Vanadium Market Size Worth Around US$ 56 Billion by 2026: Acumen Research and Consulting

According to a new report published by Acumen Research and Consulting titled “Vanadium Market – Global Industry Analysis, Market Size, Opportunities and Forecast, 2019-2026,” the global market for vanadium is estimated to witness a vigorous growth rate and reach the market value of over $56 billion by 2026

LOS ANGELES, April 17, 2019 (GLOBE NEWSWIRE) -- The global vanadium market is expected to grow at the CAGR of 6.6% during the forecasted period 2019-2026.

The utilization of robots in the global vanadium mining industry is enhancing the overall productivity and efficiency of mines and lower the overall operational costs. Robotics is considerably increasing the global mining outputs by progressing out autonomous drills and trucks, thus lowering the demand for human labor. Robots are widely used in various perilous mining operations such as blasting explosives, drilling the mines as well as driving and guiding the off-highway haul trucks working in such mines. For instance, the RioTintomine has employed robotic rock drilling machines and driverless trucks to tow the vanadium ore for 24 hours and reported more than 20% reduction in the overall operating expenses.

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Asia-Pacific region is anticipated to dominate the global vanadium market over the forecast period on account of increasing demand for vanadium redox flow batteries across newer and more advanced energy storage stations. Also, increasing focus on expanding the production capacities especially in China is a key aspect anticipated to drive the Asia-Pacific vanadium market.

Demand to increase by increasing adoption of flow batteries

Rising requirement of power backup as well as increasing demand for flow batteries from automotive industry especially in the technologically advanced electric vehicles is a major factor likely to provide lucrative growth opportunities for the global vanadium market growth worldwide. Increasing urbanization, shift in consumer lifestyle, rising digitization trends, growth in sales of various electronic devices such as laptops, electronic toys, mobiles, etc. are anticipated to contribute to the growth of global vanadium industry to a great extent.

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Additionally, rising usage of vanadium redox flow batteries in widespread applications including the telecom industry as well as goods engineering will further boost its significance across global end users. Various manufacturers are coming with a wide number of innovative and advanced designs majorly for electronic devices. Thus, using vanadium redox flow batteries in such devices, the demand for vanadium across the globe is expected to exponentially rise over the forecast period.

Asia-Pacific to wear the crown

Asia-Pacific region is anticipated to dominate the global vanadium market throughout the forecast period. This is mainly due to increasing production in China as well as rising trade relations across the North East Asian countries. Additionally, increasing inclination of automotive manufacturers such as Tesla in deploying their manufacturing units in the cheaper Asian countries in order to achieve cost effectiveness in terms of labor, taxes as well as governmental support is projected to bolster the demand for vanadium in the region. Also, rapid urbanization in Indonesia and Thailand as well as increasing focus on the deployment of vanadium redox batteries in Asia-Pacific region is projected to bring impetus in the global vanadium market.

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The constant advance in pricing is a good marker for producers in the rest of the world outside of Asia-Pacific. Moreover, the forward push has also attracted a few companies based in North American region to participate in exploration or relocate to vanadium quarrying.

However, though various vanadium exploration projects are advancing at varying levels of advancement across the globe, covering heightened demand may well be more difficult than anticipated owing to pricing variations.

Some of the major players operating in the global vanadium market include Pangang Group Vanadium Titanium & Resources Co., Ltd., Vanadium Corporation, Bushveld Minerals Limited, EVRAZ Group, Largo Resources and Australian Vanadium Limited among others.


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