Vanadium Global Market Report 2024

The global vanadium market has grown strongly in recent years. It will grow from $2.32 billion in 2023 to $2.47 billion in 2024 at a compound annual growth rate (CAGR) of 6.5%. The growth in the historic period can be attributed to steel and alloy production, battery technologies, urbanization and infrastructure growth, renewable energy.

The global vanadium market is expected to see strong growth in the next few years. It will grow to $3.08 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%. The growth in the forecast period can be attributed to green energy transition, e-mobility, infrastructure investments, space exploration. Major trends in the forecast period include vanadium recycling, vanadium nitride batteries, vanadium in aerospace, energy storage integration.

The anticipated growth of the vanadium market is being driven by the increasing adoption of large-scale energy storage technologies. These technologies encompass systems designed to store energy for future use, mitigating energy supply and demand fluctuations, offering backup power during outages, and facilitating energy storage for various applications, including transportation. Vanadium plays a crucial role in energy storage technologies, such as vanadium redox flow batteries (VRFBs), enabling the storage and release of substantial energy over extended periods. As of July 2023, an International Energy Agency (IEA) report revealed that the total installed grid-scale battery storage capacity had reached nearly 28 GW by the end of 2022, with a 75% increase compared to 2021, and around 11 GW of new storage capacity installed. Furthermore, grid-scale battery capacity for storage is projected to grow exponentially, reaching approximately 970 GW, a 35-fold increase, from 2022 to 2030. Consequently, the development of large-scale energy storage technologies will be a driving force behind the vanadium market.

The anticipated rise in steel production is poised to contribute to the expansion of the vanadium market. Steel production involves the transformation of iron ore and/or scrap into steel. Vanadium is a vital component used not only in vanadium redox flow batteries (VRFBs) but also in the steel industry as an alloying element. Notably, in 2022, data from the World Steel Association indicated that global crude steel production had increased from 1,879 million tons (Mt) in 2020 to 1,951 million tons (Mt) in 2021. Consequently, the upward trajectory in steel production is expected to be a driving factor for the vanadium market.

Anticipated high costs of vanadium could impose limitations on the growth of the vanadium market during the forecast period. Elevated vanadium prices have the potential to reduce the demand for vanadium-related products and technologies, rendering them less affordable for both consumers and businesses. For instance, in 2022, the U.S. Geological Survey (USGS), a government agency based in the United States, reported an expected 22% increase in the average price of Chinese vanadium pentoxide in 2021. Moreover, the price of ferrovanadium in the United States surged by 51% in 2021, reaching $16.30 per pound. Consequently, the high cost of vanadium is currently a constraint on market growth.

Leading companies in the vanadium market are intensifying their efforts toward innovative vanadium production techniques, with a particular focus on belt filter technology, to strengthen their market position. Belt filter technology is an industrial system designed for solid-liquid separation processes, especially within the chemical industry for dewatering sludges. For instance, in September 2022, U.S. Vanadium LLC, a U.S.-based manufacturer specializing in various vanadium chemicals, introduced an industrial Belt Filter plant. This facility significantly improved vanadium recovery rates, reduced operational costs, increased recycling initiatives, and reduced the facility's overall environmental footprint. The introduction of the new Belt Filter technology enhances vanadium recovery and increases the production of valuable vanadium products. Importantly, the belt filter produces a relatively dry cake with just a 5-6% moisture content, making it suitable for various industrial applications.

In September 2022, US Vanadium LLC, a U.S.-based manufacturer specializing in specialty vanadium chemicals, successfully completed the acquisition of the Materials Processing Plant from Saint-Gobain SA. The financial details of this transaction have not been disclosed. This strategic acquisition positions US Vanadium to expand and strengthen its production of high-purity vanadium and related products. By incorporating this facility into its operations, US Vanadium anticipates improving the flexibility and processing capacity of its diverse vanadium feedstock sources. Saint-Gobain SA, a French-based company, operates the materials processing plant located in Benton, Arkansas. This facility is responsible for grinding and roasting vanadium-containing feedstock to produce high-purity vanadium products.

Major players in the vanadium market are Glencore PLC, HBIS GROUP Co. Ltd., China Ansteel Group Corporation Limited, EVRAZ PLC, Essel Mining & Industries Limited, Ferroglobe PLC, Advanced Metallurgical Group (AMG) N.V., Largo Inc., Treibacher Industrie AG, Bushveld Minerals Ltd., Gulf Chemical and Metallurgical Corporation, Atlantic Ltd., JAYESH Group, Hickman Williams & Company, Angang Steel Co. Ltd., VanadiumCorp Resource Inc., Meta Materials Inc., Bear Metallurgical Company, U.S. Vanadium Holding Company LLC, Shenzhen Chinary Co. Ltd., Core Metals LLC, YILMADEN HOLDING Inc., Tremond Metals Corp., Australian Vanadium Limited, Otto Chemie Pvt Ltd.

Asia-Pacific was the largest region in the vanadium market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in vanadium report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the vanadium market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary types of vanadium include vanadium pentoxide, vanadium ferrovanadium, aluminum-vanadium alloys, vanadium chemicals, and others. Vanadium pentoxide (V2O5) is an inorganic chemical that typically presents itself as a brown or yellow solid, but when freshly precipitated from an aqueous solution, it can appear deep orange. Various production methods, such as aluminothermic reduction and silicon reduction techniques, are employed in various industries like iron and steel, chemicals, and titanium alloys. These industries serve end users like the automotive sector, chemical industry, energy storage, and others.

This report provides vanadium market statistics, including vanadium industry global market size, regional shares, competitors with a vanadium market share, detailed vanadium market segments, market trends and opportunities and any further data you may need to thrive in the vanadium industry. This vanadium 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.

The vanadium market consists of sales of aluminum ore, vanadate, carnotite, roscoelite and patronite. 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.


This product will be delivered within 3-5 business days.