Vanadium Ore Market Report 2026

The vanadium ore market size has grown steadily in recent years. It will grow from $3.06 billion in 2025 to $3.14 billion in 2026 at a compound annual growth rate (CAGR) of 2.8%. The growth in the historic period can be attributed to expansion of steel production capacity, increasing use of alloying elements in construction steel, growth of automotive lightweighting requirements, development of vanadium extraction technologies, availability of titaniferous magnetite reserves.

The vanadium ore market size is expected to see strong growth in the next few years. It will grow to $3.91 billion in 2030 at a compound annual growth rate (CAGR) of 5.6%. The growth in the forecast period can be attributed to increasing demand for grid-scale energy storage, rising investments in battery-grade vanadium, expansion of renewable energy integration, growing focus on strategic mineral security, increasing adoption of high-performance steel alloys. Major trends in the forecast period include increasing demand for high-strength steel alloys, rising adoption of vanadium redox flow batteries, growing focus on ore beneficiation efficiency, expansion of ferrovanadium production capacities, enhanced emphasis on corrosion-resistant applications.

The vanadium ore market is poised for growth as there is a rising demand for vanadium from the construction industry. The construction sector, encompassing various activities such as planning, design, installation, refurbishment, repair, and maintenance of physical structures and infrastructure, relies on vanadium as an alloying metal for specialty steel alloys, including high-strength steel used in construction. For instance, according to the U.S. Census Bureau and the U.S. Department of Housing and Urban Development, construction spending in August 2023 was estimated at $1.98 trillion, indicating a 7.4% increase from the $1.84 trillion projected in August 2022. The growing demand for vanadium in the construction industry is a driving force for the vanadium ore market.

Major companies in the vanadium ore market are accelerating product innovation with vanadium redox flow battery (VRFB) systems to support large-scale energy storage and expand applications beyond steel, reshaping demand for vanadium feedstock. Next-generation VRFBs are liquid electrolyte-based energy storage systems that decouple power and energy capacity, enabling scalable long-duration storage with improved durability and safety compared with conventional battery chemistries. For example, in February 2025, Sumitomo Electric, a Japan-based electrical systems manufacturer, launched an advanced vanadium redox flow battery at Energy Storage North America, offering 15% higher energy density than earlier models, up to 30% reduction in system costs, and an operational lifespan of up to 30 years, supporting utility-scale energy applications. Additionally, in April 2025, China Sodium Energy signed an agreement to launch a 500 MWh vanadium flow battery manufacturing project in Yulin, Shaanxi, utilizing proprietary manufacturing technologies and targeting grid-scale storage production.

In August 2024, Flying Nickel Mining Corp., a Canada-based mining and critical minerals exploration company, acquired Nevada Vanadium Mining Corp. for 100% equity through a share-for-share merger under a court-approved plan of arrangement. This acquisition allowed Flying Nickel to expand its strategic presence in the vanadium ore sector, strengthen its resource base, and consolidate vanadium project assets to support future production and position in the battery metals market. Nevada Vanadium Mining Corp., a Canada-based company, focuses on vanadium ore exploration and development, advancing the Gibellini vanadium project in Nevada, United States.

Major companies operating in the vanadium ore market are Glencore plc, Aurox Resources Pty Ltd., Sumitomo Corporation, Hbis Company Limited, Mitsubishi Materials Corp., Pangang Group Vanadium Titanium & Resources Co. Ltd., Globe Specialty Metals Inc., Essel Mining & Industries Limited, Continental Precious Minerals Inc., Largo Inc., Treibacher Industrie AG, Ferrostaal GmbH, Neometals Ltd., Gulf Chemical and Metallurgical Corporation, Reed Resources Ltd., American Resources Corporation, Core Metals Group LLC, Bear Metallurgical Company, Tremond Alloys & Metals Corp., Western Uranium & Vanadium Corp., Golden Deeps Ltd., Australian Vanadium Limited, Euro Vanadium Limited.

Asia-Pacific was the largest region in the vanadium ore market in 2025. 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, South East Asia, 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, Taiwan, 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.

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