
Vanadium Market
Vanadium Market Forecasts to 2030 - Global Analysis By Type (Vanadium Oxide (V-O-), Vanadium Pentachloride (VCl-), Vanadium Sulfide (VS-), Vanadium Chloride (VCl-), Vanadium Titanium and Other Types), Production Process, Application, End User and By Geography

According to Stratistics MRC, the Global Vanadium Market is accounted for $3.25 billion in 2024 and is expected to reach $4.59 billion by 2030 growing at a CAGR of 7.3% during the forecast period. Vanadium is a chemical element with the symbol V and atomic number 23, known for its silvery-gray metallic appearance. It is a transition metal often found in minerals such as vanadinite and magnetite. Vanadium exhibits remarkable resistance to corrosion and oxidation, making it valuable in producing steel alloys, where it enhances strength, hardness, and heat resistance. Vanadium’s biological role includes trace amounts essential for some enzymes in certain organisms.
According to the World Steel Association, 80% of vanadium content has being used in steel industry that climbed by 3.4% in 2019.
Market Dynamics:
Driver:
Growing construction activities globally
Vanadium enhances steel's strength, toughness, and corrosion resistance, making it essential for infrastructure projects such as bridges, skyscrapers, and transportation systems. Rapid urbanization, population growth, and government investments in infrastructure development, especially in emerging economies, further amplify this demand. Additionally, the trend toward sustainable construction practices encourages the use of vanadium-alloyed steel, as it allows for lighter, more durable structures with reduced material consumption. These factors collectively propel the growth of the vanadium market worldwide.
Restraint:
Environmental concerns
Environmental concerns in the vanadium arise from the mining, extraction, and processing activities, which can lead to habitat destruction, soil erosion, and water pollution due to waste and tailings. The release of toxic by-products and emissions during processing poses risks to ecosystems and human health. Stringent environmental regulations and compliance costs hinder production expansion. These challenges hamper market growth by increasing operational costs and limiting the establishment of new vanadium extraction facilities.
Opportunity:
Advancements in catalyst technologies
Vanadium-based catalysts are vital in producing sulfuric acid, one of the most widely used industrial chemicals. Innovations in catalyst efficiency and environmental sustainability have increased demand for vanadium in refining processes, such as petrochemical production and desulfurization. Emerging technologies for clean energy production, like vanadium-based ammonia synthesis and hydrogen fuel production further boost its market potential. These advancements enable higher productivity and reduced environmental impact, positioning vanadium as a critical component, thereby propelling the market expansion.
Threat:
High production costs
Vanadium has high production costs due to the complex and energy-intensive extraction process. It is primarily obtained from ores like magnetite, requiring extensive roasting, leaching, and purification to extract usable vanadium. Additionally, the limited availability of high-quality ores and the need for specialized equipment further increase costs. These high production costs can make vanadium expensive compared to alternative materials, hampering overall market growth by limiting profitability and scalability.
Covid-19 Impact
The covid-19 pandemic significantly impacted the vanadium market by disrupting supply chains, halting mining operations, and reducing demand from key sectors like construction, automotive, and aerospace. Steel production, a major driver of vanadium demand, faced slowdowns due to global lockdowns and reduced infrastructure activities. However, the pandemic accelerated investments in renewable energy. Post-pandemic recovery in infrastructure and renewable energy sectors is expected to drive vanadium market growth.
The pyrometallurgical process segment is expected to be the largest during the forecast period
The pyrometallurgical process segment is predicted to secure the largest market share throughout the forecast period. The pyrometallurgical process in vanadium extraction involves high-temperature treatment of vanadium-containing ores like magnetite or vanadinite. The process typically includes roasting the ore with sodium salts to form water-soluble vanadates, followed by leaching to extract vanadium. This method is widely used for its efficiency in processing high-grade ores but requires significant energy and generates environmental concerns due to emissions.
The building & construction segment is expected to have the highest CAGR during the forecast period
The building & construction segment is anticipated to witness the highest CAGR during the forecast period. Vanadium plays a crucial role in the building and construction industry, primarily as an alloying element in steel. It enhances the strength, durability, and corrosion resistance of structural steel, making it ideal for bridges, skyscrapers, and other infrastructure projects. Additionally, its ability to withstand extreme conditions aligns with modern construction demands, supporting applications in earthquake-resistant structures and long-lasting infrastructure development.
Region with largest share:
Asia Pacific is expected to register the largest market share during the forecast period due to its robust steel and construction industries, particularly in China, the largest producer and consumer of vanadium globally. Demand is driven by infrastructure development, automotive production, and renewable energy initiatives. China’s focus on high-strength steel for construction aligns with vanadium’s properties, boosting its usage. Emerging economies like India and Southeast Asian nations are also contributing to demand through industrialization and renewable energy investments.
Region with highest CAGR:
North America is expected to witness the highest CAGR over the forecast period driven by growing demand in the energy storage, steel, and aerospace sectors. The United States and Canada are key contributors, with a focus on vanadium's use in strengthening steel for infrastructure projects and aerospace applications. The region is witnessing increased adoption of vanadium redox flow batteries (VRFBs) for renewable energy storage. Government investments in green technologies further support vanadium demand in North America.
Key players in the market
Some of the key players profiled in the Vanadium Market include Invinity Energy Systems, Delectrick Systems, Glencore PLC, Ansteel Group Corporation, Largo Resources Limited, Bushveld Minerals Limited, TNG Limited, American Vanadium Corporation, Delrey Metals Corporation, BaoWu Steel Group, Yellow River Resources Limited, China Northern Rare Earth Group High-Tech Corporation, EVRAZ North America, Strategic Minerals Plc and FerroAlloy Resources Limited.
Key Developments:
In December 2024, Invinity Energy Systems launched its next-generation vanadium flow battery (VFB), designed to enhance large-scale energy storage applications. Their batteries help store excess energy produced during peak generation periods and release it during periods of high demand or low generation.
In September 2024, Delectrick Systems has launched a new 10MWh vanadium flow battery-based energy storage system (ESS) to support large-scale and utility-scale projects. The 2MW/10MWh 5-hour duration system aims to support large-scale developers by granting a product that provides around 200MWh per acre.
Types Covered:
• Vanadium Oxide (V₂O₅)
• Vanadium Pentachloride (VCl₅)
• Vanadium Sulfide (VS₄)
• Vanadium Chloride (VCl₃)
• Vanadium Titanium
• Other Types
Production Processes Covered:
• Mining & Ore Extraction
• Pyrometallurgical Process
• Leaching & Extraction
• Refining & Purification
• Other Production Processes
Applications Covered:
• Concrete Reinforcing Bars
• Structural Plates
• Axles
• Frames
• Crankshafts
• Pipeline
• Other Applications
End Users Covered:
• Building & Construction
• Aerospace & Defense
• Chemical Industry
• Oil & Gas
• Industrial Equipment
• Automotive
• Other End Users
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Application Analysis
3.7 End User Analysis
3.8 Emerging Markets
3.9 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Vanadium Market, By Type
5.1 Introduction
5.2 Vanadium Oxide (V₂O₅)
5.3 Vanadium Pentachloride (VCl₅)
5.4 Vanadium Sulfide (VS₄)
5.5 Vanadium Chloride (VCl₃)
5.6 Vanadium Titanium
5.7 Other Types
6 Global Vanadium Market, By Production Process
6.1 Introduction
6.2 Mining & Ore Extraction
6.3 Pyrometallurgical Process
6.4 Leaching & Extraction
6.5 Refining & Purification
6.6 Other Production Processes
7 Global Vanadium Market, By Application
7.1 Introduction
7.2 Concrete Reinforcing Bars
7.3 Structural Plates
7.4 Axles
7.5 Frames
7.6 Crankshafts
7.7 Pipeline
7.8 Other Applications
8 Global Vanadium Market, By End User
8.1 Introduction
8.2 Building & Construction
8.3 Aerospace & Defense
8.4 Chemical Industry
8.5 Oil & Gas
8.6 Industrial Equipment
8.7 Automotive
8.8 Other End Users
9 Global Vanadium Market, By Geography
9.1 Introduction
9.2 North America
9.2.1 US
9.2.2 Canada
9.2.3 Mexico
9.3 Europe
9.3.1 Germany
9.3.2 UK
9.3.3 Italy
9.3.4 France
9.3.5 Spain
9.3.6 Rest of Europe
9.4 Asia Pacific
9.4.1 Japan
9.4.2 China
9.4.3 India
9.4.4 Australia
9.4.5 New Zealand
9.4.6 South Korea
9.4.7 Rest of Asia Pacific
9.5 South America
9.5.1 Argentina
9.5.2 Brazil
9.5.3 Chile
9.5.4 Rest of South America
9.6 Middle East & Africa
9.6.1 Saudi Arabia
9.6.2 UAE
9.6.3 Qatar
9.6.4 South Africa
9.6.5 Rest of Middle East & Africa
10 Key Developments
10.1 Agreements, Partnerships, Collaborations and Joint Ventures
10.2 Acquisitions & Mergers
10.3 New Product Launch
10.4 Expansions
10.5 Other Key Strategies
11 Company Profiling
11.1 Invinity Energy Systems
11.2 Delectrick Systems
11.3 Glencore PLC
11.4 Ansteel Group Corporation
11.5 Largo Resources Limited
11.6 Bushveld Minerals Limited
11.7 TNG Limited
11.8 American Vanadium Corporation
11.9 Delrey Metals Corporation
11.10 BaoWu Steel Group
11.11 Yellow River Resources Limited
11.12 China Northern Rare Earth Group High-Tech Corporation
11.13 EVRAZ North America
11.14 Strategic Minerals Plc
11.15 FerroAlloy Resources Limited
List of Tables
1 Global Vanadium Market Outlook, By Region (2022-2030) ($MN)
2 Global Vanadium Market Outlook, By Type (2022-2030) ($MN)
3 Global Vanadium Market Outlook, By Vanadium Oxide (V₂O₅) (2022-2030) ($MN)
4 Global Vanadium Market Outlook, By Vanadium Pentachloride (VCl₅) (2022-2030) ($MN)
5 Global Vanadium Market Outlook, By Vanadium Sulfide (VS₄) (2022-2030) ($MN)
6 Global Vanadium Market Outlook, By Vanadium Chloride (VCl₃) (2022-2030) ($MN)
7 Global Vanadium Market Outlook, By Vanadium Titanium (2022-2030) ($MN)
8 Global Vanadium Market Outlook, By Other Types (2022-2030) ($MN)
9 Global Vanadium Market Outlook, By Production Process (2022-2030) ($MN)
10 Global Vanadium Market Outlook, By Mining & Ore Extraction (2022-2030) ($MN)
11 Global Vanadium Market Outlook, By Pyrometallurgical Process (2022-2030) ($MN)
12 Global Vanadium Market Outlook, By Leaching & Extraction (2022-2030) ($MN)
13 Global Vanadium Market Outlook, By Refining & Purification (2022-2030) ($MN)
14 Global Vanadium Market Outlook, By Other Production Processes (2022-2030) ($MN)
15 Global Vanadium Market Outlook, By Application (2022-2030) ($MN)
16 Global Vanadium Market Outlook, By Concrete Reinforcing Bars (2022-2030) ($MN)
17 Global Vanadium Market Outlook, By Structural Plates (2022-2030) ($MN)
18 Global Vanadium Market Outlook, By Axles (2022-2030) ($MN)
19 Global Vanadium Market Outlook, By Frames (2022-2030) ($MN)
20 Global Vanadium Market Outlook, By Crankshafts (2022-2030) ($MN)
21 Global Vanadium Market Outlook, By Pipeline (2022-2030) ($MN)
22 Global Vanadium Market Outlook, By Other Applications (2022-2030) ($MN)
23 Global Vanadium Market Outlook, By End User (2022-2030) ($MN)
24 Global Vanadium Market Outlook, By Building & Construction (2022-2030) ($MN)
25 Global Vanadium Market Outlook, By Aerospace & Defense (2022-2030) ($MN)
26 Global Vanadium Market Outlook, By Chemical Industry (2022-2030) ($MN)
27 Global Vanadium Market Outlook, By Oil & Gas (2022-2030) ($MN)
28 Global Vanadium Market Outlook, By Industrial Equipment (2022-2030) ($MN)
29 Global Vanadium Market Outlook, By Automotive (2022-2030) ($MN)
30 Global Vanadium Market Outlook, By Other End Users (2022-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY

We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
Frequently Asked Questions
In case of any queries regarding this report, you can contact the customer service by filing the “Inquiry Before Buy” form available on the right hand side. You may also contact us through email: info@strategymrc.com or phone: +1-301-202-5929
Yes, the samples are available for all the published reports. You can request them by filling the “Request Sample” option available in this page.
Yes, you can request a sample with your specific requirements. All the customized samples will be provided as per the requirement with the real data masked.
All our reports are available in Digital PDF format. In case if you require them in any other formats, such as PPT, Excel etc you can submit a request through “Inquiry Before Buy” form available on the right hand side. You may also contact us through email: info@strategymrc.com or phone: +1-301-202-5929
We offer a free 15% customization with every purchase. This requirement can be fulfilled for both pre and post sale. You may send your customization requirements through email at info@strategymrc.com or call us on +1-301-202-5929.
We have 3 different licensing options available in electronic format.
- Single User Licence: Allows one person, typically the buyer, to have access to the ordered product. The ordered product cannot be distributed to anyone else.
- 2-5 User Licence: Allows the ordered product to be shared among a maximum of 5 people within your organisation.
- Corporate License: Allows the product to be shared among all employees of your organisation regardless of their geographical location.
All our reports are typically be emailed to you as an attachment.
To order any available report you need to register on our website. The payment can be made either through CCAvenue or PayPal payments gateways which accept all international cards.
We extend our support to 6 months post sale. A post sale customization is also provided to cover your unmet needs in the report.
Request Customization
We provide a free 15% customization on every purchase. This requirement can be fulfilled for both pre and post sale. You may send your customization requirements through email at info@strategymrc.com or call us on +1-301-202-5929.
Note: This customization is absolutely free until it falls under the 15% bracket. If your requirement exceeds this a feasibility check will be performed. Post that, a quote will be provided along with the timelines.
WHY CHOOSE US ?

Assured Quality
Best in class reports with high standard of research integrity

24X7 Research Support
Continuous support to ensure the best customer experience.

Free Customization
Adding more values to your product of interest.

Safe & Secure Access
Providing a secured environment for all online transactions.

Trusted by 600+ Brands
Serving the most reputed brands across the world.