Global Vanadium Market 2017-2021
Vanadium is a rare chemical element. It is soft, silvery grey, ductile transition metal. The compound is available in chemically combined forms, which occurs naturally in about 65 different minerals and fossil fuel deposits. It is mined mostly in South Africa, northwestern China, and eastern Russia. It is generally produced through the process of steel smelter slag. In addition, vanadium is also produced by the flue dust of heavy oil or as a by-product of uranium mining.
Technavio’s analysts forecast the global vanadium market to grow at a CAGR of 11.24% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global vanadium market for 2017-2021. The report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Vanadium Market 2017-2021
Technavio recognizes the following companies as the key players in the global vanadium market: Bushveld Minerals, EVRAZ, LARGO RESOURCES, Panzhihua Iron and Steel Group, and VanadiumCorp.
Other Prominent Vendors in the market are: Atlantic, AMERICAN VANADIUM, Australian Vanadium, Glencore, Hebei iron and steel, and Xining Special Steel.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is vanadium in batteries. Vanadium is adopted into the rapidly growing energy storage market due to vertical integration strategies focused on Vanadium Redox Flow Batteries. In Vanadium Redox Flow Batteries, vanadium ions are used in different oxidation states to store chemical potential energy.”
According to the report, one driver in the market is increasing demand in construction industry. The construction sector is the largest consumer of steel products and vanadium. Vanadium is extensively used in alloys for strengthening steel used in building and bridges. It facilitates strength in reinforcing bars used in buildings, tunnels, and bridges. Vanadium is added to steel bars, concrete structure, and suspension ropes. In North America, rolled vanadium steel sections are used extensively in frames and roofs of industrial buildings.
Further, the report states that one challenge in the market is fluctuation in steel industry. The consumption of high strength steels is subject to financial risks in the market. The demand for high strength steels depends on the performance of the global steel industry. Vanadium is extensively used in steel alloys. It facilitates additional strength in steel used in building, bridges, and tunnels. The steel and high strength steel markets are vulnerable to price divergence risks due to the deviation in derivatives and prices of high strength steels because of economic factors across the globe.
Bushveld Minerals, EVRAZ, LARGO RESOURCES, Panzhihua Iron and Steel Group, VanadiumCorp, Atlantic, AMERICAN VANADIUM, Australian Vanadium, Glencore, Hebei iron and steel, and Xining Special Steel.