Vanadium Global Market Forecast to 2034, Historical Data of 2019-2024, Supply and Demand, Volume and Value, Manufacturers, Prices, Upstream and Downstream Trends

About the market

• vanadium is a critical element for a sustainable, low-carbon future
• it serves a dual purpose: decarbonizing steel manufacturing and advancing large-scale battery storage for renewable energy

• the landscape of global vanadium production is defined by its concentration in a handful of countries, which together represent 90% of the world's output
• China dominates global vanadium production, contributing roughly two-thirds of the total supply, primarily extracted from slag during steel-making from vanadium titanium magnetite (VTM)
• other significant producers are Russia, South Africa, Brazil and India, with South Africa and Brazil being notable as major primary producers
• petroleum residue represents another source of vanadium, with Japan and the United States currently the only countries recovering it from this stream in significant quantities; other secondary sources include coal fly ash and waste solutions from uranium ore processing
• currently, over 95% of vanadium is consumed by the ferrous and non-ferrous alloying industry, primarily to enhance the strength, durability, and corrosion resistance of high-strength low-alloy (HSLA) steels, especially in construction rebar
• a key recent development was China's September 2024 revision of its national rebar standards to enforce higher vanadium content, aligning with its strategic goal of enhancing infrastructure resilience
• the remaining small share is used in diverse applications, including ceramics, chemicals, catalysts, and energy storage (VRFBs)
• regionally, China is the dominant consumer, accounting for over 60% of demand, while Europe and North America are other significant markets

• global demand for vanadium is anticipated to rise at a rate of 4.5% annually over the coming decade, driven by continued industrialization and technological advancement worldwide
• as expected, high-strength, low-alloy (HSLA) steel and rebar sector will see steady, incremental growth; the relative market share will decrease as the energy storage sector grows much faster, but the steel sector will still consume the vast majority of vanadium in absolute volume
• the batteries sector is poised to become the second-largest consumer of vanadium; government policies supporting grid storage and the declining cost of VRFB storage will be major catalysts
• overall, the vanadium market will be characterized by strong, steady demand from steel and transformative, high-growth demand from the energy storage sector
• while China's dominance of the vanadium market is set to continue, Australia is actively positioning itself as a major future production hub: the country is accelerating the development of its vanadium projects in anticipation of rising future demand

Key Questions Answered in the Report

• What were the main trends of global vanadium market in 2019-2024?
• What was global vanadium supply/demand balance in 2019-2024?
• What are the main players in global vanadium market?
• What drivers and challenges will determine the development of the global vanadium market in the next 5-10 years?
• What will be the possible restrains for global vanadium market growth?
• What will be the CAGRs for global vanadium supply and demand?
• Are there vanadium projects to be completed in 2025-2034?
• And many other

Report Scope

*Please note that "Vanadium Market Forecast, Trends, Supply and Demand, Prices, Projects, Manufacturers" is a half ready publication and contents are subject to changes and additions. We have all data necessary for report preparation but it needs to be retrieved from our databases, organized in a report, updated with the latest information and thus the complete study will be presented. This process takes 4-5 business days after the order is placed. Thus, our clients always obtain a revised and updated version of each report. Please note that we do not charge for an updating procedure.