Major players in the vanadium ore market are AUROX RES., Atlantic, Treibacher Industrie AG., Essel Mining, Tremond Alloys & Metals Corp., Globe Specialty Metals, Inc., Largo Resources, YELLOW ROCK RES., REED RESOURCES, AMERICAN REOURCES, LARGO RES., CONTINENTAL PRECIOUS MIN., Hickman, Williams & Companies, Bear Metallurgical Company, Gulf Chemical and Metallurgical Corporation and Core Metals Group.
The global vanadium ore market will grow from $2.78 billion in 2022 to $2.97 billion in 2023 at a compound annual growth rate (CAGR) of 6.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The vanadium ore market is expected to grow from $3.76 billion in 2027 at a CAGR of 6.1%.
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.
Venadium ores are naturally occurring rock sediment that contains venadium and other metals or metal compounds in sufficient amounts that can be mined, treated or refined.
Asia Pacific was the largest region in the vanadium ore market in 2022.South America was the second largest region in the vanadium ore market.
The regions covered in the vanadium ore market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of vanadium ore are FeV40, FeV50, FeV60, and FeV80.The most common ferrovanadium composition is FeV80.
In addition to iron and vanadium, FeV80 contains trace amounts of silicon, aluminum, carbon, sulfur, phosphorus, arsenic, copper, and manganese.Impurities can account for up to 11% of the alloy’s weight.
The various applications of vanadium ore include iron and steel, chemical, energy storage, and others that are used by automotive, aerospace and defense, steel industry, and other end user industries.
The increasing use of Vanadium in automobile industry will drive the Vanadium ore mining market.The use of vanadium alloy for manufacturing automobile parts will reduce their weight and increases their fuel efficiency.
According to an investing firm (aheadoftheherd.com), around 85% of all automobiles will incorporate vanadium alloy to reduce their weight, thereby increasing their fuel efficiency by 2025.
The rate at which vanadium is being deposited into the environment is increasing, which can be attributed to global rise in discharges to the environment of vanadium rich industrial byproducts including steel slags, and ash from the expansion of waste incineration.Due to this major jurisdiction including the USA, and China are implementing environmental protection strategies/regulations to lessen the toxic effects of Vanadium, these regulations will hamper the Vanadium ore mining market.
For example, in the USA, vanadium is listed as Contaminant Candidate List 4 (CCL4) and is subject to more stringent monitoring in potable waters, on the other hand, China is waging war on smog and promotion of environmentalism (by regulating iron ore blends to lower vanadium content raw material).
The use of vanadium redox flow batteries (VRFB’s) for energy storage is an emerging trend market.This trend will drive a structural change in the vanadium ore mining market dominated by steel manufacturers.
For example, in 2020, Nusaned Investment, a Saudi Arabia-based investment company owned by SABIC, entered in joint venture with, Germany-based technology group, SCHMID Group to focus on manufacturing and technology development in the field of Vanadium Redox Flow Batteries (VRFB).
The countries covered in the vanadium ore market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The vanadium ore market research report is one of a series of new reports that provides vanadium ore market statistics, including vanadium ore industry global market size, regional shares, competitors with a vanadium ore market share, detailed vanadium ore market segments, market trends and opportunities, and any further data you may need to thrive in the vanadium ore industry. This vanadium ore 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.