Worldwide Sales of Vanadium Are Predicted to Rise Rapidly at A CAGR of 8.5% by 2033
The global vanadium market stands at a valuation of US$ 46.2 billion in 2023 and is anticipated to reach US$ 105.4 billion by the end of 2033. According to Fact.MR, worldwide sales of vanadium are predicted to rise rapidly at a CAGR of 8.5% from 2023 to 2033.Vanadium is a chemical element with the symbol V and atomic number 23. It is a hard, rare grey-white, and ductile element, which is found in combination with various other minerals. It is widely used for manufacturing certain alloys, including titanium alloys, steel alloys, and iron alloys.
The offer in this portion accompanies many open doors including fabricating items, appropriation, retail, and showcasing administrations. Broad rounds of essential and a far reaching optional exploration have been utilized by the examiners at Fact.MR to show up at different assessments and projections for Demand of Vanadium Market both at worldwide and provincial levels.
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Market Players: –
- Australian Vanadium Limited
- VanadiumCorp Resource Inc.
- Bushveld Minerals Limited
- Largo Resources Ltd.
- EVRAZ PLC
- China Ansteel Group Corporation Limited
- HBIS GROUP
- Tremond Metals Corp
The examiners have utilized various vast conspicuous business knowledge devices to unite realities, figures, and market information into income assessments and projections in the Market.
Key partners in Market including industry players, policymakers, and financial backers in different nations have been persistently realigning their systems and ways to deal with carry out them to take advantage of new open doors. Numerous lately have updated their procedures to stay coordinated in the setting of overall disturbances brought about by the COVID-19 pandemic.
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Segmentation of Vanadium Industry Research
- By Grade :
- FeV40
- FeV50
- FeV60
- FeV80
- By Application :
- Iron & Steel
- Energy Storage
- Chemicals
- Titanium Alloys
- Others
Competitive Landscape
Vanadium suppliers are increasing their expenditure on maintaining their product standards by using more efficient raw materials and incorporating advanced manufacturing technologies. In addition, supply chain management systems are strengthened to expand the product reach to global consumers.
Vanadium manufacturers are entering into collaborations and partnerships for new developments to provide quality products to end users while considering pricing trends.
For instance :
- In 2020, Nusaned, owned by SABIC (Saudi Basic Industries Corporation), which is an investment company based in Saudi Arabia, joined a project with SCHMID Group, which is a Germany-based technology group. These companies are together concentrating on technology development and production of VRFB (Vanadium Redox Flow Batteries).
Companies in the vanadium market include Australian Vanadium Limited, VanadiumCorp Resource Inc., Bushveld Minerals Limited, Largo Resources Ltd., EVRAZ PLC, China Ansteel Group Corporation Limited, HBIS GROUP, and Tremond Metals Corp.
Regional analysis includes
- North America (U.S., Canada)
- Latin America (Brazil, Mexico, Argentina, Chile, Peru, Rest of LATAM)
- EU – (Germany, France, Italy, Spain), UK, BENELUX (Belgium, Netherlands, Luxemburg), NORDIC (Norway, Denmark, Iceland, Sweden), Eastern Europe (Poland, Ukraine, Czech Rep. etc.), Rest of Europe
- CIS & Russia
- Japan
- Asia Pacific Excluding Japan (Greater China, India, S. Korea, ASEAN Countries, Rest of APEJ)
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How Fact.MR Assists in Making Strategic Moves?
The data provided in the Vanadium Market report offers comprehensive analysis of important industry trends. Industry players can use this data to strategize their potential business moves and gain remarkable revenues in the upcoming period.
The report covers the price trend analysis and value chain analysis along with analysis of diverse offering by market players. The main motive of this report is to assist enterprises to make data-driven decisions and strategize their business moves.
“Rising Demand for Vanadium from the Construction Industry in North America”
North America is predicted to grow at a fast pace over the coming 10 years. Increased sales of vanadium in North America are due to its growing demand from the construction industry. It can be used alone as well as in combination with other alloys to strengthen steel plates for different box girders and different types of bridges.
Vanadium is added to steels, which are designed to resist earthquakes and fire. In addition, it is also employed for strengthening steel to reduce corrosion.
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