A high-value, grey, soft, and ductile metal is called vanadium. Vanadium and vanadium compounds can be found in rocks, some iron ores, crude petroleum deposits, and the crust of the earth. Vanadium typically forms unique alloys with other elements like oxygen, sodium, sulphur, chloride, and metals. Yellow-orange crystals, dark-gray flakes, or a powder form vanadium oxide. Iron and vanadium are also combined to create crucial components for aeroplane engines. Vanadium, in the form of vanadium oxide, is a constituent of specific types of steel used to make ball bearings, springs, and automotive parts. The importance of vanadium to the entire steel supply chain may be seen in its contribution to the strength and cost-effectiveness of steel products.
About 65 minerals and fossil fuel reserves contain vanadium that is present in the environment naturally. It is mostly made from steel smelting slag in China and Russia. Other nations manufacture it either directly from magnetite, as a by-product of uranium mining, or from heavy oil flue dust. Specialty steel alloys like some aluminium alloys and high-speed tool steels are primarily made using vanadium. The most important industrial vanadium compound, vanadium pentoxide, is employed as a catalyst in the production of sulphuric acid. In the near future, the vanadium redox battery for energy storage may play a significant role.
The global vanadium market was worth USD 4 billion in 2021 is anticipated to amplify at a CAGR of 6.1% over the forecast duration of 2022-2030.
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In The Global Vanadium Market: Key Trends
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Global Vanadium Market: Segmental Assessment
By Type:
- Vanadium Pentoxide
- Vanadium Chemicals
- Vanadium Ferrovanadium
- Aluminium-Vanadium Alloys
- Others
By Application:
- Iron Steel
- Titanium Alloys
- Chemical
- Energy Storage
- Others
The iron steel segment is expected to amass notable gains over the forecast period ascribing to the ability of vanadium to enhance the strength and reduce overheating sensitivity of iron and steel.
Global Vanadium Market: Geographical Landscape
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. This is attributable to the presence of noteworthy players, booming steel industry, and widespread industrialization.
Global Vanadium Market: Competitive Hierarchy
The prominent companies characterizing the competitive terrain of this business sphere are Australian vanadium Limited, Bushveld Minerals, EVRAZ plc, LARGO Resources Limited, Vanadium Corp. Resource Inc., AMG advanced Metallurgical Group N.V, Angang Steel Co. Ltd., Gelncore, HBIS group, Treibacher Industires AG, Atlantic, Tremond Metals Corp., Yilamaden, and Jayesh.
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