Vanadium Ore Market Definition And Segments
Vanadium ores are naturally occurring rock sediment that contains vanadium and other metals or metal compounds in sufficient amounts that can be mined, treated, or refined.
The main types of vanadium ore are FeV40, FeV50, FeV60, and FeV80. The most common ferrovanadium composition is FeV80. In addition to iron and vanadium, FeV80 contains trace amounts of silicon, aluminum, carbon, sulfur, phosphorus, arsenic, copper, and manganese. Impurities can account for up to 11% of the alloy's weight. The various applications of vanadium ore include iron and steel, chemical, energy storage, and others that are used by automotive, aerospace and defense, steel industry, and other end-user industries.
The vanadium ore market covered in this report is segmented –
1) By Type: FeV40, FeV50, FeV60, FeV80
2) By Application: Iron and Steel, Chemical, Energy Storage, Other Applications
3) By End Use Industry: Automotive, Aerospace And Defense, Steel Industry, Other End-Use Industries
The vanadium ore market size has grown steadily in recent years. It will grow from $2.75 billion in 2023 to $2.86 billion in 2024 at a compound annual growth rate (CAGR) of 4.1%. The growth in the historic period can be attributed to steel industry growth, infrastructure development, aerospace and defense applications, increasing regulatory standards for steel quality, automotive industry demand.
The vanadium ore market size is expected to see steady growth in the next few years. It will grow to $3.29 billion in 2028 at a compound annual growth rate (CAGR) of 3.5%. The growth in the forecast period can be attributed to growing renewable energy, electric vehicle revolution, urbanization and infrastructure projects, stricter emission standards, research and development initiatives. Major trends in the forecast period include advancements in battery technologies, energy storage technologies, technological advancements in steel production, increased demand for vanadium in steel production, emerging energy storage applications, research and development in vanadium extraction technologies.
Vanadium Revolution Transforming The Automobile Industry With Lightweight, Fuel-Efficient Alloys
The increasing use of Vanadium in the automobile industry will drive the vanadium ore mining market. The use of vanadium alloy for manufacturing automobile parts will reduce their weight and increase their fuel efficiency. According to an investing firm (aheadoftheherd.com), around 85% of all automobiles will incorporate vanadium alloy to reduce their weight, thereby increasing their fuel efficiency by 2025.
Vanadium's Vital Role In The Construction Industry Fueling Growth In The Vanadium Ore Market
Increasing demand for vanadium from the construction industry is expected to propel the growth of the vanadium ore market in the coming future. The construction business, sometimes known as the building or construction sector, includes a wide variety of operations, including the planning, design, installation, refurbishment, repair, and upkeep of physical buildings, roads, and facilities. Vanadium is an alloying metal used in the manufacture of specialty steel alloys such as speed tool steels. Vanadium composites are also used to make high-strength steel, commonly utilized in the construction sector. For instance, in October 2023, according to the U.S. Census Bureau, a US-based significant entity within the United States Federal Data System in charge of producing population and economic data, along with the US Department of Housing and Urban Development, construction spending in August 2023 was projected to be $1,983.5 billion, rising 7.4% (1.8 percent) from the $1,847.3 billion predicted in August 2022. The increasing demand for vanadium from the construction industry is driving the vanadium ore market.
Major companies operating in the vanadium ore market report are Glencore PLC, Aurox Resources Pty Ltd., Sumitomo Corporation, Hbis Company Limited, Mitsubishi Materials Corp., Williams Companies Inc., Pangang Group Vanadium Titanium & Resources Co. Ltd., CIECH SA, Globe Specialty Metals Inc., Essel Mining & Industries Limited, Continental Precious Minerals Inc., Largo Inc., Treibacher Industrie AG, General Atlantic LP, Ferrostaal GmbH, Neometals Ltd., Gulf Chemical and Metallurgical Corporation, Reed Resources Ltd., American Resources Corporation, Liontown Resources Ltd., Great Western Minerals Group Ltd., Core Metals Group LLC, Bear Metallurgical Company, Tremond Alloys & Metals Corp., Hickman Industries Ltd., Western Uranium & Vanadium Corp., Golden Deeps Ltd., Australian Vanadium Limited, Cristina Rubinetterie SpA, Euro Vanadium Limited
Environmental Challenges And Regulatory Impact On The Vanadium Ore Mining Industry
The rate at which vanadium is being deposited into the environment is increasing, which can be attributed to the global rise in discharges to the environment of vanadium-rich industrial byproducts including steel slags, and ash from the expansion of waste incineration. Due to this major jurisdictions including the USA, and China are implementing environmental protection strategies/regulations to lessen the toxic effects of Vanadium, these regulations will hamper the Vanadium ore mining market. For example, in the USA, vanadium is listed as Contaminant Candidate List 4 (CCL4) and is subject to more stringent monitoring in potable waters, on the other hand, China is waging war on smog and promoting environmentalism (by regulating iron ore blends to lower vanadium content raw material).
Energizing The Future Vanadium Redox Flow Batteries' Impact On The Vanadium Ore Industry
The use of vanadium redox flow batteries (VRFBs) for energy storage is an emerging trend market. This trend will drive a structural change in the vanadium ore mining market dominated by steel manufacturers. For instance, in September 2022, VFlowTech, a Singapore-based manufacturing company of vanadium redox flow batteries, announced a partnership with Advario B.V. to investigate collaborative efforts to extend the use of vanadium flow batteries for terminal applications in important markets. Despite terminal applications, VFlowTech's technology has a variety of real-world applications, such as an electric vehicle (EV) powering up, grid offerings, residential neighborhoods, telecom structures, and commercial and industrial sector clean energy integration. Advario B.V. is a Netherlands-based liquid storage logistics company.
Strategic Partnerships Reshaping The Vanadium Ore Market Idemitsu Kosan Co., Ltd.'s Investment In Vecco Group Pty Ltd.
Major companies operating in the vanadium ore market are focusing on strategic partnerships like Idemitsu Kosan Co., Ltd.'s investment in Vecco Group Pty Ltd. to better meet the needs of their existing consumers. The funding was made to encourage a vanadium project in Australia through Idemitsu Minerals Australia Pty Ltd., which was formed by Idemitsu Australia Pty Ltd., an Idemitsu subsidiary in Australia, to promote a crucial mineral. Idemitsu's entire investment is AUD$13.16 million, representing a 14.7% stake. For instance, in March 2023, Idemitsu Kosan Co., Ltd., a Japan-based company that operates oil platforms and refineries, manufactures and distributes petroleum, oils, and petrochemical goods, and also runs gas stations, invested $8.42 million, corresponding to a 14.7% stake in Vecco Group Pty Ltd. Idemitsu is going to accelerate efforts to learn more about the rare metals industry with this investment, and it will also hasten the growth of companies that can assist in ushering in renewable energy and the achievement of a low-carbon society. Vecco Group Pty Ltd. is an Australia-based company that operates in mining, oil, gas, and energy services.
Asia-Pacific was the largest region in the vanadium ore market in 2023. South America was the second largest region in the global vanadium ore market analysis. The regions covered in the vanadium ore market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the vanadium ore market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The vanadium market consists of sales of vanadium ores and concentrates. It includes industries that mine and beneficiate uranium-radium-vanadium ores. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The vanadium ore market research report is one of a series of new reports from The Business Research Company that provides vanadium ore market statistics, including vanadium ore industry global market size, regional shares, competitors with a vanadium ore market share, detailed vanadium ore market segments, market trends and opportunities, and any further data you may need to thrive in the vanadium ore industry. This vanadium ore market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.