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世界のバナジウム市場:生産量別、消費量別、種類別(五酸化バナジウム、フェロバナジウムバナジウム、アルミニウムバナジウム合金、バナジウム化学品、その他)、供給源別(共同生産、一次、二次)、エンドユーザー別(合金鉄、化学品・触媒、チタン合金、エネルギー貯蔵)、地域別の分析とCOVID-19の影響と動向、2028年までの予測


Global Vanadium Market: Analysis By Production, By Consumption, By Type (Vanadium Pentoxide, Vanadium Ferrovanadium, Aluminium Vanadium Alloys, Vanadium Chemicals, and Others), By Source (Co-production, Primary, and Secondary), By End-User (Steel Alloy, Chemical & Catalyst, Titanium Alloys, and Energy Storage), By Region Size and Trends with Impact of COVID-19 and Forecast up to 2028

世界のバナジウム市場の2022年の市場規模は28.4億米ドルであった。2028年には39.3億米ドルに達する見込みである。世界のバナジウム生産量は2022年に110.53万トンで、2028年には135.16万トンに達すると予想される... もっと見る

 

 

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Daedal Research
デダルリサーチ
2023年7月21日 US$2,250
シングルユーザライセンス(印刷不可)
ライセンス・価格情報
注文方法はこちら
148 英語

 

サマリー

世界のバナジウム市場の2022年の市場規模は28.4億米ドルであった。2028年には39.3億米ドルに達する見込みである。世界のバナジウム生産量は2022年に110.53万トンで、2028年には135.16万トンに達すると予想される。一方、世界のバナジウム消費量は2022年に112.19千トンで、年平均成長率は約3%で推移すると予想されている。バナジウムは灰色で柔らかく延性のある金属で、4つの「酸化状態」(II、III、IV、V)で存在する。純粋な形ではなく鉱物の成分として、また炭化水素やボーキサイトの不純物として天然に存在する。

バナジウムは主に高強度鋼の製造において合金元素として使用される。鉄鋼メーカーは、鉄鋼製品の強度、耐久性、耐熱性を高めるためにバナジウムを利用している。建設、インフラ開発、自動車産業の成長は鉄鋼需要の増加をもたらし、それがここ数年のバナジウム市場の成長を牽引している。また、風力発電や太陽光発電などの再生可能エネルギーの導入により、バナジウムを利用したVRFBなどのエネルギー貯蔵システムが必要とされることが多く、バナジウムの需要を牽引している。バナジウム市場は、2023~2028年の予測期間中に年平均成長率約5%で成長すると予想される。

市場細分化分析:

タイプ別:本レポートでは、市場を5つのタイプに二分しています:五酸化バナジウム、バナジウムフェロバナジウム、アルミニウムバナジウム合金、バナジウム化学品、その他。五酸化バナジウムが市場で最も高いシェアを占めている。一方、バナジウムフェロバナジウムは予測期間で最も急成長するセグメントとなる見込みである。五酸化バナジウムは高強度鋼合金の製造に欠かせない成分である。少量の五酸化バナジウムを鋼に添加することで、メーカーはその強度、靭性、耐熱性を大幅に向上させることができる。さらに、化石燃料から硫黄を除去する脱硫プロセスにも使用される。したがって、五酸化バナジウムの用途の増加により、市場の需要は拡大している。

生産量別:鉄鋼需要の増加は、鉄鋼メーカーの要求を満たすためのバナジウム生産需要の増加につながる。例えば、GMKセンターによると、2023年1-3月期の中国の鉄鋼生産量は前年同期比6.1%増の2億6,156万トンに達した。これは、大規模な製鉄所における生産量の伸びがより速いことを示している。したがって、鉄鋼生産の増加はバナジウムの生産を増加させるだろう。

ソース別世界のバナジウム市場の生産量は、供給源によって3つのセグメントに分けられる:共同生産、一次生産、二次生産である。共同生産が最も高いシェアを占めている。また、予測期間中に最も急成長するセグメントとなる見込みである。バナジウム含有量の高い鉄鉱石は、共 同生産に有利な経済性を提供し、一般論として、中国、ロシア、南アフリ カの鉄鉱石はこのアプローチに特に適している。中国とロシアのバナジウム生産量、ひいては世界のバナジウム生産量の大部分は、共同生産によるものである。採掘・抽出技術が向上するにつれて、他の鉱物の生産時に副産物としてバナジウムを抽出することが、より実行可能かつコスト効率的になる。

消費によって:インドの鉄鋼生産量は、2021年の1億1,800万ト ンから2030年には3億トンに増加する。鉄鋼に強度を加えるため、インドの鉄鋼1トン当たりのバナジウムの使用原単位は約0.039である。つまり、鉄鋼生産量の増加に伴い、インドのバナジウム使用量は年間4,675トン(V2O5換算で8,350トン)から約11,900トン(V2O5換算で21,200トン)に増加する。したがって、インフラへの支出の増加と鉄鋼生産の増加は、今後数年間のバナジウム消費を刺激するだろう。

エンドユーザー別:世界のバナジウム消費量は、以下のエンドユーザーに基づいて分析されている:鉄鋼合金、化学・触媒、チタン合金、エネルギー貯蔵。エネルギー貯蔵は、予測期間中に最も急成長するセグメントとなる見込みである。異なる酸化状態のバナジウムイオンを使用してエネルギーを貯蔵するVRFBは、大規模かつ長時間のエネルギー貯蔵において、リチウムイオン技術に代わるコスト競争力のある技術であると考えられている。したがって、今後数年間はエネルギー貯蔵システムにおいてバナジウムの使用が増加すると予想される。

地域別:本レポートでは、アジア太平洋地域、北米地域、欧州地域、その他の地域という地域別にバナジウム市場について考察している。アジア太平洋地域が最も高いシェアを占めている。アジア太平洋地域の多くの政府は、クリーンエネルギーの導入を奨励するため、再生可能エネルギー政策と目標を設定している。再生可能エネルギーの導入にインセンティブを与えることで、各国政府はバナジウム市場の成長を支援している。

世界のバナジウム市場の生産量は、中国、ロシア、南アフリカ、ブラジル、その他の地域に基づいてさらに分析されている。中国は、バナジウムの埋蔵量が多く、合金剤としてバナジウムが使用される鉄鋼業界において存在感があり、バナジウムの最大の生産国・消費国となっている。ロシアは世界第2位のバナジウム生産国である。その生産量の大半は、鉄鋼、鉱業、バナジウム事業を垂直統合したEVRAZによるものである。

さらに、世界のバナジウム市場消費は以下の地域別に分析されている:中国、北米、欧州、その他の地域である。2022年、中国のバナジウム需要は、冬季オリンピックとCOVID-19の操業停止期間延長のために実施された中国の鉄鋼生産抑制の結果、予想を下回っている。さらに、中国の不動産セクターの低迷、建設セクターの低迷、環境保護による生産削減、鉄鋼需要と供給の制限により、中国のバナジウム需要は減少した。

市場のダイナミクス

成長の原動力:世界のバナジウム市場の成長は、鉄鋼生産の増加、建設部門の成長、急速な都市化、医療機器産業の拡大、電気自動車需要の増加、化学産業での使用の拡大、その他多くの要因など、多くの成長促進要因によって支えられると予測される。バナジウムは主に鉄鋼生産の合金元素として使用される。バナジウムは、強度、硬度、靭性などの機械的特性を向上させるために鋼に少量添加される。バナジウム含有鋼は、一般に高強度鋼または高性能鋼として知られ、建設、自動車、機械、インフラを含む様々な産業で応用されている。鉄鋼生産の増加は、合金元素としてのバナジウム需要の増加に直結する。

課題しかし、市場の成長は、価格の変動、環境や規制への配慮、代替品との競争など、さまざまな課題によってマイナスの影響を受けるだろう。価格の変動は、生産計画、コスト管理、長期的な投資決定を困難にする。こうした不確実性は、新規プロジェクトへの投資や既存事業の拡大に対する消極的な姿勢につながり、バナジウム市場の成長を阻害する。

動向:VRFBの需要増加、新規用途の研究開発、バナジウム鉱床の探査・開発、技術の進歩など、様々な最新動向により、予測期間中に市場は急成長すると予測される。バナジウム・レドックス・フロー電池(VRFB)の作動には大量のバナジウムが必要である。VRFBの電解液は、異なる酸化状態のバナジウムイオンで構成され、電気エネルギーの貯蔵と放出を可能にする。VRFBの採用が増えるにつれて、電解液の主要成分であるバナジウムの需要も増加し、その結果、バナジウム消費量も増加する。

COVID-19の影響分析と今後の方向性:

COVID-19の大流行により、世界中で採掘作業、生産施設、サプライ・チェーンに混乱が生じた。さらに、建設活動の減少、工場の操業停止、自動車需要の減少により、2020年の初期にはバナジウム含有製品の消費量が減少した。しかし、経済が徐々に再開し、景気刺激策が実施されるにつれて、いくつかの産業が回復し始め、バナジウム含有製品の需要増加につながった。COVID後の時代には、世界経済の回復、インフラ開発プロジェクト、エネルギー貯蔵技術の採用が、バナジウムの将来の市場価値を形成するうえで重要な役割を果たすであろう。

競争環境:

世界のバナジウム市場は断片化されており、複数の主要プレーヤーが世界規模で事業を展開している。世界のバナジウム市場の主要プレーヤーは以下の通りである:

ラルゴ社
ブッシュベルド・ミネラルズ社
エブラズ
グレンコア
AMG Advanced Metallurgical Group N.V. (AMG Vanadium LLC)
フェロアロイ・リソーシズ・リミテッド
HBISグループ
エッセル・マイニング・アンド・インダストリーズ・リミテッド
ウェスタン・ウラン・バナジウム社
ボイジャー・メタルズ社
オーストラリアン・バナジウム社
バナジウムコープリソース社

2022年、オーストラリアン・バナジウムは五酸化バナジウム(V2O5)を11,200トン生産し、2021年の11,022トンから増加する。また、2023年6月、AVL社はオーストラリア政府から近代製造イニシアティブの一環として980万米ドルを受け取った。この資金は、西オーストラリア州にあるAVLのバナジウムレドックスフロー電池製造施設の開発を支援するために使用される。一方、AMG Advanced Metallurgical Group N.V.は2022年、ドイツのニュルンベルクにある子会社AMGチタニウムにバナジウム電解質工場を建設することを経営委員会が承認したと発表した。目標生産能力は6,000m³のバナジウム電解液である。


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目次

1. Executive Summary

2. Introduction

2.1 Vanadium: An Overview
2.1.1 Introduction to Vanadium
2.1.2 Uses of Vanadium

2.2 Vanadium Segmentation: An Overview
2.2.1 Vanadium Segmentation

3. Global Market Analysis

3.1 Global Vanadium Market: An Analysis

3.1.1 Global Vanadium Market: An Overview
3.1.2 Global Vanadium Market by Value
3.1.3 Global Vanadium Market by Type (Vanadium Pentoxide, Vanadium Ferrovanadium, Aluminium Vanadium Alloys, Vanadium Chemicals, and Others)
3.1.4 Global Vanadium Market by Region (Asia Pacific, Europe, North America, and Rest of the World)

3.2 Global Vanadium Market: Type Analysis

3.2.1 Global Vanadium Market by Type: An Overview
3.2.2 Global Vanadium Pentoxide Market by Value
3.2.3 Global Vanadium Ferrovanadium Market by Value
3.2.4 Global Aluminium Vanadium Alloys Market by Value
3.2.5 Global Vanadium Chemicals Market by Value
3.2.6 Global Others Vanadium Market by Value

3.3 Global Vanadium Market: Regional Analysis

3.3.1 Global Vanadium Market by Region: An Overview
3.3.2 Asia Pacific Vanadium Market by Value
3.3.3 Europe Vanadium Market by Value
3.3.4 North America Vanadium Market by Value
3.3.5 Rest of World Vanadium Market by Value

3.4 Global Vanadium Market: Reserve Analysis

3.4.1 Global Vanadium Market by Reserve: An Overview
3.4.2 Global Vanadium Market by Reserves

4. Production Analysis

4.1 Global Vanadium Market Production: An Analysis

4.1.1 Global Vanadium Market by Production: An Overview
4.1.2 Global Vanadium Market by Production
4.1.3 Global Vanadium Market Production by Source (Co-production, Primary, and Secondary)
4.1.4 Global Vanadium Market Production by Region (China, Russia, South Africa, Brazil, and Rest of the World)
4.1.5 Global Vanadium Market Primary Production by Region (South Africa, Brazil, and China)

4.2 Global Vanadium Market Production: Source Analysis

4.2.1 Global Vanadium Market Production by Source: An Overview
4.2.2 Global Vanadium Market by Co-Production
4.2.3 Global Vanadium Market by Primary Production
4.2.4 Global Vanadium Market by Secondary Production

4.3 Global Vanadium Market Production: Regional Analysis

4.3.1 Global Vanadium Market Production by Region: An Overview
4.3.2 China Vanadium Market by Production
4.3.3 Russia Vanadium Market by Production
4.3.4 South Africa Vanadium Market by Production
4.3.5 Brazil Vanadium Market by Production
4.3.6 Rest of World Vanadium Market by Production

5. Consumption Analysis

5.1 Global Vanadium Market Consumption: An Analysis

5.1.1 Global Vanadium Market by Consumption: An Overview
5.1.2 Global Vanadium Market by Consumption
5.1.3 Global Vanadium Market Consumption by End-User (Steel Alloy, Chemical & Catalyst, Titanium Alloys, and Energy Storage)
5.1.4 Global Vanadium Market Consumption by Region (China, Europe, North America, and Rest of the World)

5.2 Global Vanadium Market Consumption: End-User Analysis

5.2.1 Global Vanadium Market Consumption by End-User: An Overview
5.2.2 Global Steel Alloy Vanadium Market by Consumption
5.2.3 Global Chemical & Catalyst Vanadium Market by Consumption
5.2.4 Global Titanium Alloys Vanadium Market by Consumption
5.2.5 Global Energy Storage Vanadium Market by Consumption

5.3 Global Vanadium Market Consumption: Regional Analysis

5.3.1 Global Vanadium Market Consumption by Region: An Overview
5.3.2 China Vanadium Market by Consumption
5.3.3 Europe Vanadium Market by Consumption
5.3.4 North America Vanadium Market by Consumption
5.3.5 Rest of World Vanadium Market by Consumption

6. Impact of COVID-19

6.1 Impact of COVID -19 on Global Vanadium Market
6.2 Post COVID -19 Impact on Global Vanadium Market

7. Market Dynamics

7.1 Growth Drivers
7.1.1 Increasing Steel Production
7.1.2 Growing Construction Sector
7.1.3 Rapid Urbanization
7.1.4 Escalating Medical Devices Industry
7.1.5 Increasing Demand for Electric Vehicles (EVs)
7.1.6 Growing Air Passenger Traffic
7.1.7 Escalating Use in Chemical Industry

7.2 Challenges
7.2.1 Price Volatility
7.2.2 Environmental And Regulatory Considerations
7.2.3 Competition from Substitutes

7.3 Market Trends
7.3.1 Increasing Demand for the Vanadium Redox Flow Batteries (VRFBs)
7.3.2 Increasing Regulation on Air Pollution Control
7.3.3 Research and Development for New Applications
7.3.4 Exploration and Development of Vanadium Deposits
7.3.5 Technological Advancements

8. Competitive Landscape

8.1 Global Vanadium Market Players by Vanadium Pentoxide Production
8.2 Global Vanadium Market Players: Resources Comparison
8.3 Global Vanadium Market Players: Ore Reserves Comparison

9. Company Profiles

9.1 Largo Inc.
9.1.1 Business Overview
9.1.2 Operating Segments
9.1.3 Business Strategy

9.2 Bushveld Minerals Limited
9.2.1 Business Overview
9.2.2 Operating Segments
9.2.3 Business Strategy

9.3 EVRAZ
9.3.1 Business Overview
9.3.2 Operating Segments
9.3.3 Business Strategy

9.4 Glencore Plc
9.4.1 Business Overview
9.4.2 Operating Segments
9.4.3 Business Strategy

9.5 AMG Advanced Metallurgical Group N.V.(AMG Vanadium LLC)
9.5.1 Business Overview
9.5.2 Operating Segments
9.5.3 Business Strategy

9.6 Ferro-Alloy Resources Limited
9.6.1 Business Overview
9.6.2 Operating Segments
9.6.3 Business Strategy

9.7 HBIS Group
9.7.1 Business Overview
9.7.2 Business Strategy

9.8 Essel Mining & Industries Limited
9.8.1 Business Overview
9.8.2 Business Strategy

9.9 Western Uranium & Vanadium Corp.
9.9.1 Business Overview
9.9.2 Business Strategy

9.10 Voyager Metals Inc.
9.10.1 Business Overview
9.10.2 Business Strategy

9.11 Australian Vanadium Ltd.
9.11.1 Business Overview
9.11.2 Business Strategy

9.12 VanadiumCorp Resource Inc.
9.12.1 Business Overview
9.12.2 Business Strategy

List of Figures

Figure 1: Vanadium Segmentation
Figure 2: Global Vanadium Market by Value; 2018-2022 (US$ Billion)
Figure 3: Global Vanadium Market by Value; 2023-2028 (US$ Billion)
Figure 4: Global Vanadium Market by Type; 2022 (Percentage, %)
Figure 5: Global Vanadium Market by Region; 2022 (Percentage, %)
Figure 6: Global Vanadium Pentoxide Market by Value; 2018-2022 (US$ Billion)v Figure 7: Global Vanadium Pentoxide Market by Value; 2023-2028 (US$ Billion)
Figure 8: Global Vanadium Ferrovanadium Market by Value; 2018-2022 (US$ Million)
Figure 9: Global Vanadium Ferrovanadium Market by Value; 2023-2028 (US$ Million)
Figure 10: Global Aluminium Vanadium Alloys Market by Value; 2018-2022 (US$ Million)
Figure 11: Global Aluminium Vanadium Alloys Market by Value; 2023-2028 (US$ Million)
Figure 12: Global Vanadium Chemicals Market by Value; 2018-2022 (US$ Million)
Figure 13: Global Vanadium Chemicals Market by Value; 2023-2028 (US$ Million)
Figure 14: Global Others Vanadium Market by Value; 2018-2022 (US$ Million)
Figure 15: Global Others Vanadium Market by Value; 2023-2028 (US$ Million)
Figure 16: Asia Pacific Vanadium Market by Value; 2018-2022 (US$ Billion)
Figure 17: Asia Pacific Vanadium Market by Value; 2023-2028 (US$ Billion)
Figure 18: Europe Vanadium Market by Value; 2018-2022 (US$ Million)
Figure 19: Europe Vanadium Market by Value; 2023-2028 (US$ Million)
Figure 20: North America Vanadium Market by Value; 2018-2022 (US$ Million)
Figure 21: North America Vanadium Market by Value; 2023-2028 (US$ Million)
Figure 22: Rest of World Vanadium Market by Value; 2018-2022 (US$ Million)
Figure 23: Rest of World Vanadium Market by Value; 2023-2028 (US$ Million)
Figure 24: Global Vanadium Market Reserves by Region; 2022 (Percentage, %)
Figure 25: Global Vanadium Market by Reserves and Reserve Life; 2022 (Million Tonnes, Years)
Figure 26: Global Vanadium Market by Production; 2018-2022 (Thousand Tonnes)
Figure 27: Global Vanadium Market by Production; 2023-2028 (Thousand Tonnes)
Figure 28: Global Vanadium Market Production by Source; 2022 (Percentage, %)
Figure 29: Global Vanadium Market Production by Region; 2022 (Percentage, %)
Figure 30: Global Vanadium Market Primary Production by Region; 2022 (Percentage, %)
Figure 31: Global Vanadium Market By Co-Production; 2018-2022 (Thousand Tonnes)
Figure 32: Global Vanadium Market By Co-Production; 2023-2028 (Thousand Tonnes)
Figure 33: Global Vanadium Market By Primary Production; 2018-2022 (Thousand Tonnes)
Figure 34: Global Vanadium Market By Primary Production; 2023-2028 (Thousand Tonnes)
Figure 35: Global Vanadium Market By Secondary Production; 2018-2022 (Thousand Tonnes)
Figure 36: Global Vanadium Market By Secondary Production; 2023-2028 (Thousand Tonnes)
Figure 37: China Vanadium Market by Production; 2018-2022 (Thousand Tonnes)
Figure 38: Russia Vanadium Market by Production; 2018-2022 (Thousand Tonnes)
Figure 39: South Africa Vanadium Market by Production; 2018-2022 (Thousand Tonnes)
Figure 40: Brazil Vanadium Market by Production; 2018-2022 (Thousand Tonnes)
Figure 41: Rest of World Vanadium Market by Production; 2018-2022 (Thousand Tonnes)
Figure 42: Global Vanadium Market by Consumption; 2018-2022 (Thousand Tonnes)
Figure 43: Global Vanadium Market by Consumption; 2023-2028 (Thousand Tonnes)
Figure 44: Global Vanadium Market Consumption by End-User; 2022 (Percentage, %)
Figure 45: Global Vanadium Market Consumption by Region; 2022 (Percentage, %)
Figure 46: Global Steel Alloy Vanadium Market by Consumption; 2018-2022 (Thousand Tonnes)
Figure 47: Global Steel Alloy Vanadium Market by Consumption; 2023-2028 (Thousand Tonnes)
Figure 48: Global Chemical & Catalyst Vanadium Market by Consumption; 2018-2022 (Thousand Tonnes)
Figure 49: Global Chemical & Catalyst Vanadium Market by Consumption; 2023-2028 (Thousand Tonnes)
Figure 50: Global Titanium Alloys Vanadium Market by Consumption; 2018-2022 (Thousand Tonnes)
Figure 51: Global Titanium Alloys Vanadium Market by Consumption; 2023-2028 (Thousand Tonnes)
Figure 52: Global Energy Storage Vanadium Market by Consumption; 2018-2022 (Thousand Tonnes)
Figure 53: Global Energy Storage Vanadium Market by Consumption; 2023-2028 (Thousand Tonnes)
Figure 54: China Vanadium Market by Consumption; 2018-2022 (Thousand Tonnes)
Figure 55: Europe Vanadium Market by Consumption; 2018-2022 (Thousand Tonnes)
Figure 56: North America Vanadium Market by Consumption; 2018-2022 (Thousand Tonnes)
Figure 57: Rest of World Vanadium Market by Consumption; 2018-2022 (Thousand Tonnes)
Figure 58: Global Production of Crude Steel; 2018-2022 (Million Tonnes)
Figure 59: Global Construction Market Size; 2020-2030 (US$ Trillion)
Figure 60: Share of Urban Population in Total Population by Group of Economies; 2016, 2021 & 2050 (Percentage, %)
Figure 61: Global Medical Devices Market Revenue; 2021-2028 (US$ Billion)
Figure 62: Global EV Sales Market Share; 2017-2022 (Percentage, %)
Figure 63: Global Air Passenger Traffic Year-on-Year Change; March 2023 (Percentage, %)
Figure 64: Vanadium Oxide(V2O5) Spot Price: May 2021-October 2022 (US$/lb)
Figure 65: Global Demand for Vanadium in VRFB; 2019-2022 (Metric Tonnes)
Figure 66: Global Annual Installed Utility-Scale VRFB Battery Deployment Energy Capacity; 2022-2031 (GWH)
Figure 67: Global Vanadium Market Players by Vanadium Pentoxide (V2O5) Production; 2021-2022 (Tonnes)
Figure 68: Largo Inc. Revenues by Segment; 2022 (Percentage, %)
Figure 69: Bushveld Minerals Limited Revenue by Segment ;2022 (Percentage, %)
Figure 70: EVRAZ Revenues by Segment; 2021 (Percentage, %)
Figure 71: Glencore Plc Revenue by Segment; 2022 (Percentage, %)
Figure 72: AMG Advanced Metallurgical Group N.V. Revenue by Segment; 2022 (Percentage, %)
Figure 73: Ferro-Alloy Resources Limited Revenue by Segment; 2022 (Percentage, %)
Table 1: Global Vanadium Market Players: Resources Comparison (2022)
Table 2: Global Vanadium Market Players: Ore Reserves Comparison (2022)

 

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Summary

The global vanadium market was valued at US$2.84 billion in 2022. The market value is expected to reach US$3.93 billion by 2028. The global vanadium market production stood at 110.53 thousand tonnes in 2022 and is expected to reach 135.16 thousand tonnes by 2028. Whereas, the global vanadium market consumption stood at 112.19 thousand tonnes in 2022 and is anticipated to grow at a CAGR of approx. 3%. Vanadium is a grey, soft, ductile metal that exists in four ‘oxidation states’ (II, III, IV, and V). It exists naturally as a component of minerals, rather than in its pure form, and as an impurity within hydrocarbons and bauxites.

Vanadium is primarily used as an alloying element in the production of high-strength steel. Steel manufacturers utilize vanadium to enhance the strength, durability, and heat resistance of steel products. The growth in construction, infrastructure development, and automotive industries has resulted in higher steel demand, thereby driving the growth of the vanadium market in the past few years. Additionally, the adoption of renewable energy sources, such as wind and solar power, often requires energy storage systems, including VRFBs, which utilize vanadium, thus driving the demand for vanadium. The vanadium market is expected to grow at a CAGR of approx. 5% during the forecasted period of 2023-2028.

Market Segmentation Analysis:

By Type: The report provides the bifurcation of the market into five types: Vanadium Pentoxide, Vanadium Ferrovanadium, Aluminium Vanadium Alloys, Vanadium Chemicals, and Others. Vanadium pentoxide held the highest share of the market. Whereas, vanadium ferrovanadium is expected to be the fastest-growing segment in the forecasted period. Vanadium pentoxide is a crucial ingredient in the production of high-strength steel alloys. By adding small amounts of vanadium pentoxide to steel, manufacturers can significantly enhance its strength, toughness, and heat resistance. Additionally, it is used in desulfurization processes to remove sulfur from fossil fuels. Hence, owing to the increasing number of applications of vanadium pentoxide, the market demand has been growing.

By Production: The increased demand for steel translates to a higher demand for vanadium production to meet the requirements of steel manufacturers. For instance, according to GMK Center, China in January-March 2023 increased production of steel by 6.1% compared to the same period in 2022 – up to 261.56 million tons. This indicates faster production growth at large steel plants. Therefore, the increased production of steel would increase the production of vanadium.

By Source: The global vanadium market production can be divided into three segments based on the source: Co-Production, Primary, and Secondary. Co-production held the highest share of the market. Also, it is expected to be the fastest-growing segment in the forecasted period. Iron ore with a higher vanadium content offers more favorable economics for co-production, and in general terms, iron ore from China, Russia, and South Africa is particularly well suited to this approach. The bulk of China and Russia’s vanadium production, and therefore global vanadium production, comes from co-production. As mining and extraction technologies improve, it becomes more feasible and cost-effective to extract vanadium as a by-product during the production of other minerals.

By Consumption: India’s steel production is set to grow to 300Mt by 2030 from 118Mt in 2021. To add strength to steel, the intensity of use rate for vanadium per tonne of steel in India is about 0.039. So, with this increase in steel production, India’s use of vanadium would go from 4,675 tonnes per annum (equivalent to 8,350 V2O5) to around 11,900 tonnes of vanadium (equivalent to 21,200 tonnes of V2O5). Hence, the growing spending on infrastructure and growing steel production would stimulate the consumption of vanadium in the coming years.

By End-User: The global vanadium market consumption has been analyzed based on the following end-users: Steel Alloy, Chemical & Catalyst, Titanium Alloys, and Energy Storage. Energy storage is expected to be the fastest-growing segment in the forecasted period. VRFB, which uses vanadium ions in different oxidation states to store energy, is considered to be a cost-competitive alternative to lithium-ion technology for large-scale, long-duration energy storage. Hence the use of vanadium is expected to rise in energy storage systems in the coming years.

By Region: The report provides insight into the vanadium market based on the regions namely, Asia Pacific, North America, Europe, and the Rest of the World. Asia Pacific held the highest share of the market. Many governments in the Asia Pacific region have established renewable energy policies and targets to encourage the deployment of clean energy sources. By incentivizing renewable energy adoption, governments support the growth of the vanadium market.

The global vanadium market production has been further analyzed based on the following regions namely, China, Russia, South Africa, Brazil, and the Rest of the World. China has been the largest producer and consumer of vanadium, with significant vanadium reserves and a strong presence in the steel industry, where vanadium is used as an alloying agent. Russia is the world’s second-largest vanadium-producing country. The majority of its output can be attributed to EVRAZ, a vertically integrated steel, mining, and vanadium business.

Furthermore, the global vanadium market consumption has been analyzed based on the following regions: China, North America, Europe, and the Rest of the World. In 2022, vanadium demand in China has been lower than expected as a result of steel production curbs in China enforced due to the Winter Olympics and extended COVID-19 shutdowns. Moreover, China’s faltering property sector, and its depressed construction sector together with environmental cuts to production, and limited steel demand & supply led to the fell back of vanadium demand in the country.

Market Dynamics:

Growth Drivers: The global vanadium market growth is predicted to be supported by numerous growth drivers such as increasing steel production, growing construction sector, rapid urbanization, escalating medical devices industry, increasing demand for electric vehicles, escalating use in the chemical industry, and many other factors. Vanadium is primarily used as an alloying element in steel production. It is added to steel in small amounts to improve its mechanical properties, such as strength, hardness, and toughness. Vanadium-containing steels, commonly known as high-strength or high-performance steels, find applications in various industries, including construction, automotive, machinery, and infrastructure. The growth in steel production directly translates to increased demand for vanadium as an alloying element.

Challenges: However, the market growth would be negatively impacted by various challenges such as price volatility, environmental and regulatory considerations, competition from substitutes, etc. Volatile prices make it challenging to plan production, manage costs, and make long-term investment decisions. This uncertainty can lead to a reluctance to invest in new projects or expand existing operations, thereby hindering the growth of the vanadium market.

Trends: The market is projected to grow at a fast pace during the forecast period, due to various latest trends such as increasing demand for the VRFBs, research and development for new applications, exploration, and development of vanadium deposits, technological advancements, etc. Vanadium redox flow batteries (VRFBs) require a significant amount of vanadium for their operation. The electrolyte in VRFBs consists of vanadium ions in different oxidation states, which allow for the storage and release of electrical energy. As the adoption of VRFBs increases, the demand for vanadium as a key component in the electrolyte will also rise, resulting in increased vanadium consumption.

Impact Analysis of COVID-19 and Way Forward:

The COVID-19 pandemic has led to disruptions in mining operations, production facilities, and supply chains worldwide. Moreover, reduced construction activities, factory shutdowns, and decreased demand for vehicles have led to a decline in the consumption of vanadium-containing products in the initial period of 2020. However, as economies gradually reopened and stimulus measures were implemented, several industries started to recover, leading to increased demand for vanadium-containing products. In the post-COVID era, the recovery of global economies, infrastructure development projects, and the adoption of energy storage technologies would play significant roles in shaping the future market value of vanadium.

Competitive Landscape:

The global vanadium market is fragmented, with several key players operating on a global scale. The key players in the global vanadium market are:

Largo Inc.
Bushveld Minerals Limited
EVRAZ
Glencore Plc
AMG Advanced Metallurgical Group N.V.(AMG Vanadium LLC)
Ferro-Alloy Resources Limited
HBIS Group
Essel Mining & Industries Limited
Western Uranium & Vanadium Corp.
Voyager Metals Inc.
Australian Vanadium Ltd.
VanadiumCorp Resource Inc.

In 2022, Australian Vanadium produces 11,200 tonnes of vanadium pentoxide (V2O5), increasing from 11,022 tonnes in 2021. Also, in June 2023, AVL received US$9.8 million from the Australian government as part of the Modern Manufacturing Initiative. This funding would be used to support the development of AVL's vanadium redox flow battery manufacturing facility in Western Australia. On the other hand, in 2022, AMG Advanced Metallurgical Group N.V. announced the Management Board has approved to build of a Vanadium Electrolyte plant at the company’s subsidiary, AMG Titanium, in Nuremberg, Germany. The target capacity is 6,000 m³ vanadium electrolyte.



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Table of Contents

1. Executive Summary

2. Introduction

2.1 Vanadium: An Overview
2.1.1 Introduction to Vanadium
2.1.2 Uses of Vanadium

2.2 Vanadium Segmentation: An Overview
2.2.1 Vanadium Segmentation

3. Global Market Analysis

3.1 Global Vanadium Market: An Analysis

3.1.1 Global Vanadium Market: An Overview
3.1.2 Global Vanadium Market by Value
3.1.3 Global Vanadium Market by Type (Vanadium Pentoxide, Vanadium Ferrovanadium, Aluminium Vanadium Alloys, Vanadium Chemicals, and Others)
3.1.4 Global Vanadium Market by Region (Asia Pacific, Europe, North America, and Rest of the World)

3.2 Global Vanadium Market: Type Analysis

3.2.1 Global Vanadium Market by Type: An Overview
3.2.2 Global Vanadium Pentoxide Market by Value
3.2.3 Global Vanadium Ferrovanadium Market by Value
3.2.4 Global Aluminium Vanadium Alloys Market by Value
3.2.5 Global Vanadium Chemicals Market by Value
3.2.6 Global Others Vanadium Market by Value

3.3 Global Vanadium Market: Regional Analysis

3.3.1 Global Vanadium Market by Region: An Overview
3.3.2 Asia Pacific Vanadium Market by Value
3.3.3 Europe Vanadium Market by Value
3.3.4 North America Vanadium Market by Value
3.3.5 Rest of World Vanadium Market by Value

3.4 Global Vanadium Market: Reserve Analysis

3.4.1 Global Vanadium Market by Reserve: An Overview
3.4.2 Global Vanadium Market by Reserves

4. Production Analysis

4.1 Global Vanadium Market Production: An Analysis

4.1.1 Global Vanadium Market by Production: An Overview
4.1.2 Global Vanadium Market by Production
4.1.3 Global Vanadium Market Production by Source (Co-production, Primary, and Secondary)
4.1.4 Global Vanadium Market Production by Region (China, Russia, South Africa, Brazil, and Rest of the World)
4.1.5 Global Vanadium Market Primary Production by Region (South Africa, Brazil, and China)

4.2 Global Vanadium Market Production: Source Analysis

4.2.1 Global Vanadium Market Production by Source: An Overview
4.2.2 Global Vanadium Market by Co-Production
4.2.3 Global Vanadium Market by Primary Production
4.2.4 Global Vanadium Market by Secondary Production

4.3 Global Vanadium Market Production: Regional Analysis

4.3.1 Global Vanadium Market Production by Region: An Overview
4.3.2 China Vanadium Market by Production
4.3.3 Russia Vanadium Market by Production
4.3.4 South Africa Vanadium Market by Production
4.3.5 Brazil Vanadium Market by Production
4.3.6 Rest of World Vanadium Market by Production

5. Consumption Analysis

5.1 Global Vanadium Market Consumption: An Analysis

5.1.1 Global Vanadium Market by Consumption: An Overview
5.1.2 Global Vanadium Market by Consumption
5.1.3 Global Vanadium Market Consumption by End-User (Steel Alloy, Chemical & Catalyst, Titanium Alloys, and Energy Storage)
5.1.4 Global Vanadium Market Consumption by Region (China, Europe, North America, and Rest of the World)

5.2 Global Vanadium Market Consumption: End-User Analysis

5.2.1 Global Vanadium Market Consumption by End-User: An Overview
5.2.2 Global Steel Alloy Vanadium Market by Consumption
5.2.3 Global Chemical & Catalyst Vanadium Market by Consumption
5.2.4 Global Titanium Alloys Vanadium Market by Consumption
5.2.5 Global Energy Storage Vanadium Market by Consumption

5.3 Global Vanadium Market Consumption: Regional Analysis

5.3.1 Global Vanadium Market Consumption by Region: An Overview
5.3.2 China Vanadium Market by Consumption
5.3.3 Europe Vanadium Market by Consumption
5.3.4 North America Vanadium Market by Consumption
5.3.5 Rest of World Vanadium Market by Consumption

6. Impact of COVID-19

6.1 Impact of COVID -19 on Global Vanadium Market
6.2 Post COVID -19 Impact on Global Vanadium Market

7. Market Dynamics

7.1 Growth Drivers
7.1.1 Increasing Steel Production
7.1.2 Growing Construction Sector
7.1.3 Rapid Urbanization
7.1.4 Escalating Medical Devices Industry
7.1.5 Increasing Demand for Electric Vehicles (EVs)
7.1.6 Growing Air Passenger Traffic
7.1.7 Escalating Use in Chemical Industry

7.2 Challenges
7.2.1 Price Volatility
7.2.2 Environmental And Regulatory Considerations
7.2.3 Competition from Substitutes

7.3 Market Trends
7.3.1 Increasing Demand for the Vanadium Redox Flow Batteries (VRFBs)
7.3.2 Increasing Regulation on Air Pollution Control
7.3.3 Research and Development for New Applications
7.3.4 Exploration and Development of Vanadium Deposits
7.3.5 Technological Advancements

8. Competitive Landscape

8.1 Global Vanadium Market Players by Vanadium Pentoxide Production
8.2 Global Vanadium Market Players: Resources Comparison
8.3 Global Vanadium Market Players: Ore Reserves Comparison

9. Company Profiles

9.1 Largo Inc.
9.1.1 Business Overview
9.1.2 Operating Segments
9.1.3 Business Strategy

9.2 Bushveld Minerals Limited
9.2.1 Business Overview
9.2.2 Operating Segments
9.2.3 Business Strategy

9.3 EVRAZ
9.3.1 Business Overview
9.3.2 Operating Segments
9.3.3 Business Strategy

9.4 Glencore Plc
9.4.1 Business Overview
9.4.2 Operating Segments
9.4.3 Business Strategy

9.5 AMG Advanced Metallurgical Group N.V.(AMG Vanadium LLC)
9.5.1 Business Overview
9.5.2 Operating Segments
9.5.3 Business Strategy

9.6 Ferro-Alloy Resources Limited
9.6.1 Business Overview
9.6.2 Operating Segments
9.6.3 Business Strategy

9.7 HBIS Group
9.7.1 Business Overview
9.7.2 Business Strategy

9.8 Essel Mining & Industries Limited
9.8.1 Business Overview
9.8.2 Business Strategy

9.9 Western Uranium & Vanadium Corp.
9.9.1 Business Overview
9.9.2 Business Strategy

9.10 Voyager Metals Inc.
9.10.1 Business Overview
9.10.2 Business Strategy

9.11 Australian Vanadium Ltd.
9.11.1 Business Overview
9.11.2 Business Strategy

9.12 VanadiumCorp Resource Inc.
9.12.1 Business Overview
9.12.2 Business Strategy

List of Figures

Figure 1: Vanadium Segmentation
Figure 2: Global Vanadium Market by Value; 2018-2022 (US$ Billion)
Figure 3: Global Vanadium Market by Value; 2023-2028 (US$ Billion)
Figure 4: Global Vanadium Market by Type; 2022 (Percentage, %)
Figure 5: Global Vanadium Market by Region; 2022 (Percentage, %)
Figure 6: Global Vanadium Pentoxide Market by Value; 2018-2022 (US$ Billion)v Figure 7: Global Vanadium Pentoxide Market by Value; 2023-2028 (US$ Billion)
Figure 8: Global Vanadium Ferrovanadium Market by Value; 2018-2022 (US$ Million)
Figure 9: Global Vanadium Ferrovanadium Market by Value; 2023-2028 (US$ Million)
Figure 10: Global Aluminium Vanadium Alloys Market by Value; 2018-2022 (US$ Million)
Figure 11: Global Aluminium Vanadium Alloys Market by Value; 2023-2028 (US$ Million)
Figure 12: Global Vanadium Chemicals Market by Value; 2018-2022 (US$ Million)
Figure 13: Global Vanadium Chemicals Market by Value; 2023-2028 (US$ Million)
Figure 14: Global Others Vanadium Market by Value; 2018-2022 (US$ Million)
Figure 15: Global Others Vanadium Market by Value; 2023-2028 (US$ Million)
Figure 16: Asia Pacific Vanadium Market by Value; 2018-2022 (US$ Billion)
Figure 17: Asia Pacific Vanadium Market by Value; 2023-2028 (US$ Billion)
Figure 18: Europe Vanadium Market by Value; 2018-2022 (US$ Million)
Figure 19: Europe Vanadium Market by Value; 2023-2028 (US$ Million)
Figure 20: North America Vanadium Market by Value; 2018-2022 (US$ Million)
Figure 21: North America Vanadium Market by Value; 2023-2028 (US$ Million)
Figure 22: Rest of World Vanadium Market by Value; 2018-2022 (US$ Million)
Figure 23: Rest of World Vanadium Market by Value; 2023-2028 (US$ Million)
Figure 24: Global Vanadium Market Reserves by Region; 2022 (Percentage, %)
Figure 25: Global Vanadium Market by Reserves and Reserve Life; 2022 (Million Tonnes, Years)
Figure 26: Global Vanadium Market by Production; 2018-2022 (Thousand Tonnes)
Figure 27: Global Vanadium Market by Production; 2023-2028 (Thousand Tonnes)
Figure 28: Global Vanadium Market Production by Source; 2022 (Percentage, %)
Figure 29: Global Vanadium Market Production by Region; 2022 (Percentage, %)
Figure 30: Global Vanadium Market Primary Production by Region; 2022 (Percentage, %)
Figure 31: Global Vanadium Market By Co-Production; 2018-2022 (Thousand Tonnes)
Figure 32: Global Vanadium Market By Co-Production; 2023-2028 (Thousand Tonnes)
Figure 33: Global Vanadium Market By Primary Production; 2018-2022 (Thousand Tonnes)
Figure 34: Global Vanadium Market By Primary Production; 2023-2028 (Thousand Tonnes)
Figure 35: Global Vanadium Market By Secondary Production; 2018-2022 (Thousand Tonnes)
Figure 36: Global Vanadium Market By Secondary Production; 2023-2028 (Thousand Tonnes)
Figure 37: China Vanadium Market by Production; 2018-2022 (Thousand Tonnes)
Figure 38: Russia Vanadium Market by Production; 2018-2022 (Thousand Tonnes)
Figure 39: South Africa Vanadium Market by Production; 2018-2022 (Thousand Tonnes)
Figure 40: Brazil Vanadium Market by Production; 2018-2022 (Thousand Tonnes)
Figure 41: Rest of World Vanadium Market by Production; 2018-2022 (Thousand Tonnes)
Figure 42: Global Vanadium Market by Consumption; 2018-2022 (Thousand Tonnes)
Figure 43: Global Vanadium Market by Consumption; 2023-2028 (Thousand Tonnes)
Figure 44: Global Vanadium Market Consumption by End-User; 2022 (Percentage, %)
Figure 45: Global Vanadium Market Consumption by Region; 2022 (Percentage, %)
Figure 46: Global Steel Alloy Vanadium Market by Consumption; 2018-2022 (Thousand Tonnes)
Figure 47: Global Steel Alloy Vanadium Market by Consumption; 2023-2028 (Thousand Tonnes)
Figure 48: Global Chemical & Catalyst Vanadium Market by Consumption; 2018-2022 (Thousand Tonnes)
Figure 49: Global Chemical & Catalyst Vanadium Market by Consumption; 2023-2028 (Thousand Tonnes)
Figure 50: Global Titanium Alloys Vanadium Market by Consumption; 2018-2022 (Thousand Tonnes)
Figure 51: Global Titanium Alloys Vanadium Market by Consumption; 2023-2028 (Thousand Tonnes)
Figure 52: Global Energy Storage Vanadium Market by Consumption; 2018-2022 (Thousand Tonnes)
Figure 53: Global Energy Storage Vanadium Market by Consumption; 2023-2028 (Thousand Tonnes)
Figure 54: China Vanadium Market by Consumption; 2018-2022 (Thousand Tonnes)
Figure 55: Europe Vanadium Market by Consumption; 2018-2022 (Thousand Tonnes)
Figure 56: North America Vanadium Market by Consumption; 2018-2022 (Thousand Tonnes)
Figure 57: Rest of World Vanadium Market by Consumption; 2018-2022 (Thousand Tonnes)
Figure 58: Global Production of Crude Steel; 2018-2022 (Million Tonnes)
Figure 59: Global Construction Market Size; 2020-2030 (US$ Trillion)
Figure 60: Share of Urban Population in Total Population by Group of Economies; 2016, 2021 & 2050 (Percentage, %)
Figure 61: Global Medical Devices Market Revenue; 2021-2028 (US$ Billion)
Figure 62: Global EV Sales Market Share; 2017-2022 (Percentage, %)
Figure 63: Global Air Passenger Traffic Year-on-Year Change; March 2023 (Percentage, %)
Figure 64: Vanadium Oxide(V2O5) Spot Price: May 2021-October 2022 (US$/lb)
Figure 65: Global Demand for Vanadium in VRFB; 2019-2022 (Metric Tonnes)
Figure 66: Global Annual Installed Utility-Scale VRFB Battery Deployment Energy Capacity; 2022-2031 (GWH)
Figure 67: Global Vanadium Market Players by Vanadium Pentoxide (V2O5) Production; 2021-2022 (Tonnes)
Figure 68: Largo Inc. Revenues by Segment; 2022 (Percentage, %)
Figure 69: Bushveld Minerals Limited Revenue by Segment ;2022 (Percentage, %)
Figure 70: EVRAZ Revenues by Segment; 2021 (Percentage, %)
Figure 71: Glencore Plc Revenue by Segment; 2022 (Percentage, %)
Figure 72: AMG Advanced Metallurgical Group N.V. Revenue by Segment; 2022 (Percentage, %)
Figure 73: Ferro-Alloy Resources Limited Revenue by Segment; 2022 (Percentage, %)
Table 1: Global Vanadium Market Players: Resources Comparison (2022)
Table 2: Global Vanadium Market Players: Ore Reserves Comparison (2022)

 

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