In terms of volume, The Global Vanadium Market was 88.23 kilotons in 2020 and is expected to register a CAGR of 6.8% during the review period. Vanadium compound is significantly used as an alloying element in the iron & steel industry. Its corrosion resistance property makes it ideal for application in the manufacturing of tubes and pipes used to carry chemicals. In addition, mixing titanium with vanadium and iron increases the durability and strength of the material used in the manufacturing of wind turbines. For instance, in November 2018, JSW steel announced to ramp up the steel manufacturing capacity to 44–55 million tonnes per annum by 2030 to cater to the need of end-use industries.
Get Sample Copy @ https://www.marketresearchfuture.com/sample_request/8054
Moreover, the demand for vanadium in the energy sector is growing rapidly. It is considered as a superior substitute for lithium used in the manufacturing of batteries. The vanadium-based batteries are highly durable and hold immense energy storage capacity. For instance, in September 2018, Korea Advanced Institute of Science & Technology developed a new vanadium redox-flow battery (VRFB), which has high capacity retention and long durability.
Market Segmentation
The global vanadium market has been segmented on the basis of type, application, and region. By type, the global vanadium market has been divided into vanadium pentoxide, vanadium ferrovanadium, aluminum-vanadium alloys, vanadium chemicals, and others. The vanadium ferrovanadium segment held significant market share in 2017 and is projected to dominate in the coming years owing to the rise in the application in the iron & steel industry. The global market has been segmented based on application into chemical, energy storage, titanium alloys, and others. The high demand for iron & steel in the construction and automotive industries is expected to boost the growth of the segment in the coming years.
Competitive Analysis
The leading players in the global vanadium market include Williams & Company (US), Bushveld Minerals (South Africa), Atlantic Ltd (Australia), AMG Advanced Metallurgical Group NV (The Netherlands), Bear Metallurgical Company (US), Hickman, Shenzhen Chinary Co., Ltd (China), VanadiumCorp Resource Inc (Canada), EVRAZ (UK), Largo Resources Ltd (Canada), Glencore (Switzerland), and Treibacher Industrie AG (Austria).
Browse Full Report Details @ https://www.marketresearchfuture.com/reports/vanadium-market-8054
Regional Analysis
The Asia-Pacific market is expected to register a healthy CAGR during the forecast period owing to high public and private sector investments in the construction industry. The economic development and urbanization, particularly in India, Philippines, China, and Indonesia has influenced the spending in infrastructure sectors of power, water, telecommunications, and transportation. The North American market is led by the US construction industry growing at a CAGR of 5% in 2018. The growth is driven by the increase in construction activities such as roads and bridges. In North America, South and West regions are expected to register a CAGRs of 6% and 5%, respectively. Thus, infrastructure development and increasing construction activities are likely to propel the growth of the global vanadium market growth during the review period.
About Market Research Future:
Market Research Future (MRFR) is an esteemed company with a reputation of serving clients across domains of information technology (IT), healthcare, and chemicals. Our analysts undertake painstaking primary and secondary research to provide a seamless report with a 360 degree perspective. Data is compared against reputed organizations, trustworthy databases, and international surveys for producing impeccable reports backed with graphical and statistical information.
We at MRFR provide syndicated and customized reports to clients as per their liking. Our consulting services are aimed at eliminating business risks and driving the bottomline margins of our clients. The hands-on experience of analysts and capability of performing astute research through interviews, surveys, and polls are a statement of our prowess. We constantly monitor the market for any fluctuations and update our reports on a regular basis.
Read More :
https://www.marketresearchfuture.com/reports/acrylamide-tertiary-butyl-sulfonic-acid-market-700
https://www.marketresearchfuture.com/reports/detergent-alcohol-market-1182
https://www.marketresearchfuture.com/reports/synthetic-zeolites-market-5018
https://www.marketresearchfuture.com/reports/low-foam-surfactants-market-8143
https://www.marketresearchfuture.com/reports/fuel-ethanol-market-6691
https://www.marketresearchfuture.com/reports/emission-control-catalyst-market-4477
https://omnexus.specialchem.com/news/industry-news/elastomers-market-mrfr-analysis-000225743
Contact Information:
Contact Us: Market Research Future Office No. 524/528, Amanora Chambers Magarpatta Road, Hadapsar Pune – 411028 Maharashtra, India +1 646 845 9312 Email: sales@marketresearchfuture.com
Tags:
Menafn, PR-Wirein, iCN Internal Distribution, Research Newswire, English