Vanadium Market Report 2026

The vanadium market size has grown strongly in recent years. It will grow from $2.61 billion in 2025 to $2.79 billion in 2026 at a compound annual growth rate (CAGR) of 7%. The growth in the historic period can be attributed to growth in steel manufacturing activities, rising use of vanadium as alloying element, expansion of construction and infrastructure projects, availability of aluminothermic and silicon reduction processes, increasing industrial metal consumption.

The vanadium market size is expected to see strong growth in the next few years. It will grow to $3.86 billion in 2030 at a compound annual growth rate (CAGR) of 8.5%. The growth in the forecast period can be attributed to increasing adoption of vanadium redox flow batteries, rising demand for lightweight and durable steel, expansion of electric vehicle production, growing investments in energy storage infrastructure, increasing focus on recycling and recovery of vanadium. Major trends in the forecast period include increasing demand for high-strength vanadium steel alloys, rising adoption of vanadium in energy storage systems, growing focus on sustainable metal production, expansion of vanadium use in automotive applications, enhanced emphasis on alloy performance optimization.

The rising steel production is expected to drive the growth of the vanadium market in the coming years. Steel production involves producing steel from iron ore and/or scrap. Vanadium plays a critical role in the steel industry as an alloying element and is also used in vanadium redox flow batteries (VRFBs). For example, in November 2023, the World Steel Association, a Brussels-based global industry body, reported that world crude steel production across 71 reporting countries reached 145.5 million tonnes, up 3.3 % from November 2022, and continued at elevated levels into 2024 with 146.8 million tonnes in November 2024, up 0.8 % from November 2023, reflecting a sustained production scale that supports downstream demand for vanadium in steel alloys. Thus, the increasing steel production is propelling the vanadium market.

Major companies in the vanadium market are focusing on innovative production techniques, such as commercial vanadium electrolyte production facilities, to enhance their market position. A commercial vanadium electrolyte facility produces battery-ready vanadium electrolyte through hydrometallurgical processes that extract, purify, and adjust vanadium solutions to meet specifications for vanadium redox flow batteries (VRFBs), supporting long-duration energy storage and increasing value chain integration. For example, in January 2025, X GROUP Technologies, a South Africa-based industrial technology company, launched a commercial vanadium electrolyte production facility designed to produce approximately 350 kL of VRFB-ready electrolyte annually, featuring low-cost extraction from secondary resources, ion exchange purification for high-purity vanadium, and compositional adjustment to specified molarity and valence states for battery applications.

In August 2024, Flying Nickel Mining Corp., a Canada-based provider of critical mineral exploration and development services focused on vanadium and nickel projects, acquired Nevada Vanadium Mining Corp. by obtaining 100% of its issued and outstanding common shares under a court-approved plan of arrangement. This acquisition allowed Flying Nickel to strengthen its strategic position by consolidating ownership of the Gibellini vanadium project in Nevada, USA, expanding its vanadium asset base and enhancing its capacity to develop a primary vanadium supply in North America. Nevada Vanadium Mining Corp. is a Canada-based vanadium exploration and development company focused on the Gibellini vanadium project and related mineral assets that host vanadium deposits essential for future supply chain growth.

Major companies operating in the vanadium market are Largo Inc, Bushveld Minerals Limited, EVRAZ plc, Glencore plc, Australian Vanadium Limited, VanadiumCorp Resource Inc, Western Uranium & Vanadium Corp, Energy Fuels Inc, Pangang Group Vanadium Titanium & Resources Co Ltd, China Vanadium Titano‑Magnetite Mining Company Limited, Ferro‑Alloy Resources Limited, TNG Limited, Voyager Metals Inc, Vecco Group, Marechal Vanadium Mining Co (example developer), Strategic Resources (vanadium explorer/developer), Ioneer Ltd (vanadium‑bearing project), Golden Deeps Ltd (vanadium exploration), King River Resources Ltd (vanadium project), Critical Metals Ltd.

Asia-Pacific was the largest region in the vanadium market in 2025. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the vanadium 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 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 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.

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