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According to the latest research, the global Vanadio market size was valued at USD 3750.49 million in 2022 and is expected to expand at a CAGR of 5.48% during the forecast period, reaching USD 5165.46 million by 2028.
Vanadium is a rare chemical element. It is soft, silvery grey, ductile transition metal. The compound is available in chemically combined forms, which occurs naturally in about 65 different minerals and fossil fuel deposits. It is mined mostly in South Africa, northwestern China, and eastern Russia. It is generally produced through the process of steel smelter slag. In addition, vanadium is also produced by the flue dust of heavy oil or as a by-product of uranium mining.
In 2020, the COVID-19 outbreak reshaped the supply and demand pattern of the international vanadium market, and the flow of international vanadium products to China increased significantly compared with previous years. There are two main reasons: First, since the end of 2019, the demand for vanadium in markets outside China has been in a low state, which is mainly due to the crisis of the automobile industry. Then, after the outbreak of the COVID-19 outbreak, the terminal demand dropped sharply, and the sales of vanadium products were severely blocked; Second, the strong demand in the Chinese market. Despite the impact of the COVID-19 epidemic, China's crude steel output has not decreased. Especially, driven by the extremely high output of rebar, the demand of Chinese steel mills for vanadium products has increased significantly in the 2nd-3rd quarter of 2020. China's stable market demand potential ensures that international vanadium products will not be unsalable.
After the epidemic, when the economies outside China begin to recover, the international vanadium market demand will return to normal, the linkage between China's vanadium market and the international vanadium market will be strengthened, and the prices in different regions will return to basically the same level.
Demand is expanding
Steel industry will still be the most important field of vanadium consumption in the world. The consumption ratio of vanadium in China's steel industry is extremely high, and China's steel output will remain at a high level for a long time. The continuous upgrading of steel varieties will provide a broader market space for the application of vanadium. On the one hand, the application of vanadium in special steel accounts for 65%. With the transformation and upgrading of China's special steel enterprises, the special steel industry will enter a stage of rapid development. In addition, the demand for special steel, which is the key raw material of high-end manufacturing industries such as military industry, nuclear power, high-speed rail and automobile, will continue to be released, driving the demand growth of vanadium industry. Meanwhile, in new application fields, the application of vanadium in large-scale energy storage and smart grid will continue to expand, and in the long run, the demand of vanadium industry will maintain a steady growth trend.
Recovery process
Whether from the perspective of environmental protection or sustainable utilization of resources, the recycling of vanadium-containing solid waste is of great significance. Therefore, a new vanadium extraction process with short process, large scale, low cost and low pollution is sought. Recovery of other metals from vanadium-containing solid waste; As well as the recycling of catalyst carriers, these are the future development directions of vanadium-containing solid waste recycling.
Region Overview:
China dominated the Vanadio market in 2022, with a market share of 59.37%.
Company Overview:
Panzhihua Iron and Steel Group is one of the major players operating in the Vanadio market, holding a share of 19.45% in 2022.
Panzhihua Iron and Steel Group
Panzhihua Iron and Steel Group is a super-large vanadium-titanium iron and steel enterprise group developed by relying on rich vanadium-titanium magnetite resources in Panxi area and independent innovation. After more than 50 years of construction and development, Panzhihua Iron and Steel Co., Ltd. has been at the leading level in the world in comprehensive utilization of vanadium-titanium magnetite resources. It is a leading vanadium-producing enterprise in the world, a core titanium raw material in China and a titanium processing enterprise with a complete industrial chain.
EVRAZ
EVRAZ is a leading player in the global vanadium market. EVRAZ produces ferrovanadium from slag (a by-product of steel production at EVRAZ NTMK), making the Group one of the lowest-cost vanadium producers in the world.
Segmentation Overview:
By type, Vanadium Pentoxide segment accounted for the largest share of market in 2022.
Application Overview:
By application, the Automobile segment occupied the biggest share from 2017 to 2022.
This report elaborates on the market size, market characteristics, and market growth of the Vanadio industry between the year 2018 to 2028, and breaks down according to the product type, downstream application, and consumption area of Vanadio. The report also introduces players in the industry from the perspective of the value chain and looks into the leading companies.
Key Points this Global Vanadio Market Report Include:
Market Size Estimates: Vanadio market size estimation in terms of revenue and sales from 2018-2028
Market Dynamic and Trends: Vanadio market drivers, restraints, opportunities, and challenges
Macro-economy and Regional Conflict: Influence of global inflation and Russia & Ukraine War on the Vanadio market
Segment Market Analysis: Vanadio market revenue and sales by type and by application from 2018-2028
Regional Market Analysis: Vanadio market situations and prospects in major and top regions and countries
Vanadio Market
Vanadio Industry Chain: Vanadio market raw materials & suppliers, manufacturing process, distributors by region, downstream customers
Vanadio Industry News, Policies by regions
Vanadio Industry Porters Five Forces Analysis
Key players in the global Vanadio market are covered in Chapter 2:
EVRAZ
Hebei iron and steel
Glencore
Beijing Jianlong Heavy Industry Group Co., Ltd.
Largo Resources
Bushveld Minerals
Panzhihua Iron and Steel Group
Sichuan De Sheng Group, Vanadium and Titanium Co., Ltd.
Sichuan Chuanwei Group Co., Ltd.
In Chapter 6 and Chapter 9, on the basis of types, the Vanadio market from 2018 to 2028 is primarily split into:
Vanadium Pentoxide
Vanadium Trioxide
Metal Vanadium
Ferrovanadium
Vanadium Aluminum Alloy
Vanadium Carbonitride
In Chapter 7 and Chapter 10, on the basis of applications, the Vanadio market from 2018 to 2028 covers:
Automobile
Aviation
Railway
Electronic Technology
National Defense
Others
Geographically, the detailed analysis of consumption, revenue, market share and growth rate of the following regions from 2018 to 2028 are covered in Chapter 8 and Chapter 11:
United States
Europe
China
Japan
India
Southeast Asia
Latin America
Middle East and Africa
Others
In summary, this report relies on sources from both primary and secondary, combines comprehensive quantitative analysis with detailed qualitative analysis, and pictures the market from a macro overview to micro granular segment aspects. Whatever your role in this industry value chain is, you should benefit from this report with no doubt.
Chapter Outline
This report consists of 12 chapters. Below is a brief guideline to help you quickly grasp the main contents of each chapter:
Chapter 1 first introduces the product overview, market scope, product classification, application, and regional division, and then summarizes the global Vanadio market size in terms of revenue, sales volume, and average price.
Chapter 2 analyzes the main companies in the Vanadio industry, including their main businesses, products/services, sales, prices, revenue, gross profit margin, and the latest developments/updates.
Chapter 3 is an analysis of the competitive environment of Vanadio market participants. This mainly includes the revenue, sales, market share, and average price of the top players, along with the market concentration ratio in 2022 and the players' M&A and expansion in recent years.
Chapter 4 is an analysis of the Vanadio industrial chain, including raw material analysis, manufacturing cost structure, distributors, and major downstream buyers.
Chapter 5 focuses on Vanadio market dynamics and marketing strategy analysis, which include opportunities, challenges, industry development trends under inflation, industry news and policies analyzed by region, Porter's Five Forces analysis, as well as direct and indirect marketing, and the development trends of marketing channels.
Chapters 6-8 have segmented the Vanadio market by type, application, and region, with a focus on sales and value from 2018 to 2023 from both vertical and horizontal perspectives.
Chapters 9-11 provide detailed Vanadio market forecast data for 2023-2028, broken down by type and application, region, and major countries to help understand future growth trends.
Chapter 12 concludes with an explanation of the data sources and research methods. Verify and analyze through preliminary research to obtain final quantitative and qualitative data.
2022
Vanadium is a rare chemical element. It is soft, silvery grey, ductile transition metal. The compound is available in chemically combined forms, which occurs naturally in about 65 different minerals and fossil fuel deposits. It is mined mostly in South Africa, northwestern China, and eastern Russia. It is generally produced through the process of steel smelter slag. In addition, vanadium is also produced by the flue dust of heavy oil or as a by-product of uranium mining.
In 2020, the COVID-19 outbreak reshaped the supply and demand pattern of the international vanadium market, and the flow of international vanadium products to China increased significantly compared with previous years. There are two main reasons: First, since the end of 2019, the demand for vanadium in markets outside China has been in a low state, which is mainly due to the crisis of the automobile industry. Then, after the outbreak of the COVID-19 outbreak, the terminal demand dropped sharply, and the sales of vanadium products were severely blocked; Second, the strong demand in the Chinese market. Despite the impact of the COVID-19 epidemic, China's crude steel output has not decreased. Especially, driven by the extremely high output of rebar, the demand of Chinese steel mills for vanadium products has increased significantly in the 2nd-3rd quarter of 2020. China's stable market demand potential ensures that international vanadium products will not be unsalable.
After the epidemic, when the economies outside China begin to recover, the international vanadium market demand will return to normal, the linkage between China's vanadium market and the international vanadium market will be strengthened, and the prices in different regions will return to basically the same level.
Demand is expanding
Steel industry will still be the most important field of vanadium consumption in the world. The consumption ratio of vanadium in China's steel industry is extremely high, and China's steel output will remain at a high level for a long time. The continuous upgrading of steel varieties will provide a broader market space for the application of vanadium. On the one hand, the application of vanadium in special steel accounts for 65%. With the transformation and upgrading of China's special steel enterprises, the special steel industry will enter a stage of rapid development. In addition, the demand for special steel, which is the key raw material of high-end manufacturing industries such as military industry, nuclear power, high-speed rail and automobile, will continue to be released, driving the demand growth of vanadium industry. Meanwhile, in new application fields, the application of vanadium in large-scale energy storage and smart grid will continue to expand, and in the long run, the demand of vanadium industry will maintain a steady growth trend.
Recovery process
Whether from the perspective of environmental protection or sustainable utilization of resources, the recycling of vanadium-containing solid waste is of great significance. Therefore, a new vanadium extraction process with short process, large scale, low cost and low pollution is sought. Recovery of other metals from vanadium-containing solid waste; As well as the recycling of catalyst carriers, these are the future development directions of vanadium-containing solid waste recycling.
Region Overview:
China dominated the Vanadio market in 2022, with a market share of 59.37%.
Company Overview:
Panzhihua Iron and Steel Group is one of the major players operating in the Vanadio market, holding a share of 19.45% in 2022.
Panzhihua Iron and Steel Group
Panzhihua Iron and Steel Group is a super-large vanadium-titanium iron and steel enterprise group developed by relying on rich vanadium-titanium magnetite resources in Panxi area and independent innovation. After more than 50 years of construction and development, Panzhihua Iron and Steel Co., Ltd. has been at the leading level in the world in comprehensive utilization of vanadium-titanium magnetite resources. It is a leading vanadium-producing enterprise in the world, a core titanium raw material in China and a titanium processing enterprise with a complete industrial chain.
EVRAZ
EVRAZ is a leading player in the global vanadium market. EVRAZ produces ferrovanadium from slag (a by-product of steel production at EVRAZ NTMK), making the Group one of the lowest-cost vanadium producers in the world.
Segmentation Overview:
By type, Vanadium Pentoxide segment accounted for the largest share of market in 2022.
Application Overview:
By application, the Automobile segment occupied the biggest share from 2017 to 2022.
This report elaborates on the market size, market characteristics, and market growth of the Vanadio industry between the year 2018 to 2028, and breaks down according to the product type, downstream application, and consumption area of Vanadio. The report also introduces players in the industry from the perspective of the value chain and looks into the leading companies.
Key Points this Global Vanadio Market Report Include:
Market Size Estimates: Vanadio market size estimation in terms of revenue and sales from 2018-2028
Market Dynamic and Trends: Vanadio market drivers, restraints, opportunities, and challenges
Macro-economy and Regional Conflict: Influence of global inflation and Russia & Ukraine War on the Vanadio market
Segment Market Analysis: Vanadio market revenue and sales by type and by application from 2018-2028
Regional Market Analysis: Vanadio market situations and prospects in major and top regions and countries
Vanadio Market
Competitive Landscape
and Major Players: Analysis of 10-15 leading market players, sales, price, revenue, gross, gross margin, product/service profile and recent development/updates, etc.Vanadio Industry Chain: Vanadio market raw materials & suppliers, manufacturing process, distributors by region, downstream customers
Vanadio Industry News, Policies by regions
Vanadio Industry Porters Five Forces Analysis
Key players in the global Vanadio market are covered in Chapter 2:
EVRAZ
Hebei iron and steel
Glencore
Beijing Jianlong Heavy Industry Group Co., Ltd.
Largo Resources
Bushveld Minerals
Panzhihua Iron and Steel Group
Sichuan De Sheng Group, Vanadium and Titanium Co., Ltd.
Sichuan Chuanwei Group Co., Ltd.
In Chapter 6 and Chapter 9, on the basis of types, the Vanadio market from 2018 to 2028 is primarily split into:
Vanadium Pentoxide
Vanadium Trioxide
Metal Vanadium
Ferrovanadium
Vanadium Aluminum Alloy
Vanadium Carbonitride
In Chapter 7 and Chapter 10, on the basis of applications, the Vanadio market from 2018 to 2028 covers:
Automobile
Aviation
Railway
Electronic Technology
National Defense
Others
Geographically, the detailed analysis of consumption, revenue, market share and growth rate of the following regions from 2018 to 2028 are covered in Chapter 8 and Chapter 11:
United States
Europe
China
Japan
India
Southeast Asia
Latin America
Middle East and Africa
Others
In summary, this report relies on sources from both primary and secondary, combines comprehensive quantitative analysis with detailed qualitative analysis, and pictures the market from a macro overview to micro granular segment aspects. Whatever your role in this industry value chain is, you should benefit from this report with no doubt.
Chapter Outline
This report consists of 12 chapters. Below is a brief guideline to help you quickly grasp the main contents of each chapter:
Chapter 1 first introduces the product overview, market scope, product classification, application, and regional division, and then summarizes the global Vanadio market size in terms of revenue, sales volume, and average price.
Chapter 2 analyzes the main companies in the Vanadio industry, including their main businesses, products/services, sales, prices, revenue, gross profit margin, and the latest developments/updates.
Chapter 3 is an analysis of the competitive environment of Vanadio market participants. This mainly includes the revenue, sales, market share, and average price of the top players, along with the market concentration ratio in 2022 and the players' M&A and expansion in recent years.
Chapter 4 is an analysis of the Vanadio industrial chain, including raw material analysis, manufacturing cost structure, distributors, and major downstream buyers.
Chapter 5 focuses on Vanadio market dynamics and marketing strategy analysis, which include opportunities, challenges, industry development trends under inflation, industry news and policies analyzed by region, Porter's Five Forces analysis, as well as direct and indirect marketing, and the development trends of marketing channels.
Chapters 6-8 have segmented the Vanadio market by type, application, and region, with a focus on sales and value from 2018 to 2023 from both vertical and horizontal perspectives.
Chapters 9-11 provide detailed Vanadio market forecast data for 2023-2028, broken down by type and application, region, and major countries to help understand future growth trends.
Chapter 12 concludes with an explanation of the data sources and research methods. Verify and analyze through preliminary research to obtain final quantitative and qualitative data.
Years considered for this report:
Historical Years:
2018-2022Base Year:
2022Estimated Year:
2023Forecast Period:
2023-2028Frequently Asked Questions
This market study covers the global and regional market with an in-depth analysis of the overall growth prospects in the market. Furthermore, it sheds light on the comprehensive competitive landscape of the global market. The report further offers a dashboard overview of leading companies encompassing their successful marketing strategies, market contribution, recent developments in both historic and present contexts.
- By product type
- By End User/Applications
- By Technology
- By Region
The report provides a detailed evaluation of the market by highlighting information on different aspects which include drivers, restraints, opportunities, and threats. This information can help stakeholders to make appropriate decisions before investing.
