel, which increases the toughness and strength of the end product. Further, vanadium is also used in steel to reduce its sensitivity in case of overheating.
“Increased Expenditure on Production of Artificial Vanadium”
Investors, in recent years, have been investing at an increased rate to meet the rising demand for vanadium across the globe. They are spending on the manufacture of artificial vanadium. This newly produced vanadium can be utilized in the steel and automobile sectors. Moreover, the aerospace industry is also contributing to substantial demand for artificial vanadium.
Which Factors are Restraining the Sales Growth of Vanadium?
“Implementation of Stringent Regulations for Environmental Protection”
Vanadium deposition into the environment is increasing continuously, which is expected to increase harmful discharges in the human environment. These vanadium-rich by-products such as steel slags and ash are estimated to contribute to the increasing waste incineration.
Countries around the world are executing environmental protection regulations and strategies to decrease the toxic effects of vanadium on the environment. Manufacturers of vanadium need to make additional investments to match these regulations for minimal environmental impact, which are projected to limit opportunities for market players.
“Serious Health Effects and Price Fluctuations of Vanadium”
Although vanadium is beneficial for human beings, some serious health effects such as kidney damage in case of excessive consumption can adversely impact human health. It is not safe for kids to consume vanadium but it is medically proven that vanadium is the best solution to relieve lower levels of sugar and produce insulin. However, in case of excessive consumption, it can also become toxic.
The constant fluctuations in the price of vanadium are also serving as one of the major challenges limiting its adoption. Thus, these factors are expected to negatively affect sales of vanadium.
How is the Vanadium Market Performing at a Regional Level?
“Asia Pacific Generating Substantial Revenue Opportunities”
Asia Pacific is expected to hold a dominating position in the global market in terms of revenue share. This is owing to the rising demand for vanadium across the region. Among other regional countries, Japan is estimated to hold the leading position as a consumer of vanadium. Moreover, the well-developed steel industry in Japan is also anticipated to generate lucrative opportunities for market players.
“Rising Demand for Vanadium from the Construction Industry in North America”
North America is predicted to grow at a fast pace over the coming 10 years. Increased sales of vanadium in North America are due to its growing demand from the construction industry. It can be used alone as well as in combination with other alloys to strengthen steel plates for different box girders and different types of bridges.
Vanadium is added to steels, which are designed to resist earthquakes and fire. In addition, it is also employed for strengthening steel to reduce corrosion.
Country-wise Insights
What Opportunities are Present for Vanadium Suppliers in Japan?
“Rapid Growth in Steel Industry Fueling Demand for Vanadium”
- Sales of vanadium are estimated to increase at a steady CAGR of 4.9% in Japan from 2023 to 2033.
Noteworthy growth in the steel industry in Japan can further lead to the rising demand for vanadium. In addition, vanadium suppliers from Japan are using several strategies to generate leads and enhance their sales.
Which Factors are Driving Sales of Vanadium in the United States?
“Increasing Initiatives to Produce Vanadium in the Country”
- Demand for vanadium in the United States was US$ 11.7 billion in 2022.
Growth in the demand for vanadium in the United States is due to efforts taken by manufacturers to increase their sales in the target market.
- The Canada market is forecasted to progress at a CAGR of 7.7% over the forecast period.
Which European Country is Expected to Hold Major Revenue Share?
“Germany to Be Prominent Market in European Region”
- The German market is projected to progress at a CAGR of 5.7% from 2023 to 2033.
Germany is one of the few countries in Europe that is generating higher demand for vanadium with the growing steel industry. Further, increasing manufacturing and utilization of vanadium, in Germany, are estimated to contribute to its higher sales.
Category-wise Insights
Which Application Will Help Vanadium Companies Increase Their Sales Potential?
“Growing Use of Vanadium in Iron & Steel Companies”
Iron & steel, energy storage, chemicals, titanium alloys, and other applications of vanadium are propelling its demand around the world. Among these, the iron & steel segment is estimated to hold the leading position in the market. In recent years, the steel industry has been undergoing advancements, which are fueling demand for vanadium in the production of steel.
Vanadium can refine the structure of steel and increase its toughness, wear resistance, and strength. In the presence of vanadium, the hardenability of steel and its related products can be reduced.
Competitive Landscape
Vanadium suppliers are increasing their expenditure on maintaining their product standards by using more efficient raw materials and incorporating advanced manufacturing technologies. In addition, supply chain management systems are strengthened to expand the product reach to global consumers.
Vanadium manufacturers are entering into collaborations and partnerships for new developments to provide quality products to end users while considering pricing trends.
For instance :
- In 2020, Nusaned, owned by SABIC (Saudi Basic Industries Corporation), which is an investment company based in Saudi Arabia, joined a project with SCHMID Group, which is a Germany-based technology group. These companies are together concentrating on technology development and production of VRFB (Vanadium Redox Flow Batteries).
Companies in the vanadium market include Australian Vanadium Limited, VanadiumCorp Resource Inc., Bushveld Minerals Limited, Largo Resources Ltd., EVRAZ PLC, China Ansteel Group Corporation Limited, HBIS GROUP, and Tremond Metals Corp.
Segmentation of Vanadium Industry Research
-
By Grade :
- FeV40
- FeV50
- FeV60
- FeV80
-
By Application :
- Iron & Steel
- Energy Storage
- Chemicals
- Titanium Alloys
- Others
-
By Region :
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Table of Content
- 1. Executive Summary
- 2. Market Overview
- 3. Key Market Trends
- 4. Key Success Factors
- 5. Market Background
- 6. Global Market Volume (Units) Analysis 2018 to 2022 and Forecast, 2023 to 2033
- 7. Global Market - Pricing Analysis
- 8. Global Market Value Analysis 2018 to 2022 and Forecast, 2023 to 2033
- 9. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, by Grade
- 9.1 FeV40
- 9.2 FeV50
- 9.3 FeV60
- 9.4 FeV80
- 10. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, by Application
- 10.1 Iron & Steel
- 10.2 Energy Storage
- 10.3 Chemicals
- 10.4 Titanium Alloys
- 10.5 Others
- 11. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, by Region
- 11.1 North America
- 11.2 Latin America
- 11.3 Europe
- 11.4 East Asia
- 11.5 South Asia
- 11.6 Oceania
- 11.7 Middle East and Africa (MEA)
- 12. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033
- 13. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033
- 14. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033
- 15. South Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033
- 16. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033
- 17. Oceania Market Analysis 2018 to 2022 and Forecast 2023 to 2033
- 18. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033
- 19. Key and Emerging Countries Market Analysis 2018 to 2022 and Forecast 2023 to 2033
- 20. Market Structure Analysis
- 21. Competition Analysis
- 21.1 Australian Limited
- 21.2 VanadiumCorp Resource Inc.
- 21.3 Bushveld Minerals Limited
- 21.4 Largo Resources Ltd.
- 21.5 EVRAZ PLC
- 21.6 China Ansteel Group Corporation Limited
- 21.7 HBIS GROUP
- 21.8 Tremond Metals Corp
- 22. Assumptions and Acronyms Used
- 23. Research Methodology
List Of Table
Table 01: Global Market Volume (‘000 Units) Analysis and Opportunity Assessment 2018 to 2033, By Grade
Table 02: Global Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2033, By Grade
Table 03: Global Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2033, By Application
Table 04: Global Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2033, By Region
Table 05: North America Market Value (US$ Mn) Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
Table 06: North America Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2033, By Grade
Table 07: North America Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2033, By Application
Table 08: Latin America Market Value (US$ Mn) Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
Table 09: Latin America Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2033, By Grade
Table 10: Latin America Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2033, By Application
Table 11: Europe Market Value (US$ Mn) Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
Table 12: Europe Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2033, By Grade
Table 13: Europe Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2033, By Application
Table 14: South Asia Market Value (US$ Mn) Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
Table 15: South Asia Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2033, By Grade
Table 16: South Asia Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2033, By Application
Table 17: East Asia Market Value (US$ Mn) Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
Table 18: East Asia Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2033, By Grade
Table 19: East Asia Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2033, By Application
Table 20: Oceania Market Value (US$ Mn) Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
Table 21: Oceania Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2033, By Grade
Table 22: Oceania Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2033, By Application
Table 23: Middle East and Africa Market Value (US$ Mn) Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
Table 24: Middle East and Africa Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2033, By Grade
Table 25: Middle East and Africa Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2033, By Application
List Of Figures
Figure 01: Global Market Volume (in 000' Units) Analysis, 2018 to 2022
Figure 02: Global Market Volume Forecast (in 000' Units), 2023 to 2033
Figure 03: Pricing Analysis (US$) Per Grade, By Region, 2022
Figure 04: Pricing Analysis (US$) Per Grade, By Region, 2022
Figure 05: Global Market Value Analysis (US$ Mn), 2018 to 2022
Figure 06: Global Market Value Forecast (US$ Mn), 2023 to 2033
Figure 07: Global Market Absolute $ Opportunity, 2023 to 2033
Figure 08: Global Market Share Analysis (%), By Grade, 2023 to 2033
Figure 09: Global Market Y-o-Y Analysis (%), By Grade, 2023 to 2033
Figure 10: Global Market Attractiveness Analysis by Grade, 2023 to 2033
Figure 11: Global Market Share Analysis (%), By Application, 2023 to 2033
Figure 12: Global Market Y-o-Y Analysis (%), By Application, 2023 to 2033
Figure 13: Global Market Attractiveness Analysis by Application, 2023 to 2033
Figure 14: Global Market Share Analysis (%), By Region, 2023 to 2033
Figure 15: Global Market Y-o-Y Analysis (%), By Region, 2023 to 2033
Figure 16: Global Market Attractiveness Analysis by Region, 2023 to 2033
Figure 17: North America Market Value Share, By Grade, 2023 (E)
Figure 18: North America Market Value Share, By Application, 2023 (E)
Figure 19: North America Market Value Share, By Country, 2023 (E)
Figure 20: North America Market Value Analysis (US$ Mn), 2018 to 2022
Figure 21: North America Market Value Forecast (US$ Mn), 2023 to 2033
Figure 22: North America Market Attractiveness Analysis by Grade, 2023 to 2033
Figure 23: North America Market Attractiveness Analysis by Application, 2023 to 2033
Figure 24: North America Market Attractiveness Analysis by Country, 2023 to 2033
Figure 25: Latin America Market Value Share, By Grade, 2023 (E)
Figure 26: Latin America Market Value Share, By Application, 2023 (E)
Figure 27: Latin America Market Value Share, By Country, 2023 (E)
Figure 28: Latin America Market Value Analysis (US$ Mn), 2018 to 2022
Figure 29: Latin America Market Value Forecast (US$ Mn), 2023 to 2033
Figure 30: Latin America Market Attractiveness Analysis by Grade, 2023 to 2033
Figure 31: Latin America Market Attractiveness Analysis by Application, 2023 to 2033
Figure 32: Latin America Market Attractiveness Analysis by Country, 2023 to 2033
Figure 33: Europe Market Value Share, By Grade, 2023 (E)
Figure 34: Europe Market Value Share, By Application, 2023 (E)
Figure 35: Europe Market Value Share, By Country, 2023 (E)
Figure 36: Europe Market Value Analysis (US$ Mn), 2018 to 2022
Figure 37: Europe Market Value Forecast (US$ Mn), 2023 to 2033
Figure 38: Europe Market Attractiveness Analysis by Grade, 2023 to 2033
Figure 39: Europe Market Attractiveness Analysis by Application, 2023 to 2033
Figure 40: Europe Market Attractiveness Analysis by Country, 2023 to 2033
Figure 41: South Asia Market Value Share, By Grade, 2023 (E)
Figure 42: South Asia Market Value Share, By Application, 2023 (E)
Figure 43: South Asia Market Value Share, By Country, 2023 (E)
Figure 44: South Asia Market Value Analysis (US$ Mn), 2018 to 2022
Figure 45: South Asia Market Value Forecast (US$ Mn), 2023 to 2033
Figure 46: South Asia Market Attractiveness Analysis by Grade, 2023 to 2033
Figure 47: South Asia Market Attractiveness Analysis by Application, 2023 to 2033
Figure 48: South Asia Market Attractiveness Analysis by Country, 2023 to 2033
Figure 49: East Asia Market Value Share, By Grade, 2023 (E)
Figure 50: East Asia Market Value Share, By Application, 2023 (E)
Figure 51: East Asia Market Value Share, By Country, 2023 (E)
Figure 52: East Asia Market Value Analysis (US$ Mn), 2018 to 2022
Figure 53: East Asia Market Value Forecast (US$ Mn), 2023 to 2033
Figure 54: East Asia Market Attractiveness Analysis by Grade, 2023 to 2033
Figure 55: East Asia Market Attractiveness Analysis by Application, 2023 to 2033
Figure 56: East Asia Market Attractiveness Analysis by Country, 2023 to 2033
Figure 57: Oceania Market Value Share, By Grade, 2023 (E)
Figure 58: Oceania Market Value Share, By Application, 2023 (E)
Figure 59: Oceania Market Value Share, By Country, 2023 (E)
Figure 60: Oceania Market Value Analysis (US$ Mn), 2018 to 2022
Figure 61: Oceania Market Value Forecast (US$ Mn), 2023 to 2033
Figure 62: Oceania Market Attractiveness Analysis by Grade, 2023 to 2033
Figure 63: Oceania Market Attractiveness Analysis by Application, 2023 to 2033
Figure 64: Oceania Market Attractiveness Analysis by Country, 2023 to 2033
Figure 65: Middle East and Africa Market Value Share, By Grade, 2023 (E)
Figure 66: Middle East and Africa Market Value Share, By Application, 2023 (E)
Figure 67: Middle East and Africa Market Value Share, By Country, 2023 (E)
Figure 68: Middle East and Africa Market Value Analysis (US$ Mn), 2018 to 2022
Figure 69: Middle East and Africa Market Value Forecast (US$ Mn), 2023 to 2033
Figure 70: Middle East and Africa Market Attractiveness Analysis by Grade, 2023 to 2033
Figure 71: Middle East and Africa Market Attractiveness Analysis by Application, 2023 to 2033
Figure 72: Middle East and Africa Market Attractiveness Analysis by Country, 2023 to 2033
Figure 73: UNITED STATES Market Value Analysis (US$ Mn), 2023 & 2033
Figure 74: UNITED STATES Market Value Share, By Grade, 2023 (E)
Figure 75: UNITED STATES Market Value Share, By Application, 2023 (E)
Figure 76: Canada Market Value Analysis (US$ Mn), 2023 & 2033
Figure 77: Canada Market Value Share, By Grade, 2023 (E)
Figure 78: Canada Market Value Share, By Application, 2023 (E)
Figure 79: Mexico Market Value Analysis (US$ Mn), 2023 & 2033
Figure 80: Mexico Market Value Share, By Grade, 2023 (E)
Figure 81: Mexico Market Value Share, By Application, 2023 (E)
Figure 82: Brazil Market Value Analysis (US$ Mn), 2023 & 2033
Figure 83: Brazil Market Value Share, By Grade, 2023 (E)
Figure 84: Brazil Market Value Share, By Application, 2023 (E)
Figure 85: UNITED KINGDOM Market Value Analysis (US$ Mn), 2023 & 2033
Figure 86: UNITED KINGDOM Market Value Share, By Grade, 2023 (E)
Figure 87: UNITED KINGDOM Market Value Share, By Application, 2023 (E)
Figure 88: Germany Market Value Analysis (US$ Mn), 2023 & 2033
Figure 89: Germany Market Value Share, By Grade, 2023 (E)
Figure 90: Germany Market Value Share, By Application, 2023 (E)
Figure 91: France Market Value Analysis (US$ Mn), 2023 & 2033
Figure 92: France Market Value Share, By Grade, 2023 (E)
Figure 93: France Market Value Share, By Application, 2023 (E)
Figure 94: Italy Market Value Analysis (US$ Mn), 2023 & 2033
Figure 95: Italy Market Value Share, By Grade, 2023 (E)
Figure 96: Italy Market Value Share, By Application, 2023 (E)
Figure 97: Spain Market Value Analysis (US$ Mn), 2023 & 2033
Figure 98: Spain Market Value Share, By Grade, 2023 (E)
Figure 99: Spain Market Value Share, By Application, 2023 (E)
Figure 100: Russia Market Value Analysis (US$ Mn), 2023 & 2033
Figure 101: Russia Market Value Share, By Grade, 2023 (E)
Figure 102: Russia Market Value Share, By Application, 2023 (E)
Figure 103: China Market Value Analysis (US$ Mn), 2023 & 2033
Figure 104: China Market Value Share, By Grade, 2023 (E)
Figure 105: China Market Value Share, By Application, 2023 (E)
Figure 106: Japan Market Value Analysis (US$ Mn), 2023 & 2033
Figure 107: Japan Market Value Share, By Grade, 2023 (E)
Figure 108: Japan Market Value Share, By Application, 2023 (E)
Figure 109: South Korea Market Value Analysis (US$ Mn), 2023 & 2033
Figure 110: South Korea Market Value Share, By Grade, 2023 (E)
Figure 111: South Korea Market Value Share, By Application, 2023 (E)
Figure 112: India Market Value Analysis (US$ Mn), 2023 & 2033
Figure 113: India Market Value Share, By Grade, 2023 (E)
Figure 114: India Market Value Share, By Application, 2023 (E)
Figure 115: ASEAN Market Value Analysis (US$ Mn), 2023 & 2033
Figure 116: ASEAN Market Value Share, By Grade, 2023 (E)
Figure 117: ASEAN Market Value Share, By Application, 2023 (E)
Figure 118: Australia Market Value Analysis (US$ Mn), 2023 & 2033
Figure 119: Australia Market Value Share, By Grade, 2023 (E)
Figure 120: Australia Market Value Share, By Application, 2023 (E)
Figure 121: New Zealand Market Value Analysis (US$ Mn), 2023 & 2033
Figure 122: New Zealand Market Value Share, By Grade, 2023 (E)
Figure 123: New Zealand Market Value Share, By Application, 2023 (E)
Figure 124: GCC Countries Market Value Analysis (US$ Mn), 2023 & 2033
Figure 125: GCC Countries Market Value Share, By Grade, 2023 (E)
Figure 126: GCC Countries Market Value Share, By Application, 2023 (E)
Figure 127: Turkey Market Value Analysis (US$ Mn), 2023 & 2033
Figure 128: Turkey Market Value Share, By Grade, 2023 (E)
Figure 129: Turkey Market Value Share, By Application, 2023 (E)
Figure 130: South Africa Market Value Analysis (US$ Mn), 2023 & 2033
Figure 131: South Africa Market Value Share, By Grade, 2023 (E)
Figure 132: South Africa Market Value Share, By Application, 2023 (E)
- FAQs -
What is the valuation of the vanadium market in 2023?
The global vanadium market is valued at US$ 46.2 billion in 2023.
What is the expected value of the market by 2033?
Sales of vanadium are predicted to reach US$ 105.4 billion by the end of 2033.
What is the anticipated CAGR of the Vanadium market from 2023 to 2033?
Demand for vanadium is expected to advance at a noticeable CAGR of 8.5% over the forecast period.
What is the rate at which sales of vanadium are expected to increase in Canada?
Sales of vanadium in Canada are forecasted to expand at a CAGR of 7.7%.
What is the expected growth rate of the vanadium market in Germany?
Consumption of vanadium is forecasted to rise at a CAGR of 5.7% in Germany through 2033.
Which region is predicted to lead the global market for vanadium through the forecast period?
Asia Pacific is estimated to generate highly lucrative opportunities for vanadium producers.
Vanadium Market