Vanadium is a soft, silver-gray metallic element that can be obtained from vanadiferous titanomagnetite (VTM), which is mined, or it can be created as a byproduct from pig iron slag, petroleum waste, and used catalysts. The world's 92% vanadium production is alloyed with iron to create ferrovanadium, a steel additive. Vanadium pentoxide, vanadium oxides and hydroxides, vanadium nitride, and aluminum-vanadium master alloys are other important vanadium commodities.
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, thereby amassing USD 12.5 billion by end of the assessment timeframe.
Vanadium feedstock is mostly produced by mines in South Africa, China, and Russia.
Vanadium is rarely or never produced in the US, and almost all of the country's industrial vanadium needs are imported. In light of this, the US Department of Interior directed the United States Geological Survey to classify vanadium as one of 35 "Critical Minerals" that are crucial to the health of the US economy and our country's national security. The US government is creating a policy to encourage domestic exploration, research, and production of these "Critical Minerals" with this designation.
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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
Key Competitors:
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.
Covid-19 Impact:
Construction projects in emerging nations are beginning to match the vanadium-intensity of those in more developed western economies, which is encouraging vanadium producers to look to the medium term as a result of the covid-19 vaccine rollouts and macroeconomic improvements. Need for steel with a higher tensile strength, which enables the construction of steel-intensive skylines like those in Pudong, Shanghai, is rising along with the demand for rebar in emerging economies, particularly China and India.
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