Global Vanadium Market 2023: Increasing Steel Production and Growing Demand for Renewable Energy to Drive $3.93 Billion Market by 2028

Dublin, Aug. 07, 2023 (GLOBE NEWSWIRE) -- The "Global Vanadium Market: Analysis By Production, By Consumption, By Type, By Source, By End-User, By Region Size and Trends with Impact of COVID-19 and Forecast up to 2028" report has been added to's offering.

The global vanadium market was valued at US$2.84 billion in 2022. The market value is expected to reach US$3.93 billion by 2028.

The global vanadium market production stood at 110.53 thousand tonnes in 2022 and is expected to reach 135.16 thousand tonnes by 2028. Whereas, the global vanadium market consumption stood at 112.19 thousand tonnes in 2022 and is anticipated to grow at a CAGR of approx. 3%. Vanadium is a grey, soft, ductile metal that exists in four 'oxidation states' (II, III, IV, and V). It exists naturally as a component of minerals, rather than in its pure form, and as an impurity within hydrocarbons and bauxites.

Vanadium is primarily used as an alloying element in the production of high-strength steel. Steel manufacturers utilize vanadium to enhance the strength, durability, and heat resistance of steel products. The growth in construction, infrastructure development, and automotive industries has resulted in higher steel demand, thereby driving the growth of the vanadium market in the past few years.

Additionally, the adoption of renewable energy sources, such as wind and solar power, often requires energy storage systems, including VRFBs, which utilize vanadium, thus driving the demand for vanadium. The vanadium market is expected to grow at a CAGR of approx. 5% during the forecasted period of 2023-2028.

Market Dynamics:

Growth Drivers:

The global vanadium market growth is predicted to be supported by numerous growth drivers such as increasing steel production, growing construction sector, rapid urbanization, escalating medical devices industry, increasing demand for electric vehicles, escalating use in the chemical industry, and many other factors.

Vanadium is primarily used as an alloying element in steel production. It is added to steel in small amounts to improve its mechanical properties, such as strength, hardness, and toughness. Vanadium-containing steels, commonly known as high-strength or high-performance steels, find applications in various industries, including construction, automotive, machinery, and infrastructure. The growth in steel production directly translates to increased demand for vanadium as an alloying element.


However, the market growth would be negatively impacted by various challenges such as price volatility, environmental and regulatory considerations, competition from substitutes, etc. Volatile prices make it challenging to plan production, manage costs, and make long-term investment decisions.

This uncertainty can lead to a reluctance to invest in new projects or expand existing operations, thereby hindering the growth of the vanadium market.


The market is projected to grow at a fast pace during the forecast period, due to various latest trends such as increasing demand for the VRFBs, research and development for new applications, exploration, and development of vanadium deposits, technological advancements, etc.

Vanadium redox flow batteries (VRFBs) require a significant amount of vanadium for their operation. The electrolyte in VRFBs consists of vanadium ions in different oxidation states, which allow for the storage and release of electrical energy. As the adoption of VRFBs increases, the demand for vanadium as a key component in the electrolyte will also rise, resulting in increased vanadium consumption.

Competitive Landscape:

The global vanadium market is fragmented, with several key players operating on a global scale. The key players in the global vanadium market are:

  • Largo Inc.
  • Bushveld Minerals Limited
  • Glencore Plc
  • AMG Advanced Metallurgical Group N.V.(AMG Vanadium LLC)
  • Ferro-Alloy Resources Limited
  • HBIS Group
  • Essel Mining & Industries Limited
  • Western Uranium & Vanadium Corp.
  • Voyager Metals Inc.
  • Australian Vanadium Ltd.
  • VanadiumCorp Resource Inc.

In 2022, Australian Vanadium produces 11,200 tonnes of vanadium pentoxide (V2O5), increasing from 11,022 tonnes in 2021. Also, in June 2023, AVL received US$9.8 million from the Australian government as part of the Modern Manufacturing Initiative.

This funding would be used to support the development of AVL's vanadium redox flow battery manufacturing facility in Western Australia. On the other hand, in 2022, AMG Advanced Metallurgical Group N.V. announced the Management Board has approved to build of a Vanadium Electrolyte plant at the company's subsidiary, AMG Titanium, in Nuremberg, Germany. The target capacity is 6,000 m vanadium electrolyte.

Key Topics Covered:

1. Executive Summary

2. Introduction

3. Global Market Analysis

4. Production Analysis

5. Consumption Analysis

6. Impact of COVID-19

7. Market Dynamics
7.1 Growth Drivers
7.1.1 Increasing Steel Production
7.1.2 Growing Construction Sector
7.1.3 Rapid Urbanization
7.1.4 Escalating Medical Devices Industry
7.1.5 Increasing Demand for Electric Vehicles (EVs)
7.1.6 Growing Air Passenger Traffic
7.1.7 Escalating Use in Chemical Industry
7.2 Challenges
7.2.1 Price Volatility
7.2.2 Environmental And Regulatory Considerations
7.2.3 Competition from Substitutes
7.3 Market Trends
7.3.1 Increasing Demand for the Vanadium Redox Flow Batteries (VRFBs)
7.3.2 Increasing Regulation on Air Pollution Control
7.3.3 Research and Development for New Applications
7.3.4 Exploration and Development of Vanadium Deposits
7.3.5 Technological Advancements

8. Competitive Landscape
8.1 Global Vanadium Market Players by Vanadium Pentoxide Production
8.2 Global Vanadium Market Players: Resources Comparison
8.3 Global Vanadium Market Players: Ore Reserves Comparison

9. Company Profiles

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