In a pressure vessel, vanadium metal is made by reducing vanadium pentoxide with calcium. By reducing vanadium(III) chloride with magnesium, high-purity vanadium can be produced. Vanadium is utilised as a steel addition in around 80% of the time. Armour plates, axles, tools, piston rods, and crankshafts are made of vanadium-steel alloys, which are extremely resistant. Steel is shock and vibration resistant because it contains less than 1% vanadium and as little chromium as possible. Because vanadium has poor neutron absorption qualities, it is employed in nuclear reactors. It is also usedin batteries, pigments, dyes, and other applications.
MARKET SCOPE
The "Global Vanadium Market Analysis to 2028" is a specialized and in-depth study of the chemicals & materials industry with a special focus on the global market trend analysis. The report aims to provide an overview of the vanadium market with detailed market segmentation by application, end user industry, and geography. The report provides key statistics on the market status of the leading vanadium market players and offers key trends and opportunities in the market.
MARKET SEGMENTATION
- On the basis of application, the market is segmented into alloys, batteries, pigments, dues & printing fabrics, others.
- On the basis of end user industry, the market is segmented into automotive & aerospace, energy storage, chemicals, others.
MARKET DYNAMICS
Drivers:
- The continued use of high-strength steel for automotive production over lighter alternatives, as well as the automotive industry's rapid expansion, are expected to boost demand for vanadium.
- Moreover, growing adoption of vanadium across various end user segments such as medical, energy storage, chemicals, aerospace and atumotive, is also projected to boost the market growth over the forecast period.
Restraints:
- However, consuming excessive amounts of vanadium over an extended period of time might result in major health consequences such as kidney damage, which is projected to impede the vanadium market's expansion throughout the forecast period.
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2019 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The vanadium market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the vanadium market in these regions.
IMPACT OF COVID-19 ON VANADIUM MARKET
COVID-19 first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. The US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Shutdown of various plants and factories has affected the global supply chains and negatively impacted the manufacturing, delivery schedules, and sales of products in global market. Few companies have already announced possible delays in product deliveries and slump in future sales of their products.
MARKET PLAYERS
The report covers key developments in the vanadium market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the marketwere acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market payers from vanadium market are anticipated to lucrative growth opportunities in the future with the rising demand for vanadium in the global market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the vanadium market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.
- Australian Vanadium Limited
- AMG Vanadium LLC
- Ansteel Group Corporation Limited
- Bushveld Minerals
- EVRAZ Plc
- Glencore Plc
- HBIS Group Co. Ltd.
- Largo Resources Ltd.
- Treibacher Industrie AG
- VanadiumCorp Resource Inc.
- HMW Hauner GmbH & Co.KG
- U.S. Vanadium LLC
- Riverside Specialty Chemicals
- Hunan Sanfeng Vanadium
- MSSA
- Oxkem Limited
- Shinko Chemical
- Premier Alloys & Chemicals
- LARGO RESOURCES LTD.
- Tremond Metals Corp