The past few years have seen tremendous growth in the global vanadium ore market. The growth can be attributed to the fact that vanadium ore is currently used in many different markets and industries. That makes it a popular go-to material in manufacturing. If you need to understand this market, here is everything you need to know. It gives you a better insight on how the market is and its potential.
Market segments related to Vanadium Ore
In understanding market segments, you can follow vanadium from its mining to end-use. You get to see why the metal is considered special. Here is how Vanadium has been segmented through different markets:
- Type:FeV40, FeV50, FeV60, FeV80
- Application: Chemical, Energy Storage, Iron and Steel
- End use: Automotive, Aeroplane, Defence, Steel
These are the main market segments for vanadium Ore. Based on current growth; there is a chance that this market space will continue growing and expanding.
Even though vanadium is found in four different forms, the most commonly occurring form is the FeV80. Apart from traces of iron and vanadium, there are other metals found in FeV80. FeV80 contains traces of silicon, carbon, sulfur, aluminum, copper, arsenic, phosphorous, and manganese. All these trace elements make ferrovanadium applicable in so many different industries.
As time goes by, more vanadium deposits are found in the environment. The increase can be attributed to the rise in global discharges brought about by the rich industrial by-products after increased incineration. The level of incineration came with issues like increased smog in China. As such, more companies are looking for ways to reduce the toxic effects of vanadium on the environment. America and China are working on cutting down on the toxic emissions that come from vanadium mining and manufacturing.
Estimated Growth of vanadium ore in 2023
Analysis shows that the Vanadium market will grow to 6.9% in 2023. While this is still growing, it drops from the 9% growth the market experienced the previous year. The drop can be attributed to the Ukraine-Russia war, which saw a drop in most markets in 2022. That, paired up with Covid, meant that most markets were not performing optimally. Most industry stakeholders hope these numbers will improve and see even better growth in the market.
Use of vanadium redox flow batteries as an emerging trend
Vanadium redox flow batteries(VRFBs) are currently being used as an energy storage option, making for a new market trend. So many industries embracing it will greatly impact how vanadium is mined and stored.
Changes are seen in how areas like Saudi Arabia mine and store their vanadium. VRFBs is just another reason why mining vanadium needs to change. In making mining cleaner, the batteries get used without end users feeling like the environment got too much damage.
Regions in the Vanadium business
Many different market regions are embracing vanadium mining and manufacturing. Understanding the regions and makers involved helps investors determine if the venture is worth it. The largest vanadium market in 2022 was the Asia-Pacific, with South America being the second largest manufacturing country.
Asia-Pacific covers the global market regions, eastern and western Europe, north and south America, the middle east, and Africa. Vanadium mining and manufacturing are in most regions globally, so most stakeholders want to see it grow.
Market value is determined by the amount of money made from selling goods and services within a certain period. These values are also calculated based on the geography of an area. This is why the market value of vanadium has slightly changed as one moves across regions. Understanding market value goes a long way to determining new prices and seeing how well a product performs on the global market.
Vanadium keeps growing invaluable because of the various uses people have for it. Knowing how these values change across markets helps stakeholders know how much to invest next year. It also shows the global market how much shares for products should cost.
The vanadium market has been growing steadily, and predictions show that the growth will continue for years. Understanding the growth will go a long way to help determine the marketing strategies different companies end up using as they invest in the business.