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Vanadium Trioxide Market Overview
The vanadium trioxide market size is estimated to reach US$3,916.58 million by 2030 after growing at a CAGR of around 4.5% from 2024 to 2030. Vanadium trioxide is a dark grey crystalline powder that is orthorhombic system structure and odorless. The powder has rich chemicals and mechanical properties and acts as a catalyst in the oxidation of sulfur dioxide to sulfur trioxide and ethyl alcohol to acetaldehyde. Vanadium trioxide is used as a coloring agent for glass & ceramics, as an anode material in lithium batteries, in the production of high-performance metals and alloys like ferrovanadium, and as raw material for making yellow glass & nigrosine. Hence due to such high applicability, Vanadium Trioxide is used in sectors like automotive, aerospace, metallurgy, glass, and construction. Factors like an increase in the volume of steel production, high demand for electric vehicles and growing construction activities are driving vanadium trioxide market growth. However, negative health effects of vanadium trioxide like skin irritation and kidney problem can raise serious concerns regarding its industrial usage which can hamper the growth of the global vanadium trioxide industry.
While the limited supply of vanadium presents a challenge, exploration for new vanadium deposits is ongoing, and research into alternative extraction methods, such as from unconventional sources like slags and black shales, is promising. Additionally, recycling of vanadium from spent catalysts and batteries is gaining traction, offering a more sustainable solution. On the other side, the potential of vanadium redox flow batteries (VRFBs) is generating significant excitement. VRFBs offer long-duration energy storage, making them ideal for large-scale renewable energy integration and grid stability. This rapidly growing demand for VRFBs, which rely heavily on vanadium trioxide, is expected to be a major driver of market expansion in the coming years.
COVID-19 Impact
Vanadium trioxide has many applications in various end-use industries. It is used in the preparation of lithium-ion batteries for electric vehicles, as a coating agent in carbon nanotubes which is used in reinforced concrete in construction, while its mixture with titanium alloy is used in jet engines and airframes. The lockdown was implemented globally to curb the effects of COVID-19 and caused disruption in the functioning of such manufacturing sectors, resulting in a reduction in their productivity. Such a decrease in productivity of these sectors reduced the usage of vanadium trioxide in them which resulted in negative growth of the global vanadium trioxide industry.
While its overall growth remains positive, the pandemic caused temporary hiccups. Lockdowns disrupted supply chains, leading to price swings and shortages. Demand dipped due to sluggish industries like steel and construction. VRFB projects, a key driver, faced delays due to economic woes. However, there were silver linings too. The pandemic emphasized the need for reliable energy storage, potentially boosting VRFB adoption in the long run. Government stimulus for infrastructure and green tech could indirectly benefit the market. E-commerce growth, with its reliance on vanadium-containing electronics and data centers, offered another positive note. In essence, COVID-19's impact was mixed, causing short-term disruptions but also influencing future growth through its effect on energy storage trends and government policies
Report Coverage
The “Vanadium Trioxide Market Report – Forecast (2024 – 2030)”, by IndustryARC covers an in-depth analysis of the following segments of the global vanadium trioxide industry.
By Form – Powder, and Chunks
By Application – Oxidizing Agent, Reducing Agent, Coloring Agent, Battery Manufacturing, Alloy Production (Ferrovanadium, and VAI Master Alloy), Coating Material, and Others
By End User – Automotive, Construction (Residential, and Commercial), Metallurgy, Aerospace (Commercial Aviation, and General Aviation), Electronics, Chemicals, Glass Industry, Power Industry (Wind, Hydro, and Solar), and Others
By Geography - North America (USA, Canada, Mexico), Europe (UK, Germany, France, Italy, Netherland, Spain, Russia, Belgium, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Australia, and New Zealand, Indonesia, Taiwan, Malaysia, Rest of APAC), South America (Brazil, Argentina, Colombia, Chile, Rest of South America), Rest of the World (Middle East, Africa)
Key takeaways
- Asia-Pacific dominates the global vanadium trioxide industry as the region consists of a major economy like China is the leading market for electric vehicles and steel production in the world.
- Vanadium trioxide has high applicability in the glass industry as it is used as raw material in glass production and being a kind of eikonogen, it is used for making yellow glass and nigrosine.
- Rising investments in the social infrastructures and government buildings has increased the scale of construction activities globally which has provided growth opportunities for global vanadium trioxide industry.
Vanadium Trioxide Market Segment Analysis – By Form
The powder segment accounted for approximately 61% of the vanadium trioxide market share in 2023 and is estimated to grow at a significant CAGR during the forecast period. Vanadium trioxide is found in black or grey powder which is odorless and is majorly used in the production of high purity alloys like ferrovanadium, for coating carbon nanotubes, and as an electrode in lithium-ion batteries used in electric vehicles. Hence, the powder of vanadium trioxide is used in sectors like automotive, construction, and metallurgy. The rapid development in these sectors has increased their productivity resulting in a positive impact on vanadium trioxide usage. Such an increase in productivity of these sectors will create more usage of vanadium trioxide in them, resulting in positive growth for the global vanadium trioxide industry.
The powder segment faces the challenge of limited vanadium supply. However, exploration for new deposits and research into alternative extraction methods offer hope for future stability. Additionally, advancements in powder processing technologies and growing environmental concerns regarding alternatives could create new opportunities for vanadium trioxide powder in various applications. Overall, the vanadium trioxide powder segment exhibits potential for sustained growth, primarily driven by steel production and the burgeoning VRFB market.
Vanadium Trioxide Market Segment Analysis – By End-Use Industry
The metallurgy segment accounted for approximately 74% of the vanadium trioxide market share in 2023 and is estimated to grow at a significant CAGR during the forecast period. Vanadium trioxide has high applicability in making high purity alloys like ferrovanadium and VIA master alloy which are majorly used as an additive in steel making process as it increases steel’s strength, refined grains, and yield ratio. The increase in demand for steel from major end-users has increased the production level of steel. Such an increase in steel production will lead to more usage of vanadium trioxide in making high purity alloys that would be used in steel making. This will boost the growth of global vanadium trioxide industry.
Vanadium Trioxide Market Segment Analysis – By Geography
The Asia-Pacific region accounted for approximately 48% of the vanadium trioxide market share in 2023 and is estimated to grow at a significant CAGR during the forecast period. The region consists of major countries like China and India which comprise of major end-user industries of vanadium trioxide like automotive, metallurgy, and construction. Hence, due to rapid economic development in these nations, their industrial productivity has also increased. Such an increase in industrial productivity will create more usage of vanadium trioxide in the automotive, metallurgy, and construction sector, which will boost the growth of the global vanadium trioxide industry.
Asia Pacific will remain the dominant region due to its strong industrial base and growing VRFB potential. North America and Europe hold promise, driven by clean energy initiatives and VRFB adoption. Emerging regions like South America and Africa offer long-term potential with untapped resources and infrastructure development. Segment-specific trends vary across regions, requiring a nuanced understanding of regional dynamics.
Vanadium Trioxide Market Drivers
Increase in Volume of Steel Production
Vanadium trioxide is majorly used in the making of high-performance alloys like ferrovanadium whose addition as an additive in steelmaking increases the strength of steel and makes it resistant to temperature and torsion. The increase in steel production volume on account of growing demand from the major end-user of steel like construction and automotive has positively impacted the usage of vanadium trioxide as raw material in steel production. According to the World Steel Association, world crude steel production for the 64 countries in 2023 was 1,888.2 million tonnes (Mt). An increase in steel production will create more demand for ferrovanadium to be used in steel making. This results in more usage of vanadium trioxide in ferrovanadium alloy manufacturing, thereby having a positive impact on the growth of global vanadium trioxide industry.
High Demand for Electric Vehicles
Vanadium Trioxide which acts as a catalyst during sulfur trioxide oxidation has rich chemical properties due to which it is used as anode material for the fabrication of lithium-ion batteries. EV production necessitates high-strength steel for structural components. Vanadium acts as an alloying agent, enhancing the steel's strength, ductility, and weight properties. This increased steel demand for EVs is gradually The growing technological advancements in the automotive sector and consumer shift from manual to hybrid electric vehicles have resulted in an increase in sales of electric vehicles. Hence, such an increase in the registration of electric vehicles on account of high demand will increase the production scale of electric vehicles. This results in more usage of vanadium trioxide for fabricating lithium batteries which results in the positive growth of global vanadium trioxide industry.
Vanadium Trioxide Market Challenge
Negative Impact on Health
Vanadium trioxide is hazardous in nature and exposure to such compound can cause serious skin disease, kidney issues, nausea, and since it is found in powder form so if inhaled, it can cause acute upper & lower airway irritation. Hence, such a negative impact on health can limit vanadium trioxide usage in certain sectors like electronics and glass sectors where it is used as a coloring agent. This can hamper the growth of global vanadium trioxide industry.
Global Vanadium Trioxide Industry Outlook
The companies to develop a strong regional presence and strengthen their market position, continuously engage in mergers and acquisitions. In the vanadium trioxide market report, the global vanadium trioxide top 10 companies are:
1. EVRAZ
2. VanadiumCorp
3. HBIS Group
4. Glencore
5. Hunan Hanrui
6. ABSCO
7. Bushveld Minerals Limited
8. Largo Resources Ltd.
9. AMG Advanced Metallurgical Group N.V.
10. Atlantic Ltd. and others
Acquisitions/Technology Launches
- In September 2022 US Vanadium LLC acquired the Materials Processing Plant from Saint-Gobain SA, expanding high-purity vanadium production. (Direct impact on trioxide availability)
- In October 2023 Largo Resources acquired the Currais Novos vanadium project in Brazil, strengthening their production base. (Indirect impact on trioxide market)
- In June 2023 Strategic Metallurgy (Australia) merged with Sorbier Minerals (Canada) to access their vanadium-titanium-magnetite project. (Potential future trioxide production)
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1. Vanadium Trioxide Market- Market Overview
1.1 Definitions and Scope
2. Vanadium Trioxide Market - Executive Summary
2.1 Key Trends by Form
2.2 Key Trends by Application
2.3 Key Trends by End Use Industry
2.4 Key Trends by Geography
3. Vanadium Trioxide Market – Comparative analysis
3.1 Market Share Analysis- Major Companies
3.2 Product Benchmarking- Major Companies
3.3 Top 5 Financials Analysis
3.4 Patent Analysis- Major Companies
3.5 Pricing Analysis (ASPs will be provided)
4. Vanadium Trioxide Market - Startup companies Scenario Premium
4.1 Major startup company analysis:
4.1.1 Investment
4.1.2 Revenue
4.1.3 Product portfolio
4.1.4 Venture Capital and Funding Scenario
5. Vanadium Trioxide Market – Industry Market Entry Scenario Premium
5.1 Regulatory Framework Overview
5.2 New Business and Ease of Doing Business Index
5.3 Successful Venture Profiles
5.4 Customer Analysis – Major companies
6. Vanadium Trioxide Market - Market Forces
6.1 Market Drivers
6.2 Market Constraints
6.3 Porters Five Force Model
6.3.1 Bargaining Power of Suppliers
6.3.2 Bargaining Powers of Buyers
6.3.3 Threat of New Entrants
6.3.4 Competitive Rivalry
6.3.5 Threat of Substitutes
7. Vanadium Trioxide Market – Strategic Analysis
7.1 Value/Supply Chain Analysis
7.2 Opportunity Analysis
7.3 Product/Market Life Cycle
7.4 Distributor Analysis – Major Companies
8. Vanadium Trioxide Market – By Form (Market Size -$Million/Billion)
8.1 Powder
8.2 Chunks
9. Vanadium Trioxide Market – By Application (Market Size -$Million/Billion)
9.1 Oxidizing Agent
9.2 Reducing Agent
9.3 Coloring Agent
9.4 Battery Manufacturing
9.5 Alloy Production
9.5.1 Ferrovanadium
9.5.2 VAI Master Alloy
9.6 Coating Material
9.7 Others
10. Vanadium Trioxide Market - By End-Use Industry (Market Size -$Million/Billion)
10.1 Automotive
10.2 Construction
10.2.1 Residential
10.2.2 Commercial
10.3 Metallurgy
10.4 Aerospace
10.4.1 General Aviation
10.4.2 Commercial Aviation
10.5 Electronic
10.6 Chemicals
10.7 Glass Industry
10.8 Power Industry
10.8.1 Wind
10.8.2 Hydro
10.8.3 Solar
10.9 Others
11. Vanadium Trioxide Market - By Geography (Market Size -$Million/Billion)
11.1 North America
11.1.1 USA
11.1.2 Canada
11.1.3 Mexico
11.2 Europe
11.2.1 UK
11.2.2 Germany
11.2.3 France
11.2.4 Italy
11.2.5 Netherlands
11.2.6 Spain
11.2.7 Russia
11.2.8 Belgium
11.2.9 Rest of Europe
11.3 Asia-Pacific
11.3.1 China
11.3.2 Japan
11.3.3 India
11.3.4 South Korea
11.3.5 Australia and New Zeeland
11.3.6 Indonesia
11.3.7 Taiwan
11.3.8 Malaysia
11.3.9 Rest of APAC
11.4 South America
11.4.1 Brazil
11.4.2 Argentina
11.4.3 Colombia
11.4.4 Chile
11.4.5 Rest of South America
11.5 Rest of the World
11.5.1 Middle East
11.5.1.1 Saudi Arabia
11.5.1.2 UAE
11.5.1.3 Israel
11.5.1.4 Rest of the Middle East
11.5.2 Africa
11.5.2.1 South Africa
11.5.2.2 Nigeria
11.5.2.3 Rest of Africa
12. Vanadium Trioxide Market – Entropy
12.1 New Product Launches
12.2 M&As, Collaborations, JVs and Partnerships
13. Vanadium Trioxide Market – Industry/Competition Segment Analysis
13.1 Company Benchmarking Matrix – Major Companies
13.2 Market Share at Global Level - Major companies
13.3 Market Share by Key Region - Major companies
13.4 Market Share by Key Country - Major companies
13.5 Market Share by Key Application - Major companies
13.6 Market Share by Key Product Type/Product category - Major companies
14. Vanadium Trioxide Market – Key Company List by Country Premium
15. Vanadium Trioxide Market Company Analysis - Business Overview, Product Portfolio, Financials, and Developments
15.1 Company 1
15.2 Company 2
15.3 Company 3
15.4 Company 4
15.5 Company 5
15.6 Company 6
15.7 Company 7
15.8 Company 8
15.9 Company 9
15.10 Company 10 and more
"*Financials would be provided on a best effort basis for private companies"
LIST OF TABLES
1.Global Vanadium Trioxide Market, by Type Market 2023-2030 ($M)
2.Global Vanadium Trioxide Market Analysis and Forecast by Type and Application Market 2023-2030 ($M)
3.Global Vanadium Trioxide Market, by Type Market 2023-2030 (Volume/Units)
4.Global Vanadium Trioxide Market Analysis and Forecast by Type and Application Market 2023-2030 (Volume/Units)
5.North America Vanadium Trioxide Market, by Type Market 2023-2030 ($M)
6.North America Vanadium Trioxide Market Analysis and Forecast by Type and Application Market 2023-2030 ($M)
7.South America Vanadium Trioxide Market, by Type Market 2023-2030 ($M)
8.South America Vanadium Trioxide Market Analysis and Forecast by Type and Application Market 2023-2030 ($M)
9.Europe Vanadium Trioxide Market, by Type Market 2023-2030 ($M)
10.Europe Vanadium Trioxide Market Analysis and Forecast by Type and Application Market 2023-2030 ($M)
11.APAC Vanadium Trioxide Market, by Type Market 2023-2030 ($M)
12.APAC Vanadium Trioxide Market Analysis and Forecast by Type and Application Market 2023-2030 ($M)
13.MENA Vanadium Trioxide Market, by Type Market 2023-2030 ($M)
14.MENA Vanadium Trioxide Market Analysis and Forecast by Type and Application Market 2023-2030 ($M)
LIST OF FIGURES
1.US Global Vanadium Trioxide Industry Market Revenue, 2023-2030 ($M)
2.Canada Global Vanadium Trioxide Industry Market Revenue, 2023-2030 ($M)
3.Mexico Global Vanadium Trioxide Industry Market Revenue, 2023-2030 ($M)
4.Brazil Global Vanadium Trioxide Industry Market Revenue, 2023-2030 ($M)
5.Argentina Global Vanadium Trioxide Industry Market Revenue, 2023-2030 ($M)
6.Peru Global Vanadium Trioxide Industry Market Revenue, 2023-2030 ($M)
7.Colombia Global Vanadium Trioxide Industry Market Revenue, 2023-2030 ($M)
8.Chile Global Vanadium Trioxide Industry Market Revenue, 2023-2030 ($M)
9.Rest of South America Global Vanadium Trioxide Industry Market Revenue, 2023-2030 ($M)
10.UK Global Vanadium Trioxide Industry Market Revenue, 2023-2030 ($M)
11.Germany Global Vanadium Trioxide Industry Market Revenue, 2023-2030 ($M)
12.France Global Vanadium Trioxide Industry Market Revenue, 2023-2030 ($M)
13.Italy Global Vanadium Trioxide Industry Market Revenue, 2023-2030 ($M)
14.Spain Global Vanadium Trioxide Industry Market Revenue, 2023-2030 ($M)
15.Rest of Europe Global Vanadium Trioxide Industry Market Revenue, 2023-2030 ($M)
16.China Global Vanadium Trioxide Industry Market Revenue, 2023-2030 ($M)
17.India Global Vanadium Trioxide Industry Market Revenue, 2023-2030 ($M)
18.Japan Global Vanadium Trioxide Industry Market Revenue, 2023-2030 ($M)
19.South Korea Global Vanadium Trioxide Industry Market Revenue, 2023-2030 ($M)
20.South Africa Global Vanadium Trioxide Industry Market Revenue, 2023-2030 ($M)
21.North America Global Vanadium Trioxide Industry By Application
22.South America Global Vanadium Trioxide Industry By Application
23.Europe Global Vanadium Trioxide Industry By Application
24.APAC Global Vanadium Trioxide Industry By Application
25.MENA Global Vanadium Trioxide Industry By Application