Vanadium Market Size, Share, Trends, & Industry Analysis Report: By Grade Type (FeV40, FeV50, FeV60, and Other), By Application, and By Region

Description

List of Tables

The vanadium market size is expected to reach USD 3,832.90 million by 2034, according to a new study by Polaris Market Research. The report "Vanadium Market Size, Share, Trends, & Industry Analysis Report: By Grade Type (FeV40, FeV50, FeV60, and Other), By Application, and By Region - Market Forecast, 2025-2034" gives a detailed insight into current market dynamics and provides analysis on future market growth.

Vanadium is a rare, hard metal used primarily to strengthen steel and improve its durability. It is also essential in producing advanced batteries and aerospace materials due to its excellent corrosion resistance and strength.

Rising demand in steel production is driving the market growth. Vanadium is widely used as an alloying element to strengthen steel, making it lighter, tougher, and more resistant to corrosion. The construction, automotive, and infrastructure sectors heavily rely on vanadium-reinforced steel for building durable structures, vehicles, and machinery. As urbanization and industrialization continue globally, the demand for high-strength steel rises, which directly boosts vanadium consumption. Increasing infrastructure projects and automotive production in developing and developed countries are expected to create steady growth opportunities for the vanadium market during the forecast period.

Vanadium's strength, light weight, and resistance to heat and corrosion make it valuable in aerospace applications. It is used in titanium alloys for aircraft components, improving fuel efficiency and safety. As the aerospace sector expands due to rising air travel and defense spending, the demand for vanadium-based materials grows. The need for lighter and stronger materials to reduce emissions and improve performance supports vanadium's importance in this industry.

Vanadium Market Report Highlights

Based on application, in 2024, the steel segment dominated with the largest share. Vanadium improves steel's strength, toughness, and resistance to wear and corrosion, which is essential in construction, infrastructure, and automotive industries.

The FeV40 segment, by grade type, is witnessing significant growth due to its balanced composition and versatile applications.

In 2024, the Aisa Pacific vanadium market dominated with the largest share due to rapid industrialization, infrastructure development, and expanding steel production.

The North America vanadium market is experiencing significant growth, driven by expanding renewable energy infrastructure and rising electric vehicle production.

A few global key market players are AMG; Aura Energy Ltd; Australian Vanadium Limited; Bushveld Minerals; EVRAZ plc; Glencore; HBIS Group; Largo, Inc.; Pangang Group Vanadium and Titanium Resources Co., Ltd.; and Vanadium Resources Limited.

Polaris Market Research has segmented the vanadium market report on the basis of grade type, application, and region:

By Grade Type (Revenue - USD Million, 2020-2034)

FeV40

FeV50

FeV60

Other

By Application (Revenue - USD Million, 2020-2034)

Steel

Non-Ferrous Alloys

Chemicals

Energy Storage

By Regional Outlook (Revenue - USD Million, 2020-2034)

North America

Canada

Mexico

Europe

Germany

France

Italy

Spain

Netherlands

Russia

Rest of Europe

Asia Pacific

China

Japan

India

Malaysia

South Korea

Indonesia

Australia

Vietnam

Rest of Asia Pacific

Middle East & Africa

Saudi Arabia

UAE

Israel

South Africa

Rest of Middle East & Africa

Latin America

Brazil

Argentina

Rest of Latin America

Product Code: PM5720

1. Introduction

1.1. Report Description
- 1.1.1. Objectives of the Study
- 1.1.2. Market Scope
- 1.1.3. Assumptions
1.2. Stakeholders

2. Executive Summary

2.1. Market Highlights

3. Research Methodology

3.1. Overview
- 3.1.1. Data Mining
3.2. Data Sources
- 3.2.1. Primary Sources
- 3.2.2. Secondary Sources

4. Global Vanadium Market Insights

4.1. Vanadium Market - Market Snapshot
4.2. Vanadium Market Dynamics
- 4.2.1. Drivers and Opportunities
  - 4.2.1.1. Rising Adoption of Electric Vehicles
  - 4.2.1.2. Growth of Aerospace Industry
- 4.2.2. Restraints and Challenges
  - 4.2.2.1. Government Regulations
4.3. Porter's Five Forces Analysis
- 4.3.1. Bargaining Power of Suppliers (Moderate)
- 4.3.2. Threats of New Entrants: (Low)
- 4.3.3. Bargaining Power of Buyers (Moderate)
- 4.3.4. Threat of Substitute (Moderate)
- 4.3.5. Rivalry among existing firms (High)
4.4. PESTEL Analysis
4.5. Vanadium Market Application Trends
4.6. Value Chain Analysis

5. Global Vanadium Market, by Grade Type

5.1. Key Findings
5.2. Introduction
- 5.2.1. Global Vanadium Market, by Grade Type, 2020-2034 (USD Million)
5.3. FeV40
- 5.3.1. Global Vanadium Market, by FeV40, by Region, 2020-2034 (USD Million)
5.4. FeV50
- 5.4.1. Global Vanadium Market, by FeV50, by Region, 2020-2034 (USD Million)
5.5. FeV60
- 5.5.1. Global Vanadium Market, by FeV60, by Region, 2020-2034 (USD Million)
5.6. Other
- 5.6.1. Global Vanadium Market, by Others, by Other, 2020-2034 (USD Million)

6. Global Vanadium Market, by Application

6.1. Key Findings
6.2. Introduction
- 6.2.1. Global Vanadium Market, by Application, 2020-2034 (USD Million)
6.3. Steel
- 6.3.1. Global Vanadium Market, by Steel, by Region, 2020-2034 (USD Million)
6.4. Non-Ferrous Alloys
- 6.4.1. Global Vanadium Market, by Non-Ferrous Alloys, by Region, 2020-2034 (USD Million)
6.5. Chemicals
- 6.5.1. Global Vanadium Market, by Chemicals, by Region, 2020-2034 (USD Million)
6.6. Energy Storage
- 6.6.1. Global Vanadium Market, by Energy Storage, by Region, 2020-2034 (USD Million)

7. Global Vanadium Market, by Geography

7.1. Key Findings
7.2. Introduction
- 7.2.1. Vanadium Market Assessment, By Geography, 2020-2034 (USD Million)
7.3. Vanadium Market - North America
- 7.3.1. North America: Vanadium Market, by Grade Type, 2020-2034 (USD Million)
- 7.3.2. North America: Vanadium Market, by Application, 2020-2034 (USD Million)
- 7.3.3. Vanadium Market - U.S.
  - 7.3.3.1. U.S.: Vanadium Market, by Grade Type, 2020-2034 (USD Million)
  - 7.3.3.2. U.S.: Vanadium Market, by Application, 2020-2034 (USD Million)
- 7.3.4. Vanadium Market - Canada
  - 7.3.4.1. Canada: Vanadium Market, by Grade Type, 2020-2034 (USD Million)
  - 7.3.4.2. Canada: Vanadium Market, by Application, 2020-2034 (USD Million)
- 7.3.5. Vanadium Market - Mexico
  - 7.3.5.1. Mexico: Vanadium Market, by Grade Type, 2020-2034 (USD Million)
  - 7.3.5.2. Mexico: Vanadium Market, by Application, 2020-2034 (USD Million)
7.4. Vanadium Market - Europe
- 7.4.1. Europe: Vanadium Market, by Grade Type, 2020-2034 (USD Million)
- 7.4.2. Europe: Vanadium Market, by Application, 2020-2034 (USD Million)
- 7.4.3. Vanadium Market - UK
  - 7.4.3.1. UK: Vanadium Market, by Grade Type, 2020-2034 (USD Million)
  - 7.4.3.2. UK: Vanadium Market, by Application, 2020-2034 (USD Million)
- 7.4.4. Vanadium Market - France
  - 7.4.4.1. France: Vanadium Market, by Grade Type, 2020-2034 (USD Million)
  - 7.4.4.2. France: Vanadium Market, by Application, 2020-2034 (USD Million)
- 7.4.5. Vanadium Market - Germany
  - 7.4.5.1. Germany: Vanadium Market, by Grade Type, 2020-2034 (USD Million)
  - 7.4.5.2. Germany: Vanadium Market, by Application, 2020-2034 (USD Million)
- 7.4.6. Vanadium Market - Italy
  - 7.4.6.1. Italy: Vanadium Market, by Grade Type, 2020-2034 (USD Million)
  - 7.4.6.2. Italy: Vanadium Market, by Application, 2020-2034 (USD Million)
- 7.4.7. Vanadium Market - Spain
  - 7.4.7.1. Spain: Vanadium Market, by Grade Type, 2020-2034 (USD Million)
  - 7.4.7.2. Spain: Vanadium Market, by Application, 2020-2034 (USD Million)
- 7.4.8. Vanadium Market - Netherlands
  - 7.4.8.1. Netherlands: Vanadium Market, by Grade Type, 2020-2034 (USD Million)
  - 7.4.8.2. Netherlands: Vanadium Market, by Application, 2020-2034 (USD Million)
- 7.4.9. Vanadium Market - Russia
  - 7.4.9.1. Russia: Vanadium Market, by Grade Type, 2020-2034 (USD Million)
  - 7.4.9.2. Russia: Vanadium Market, by Application, 2020-2034 (USD Million)
- 7.4.10. Vanadium Market - Rest of Europe
  - 7.4.10.1. Rest of Europe: Vanadium Market, by Grade Type, 2020-2034 (USD Million)
  - 7.4.10.2. Rest of Europe: Vanadium Market, by Application, 2020-2034 (USD Million)
7.5. Vanadium Market - Asia Pacific
- 7.5.1. Asia Pacific: Vanadium Market, by Grade Type, 2020-2034 (USD Million)
- 7.5.2. Asia Pacific: Vanadium Market, by Application, 2020-2034 (USD Million)
- 7.5.3. Vanadium Market - China
  - 7.5.3.1. China: Vanadium Market, by Grade Type, 2020-2034 (USD Million)
  - 7.5.3.2. China: Vanadium Market, by Application, 2020-2034 (USD Million)
- 7.5.4. Vanadium Market - India
  - 7.5.4.1. India: Vanadium Market, by Grade Type, 2020-2034 (USD Million)
  - 7.5.4.2. India: Vanadium Market, by Application, 2020-2034 (USD Million)
- 7.5.5. Vanadium Market - Malaysia
  - 7.5.5.1. Malaysia: Vanadium Market, by Grade Type, 2020-2034 (USD Million)
  - 7.5.5.2. Malaysia: Vanadium Market, by Application, 2020-2034 (USD Million)
- 7.5.6. Vanadium Market - Japan
  - 7.5.6.1. Japan: Vanadium Market, by Grade Type, 2020-2034 (USD Million)
  - 7.5.6.2. Japan: Vanadium Market, by Application, 2020-2034 (USD Million)
- 7.5.7. Vanadium Market - Indonesia
  - 7.5.7.1. Indonesia: Vanadium Market, by Grade Type, 2020-2034 (USD Million)
  - 7.5.7.2. Indonesia: Vanadium Market, by Application, 2020-2034 (USD Million)
- 7.5.8. Vanadium Market - South Korea
  - 7.5.8.1. South Korea: Vanadium Market, by Grade Type, 2020-2034 (USD Million)
  - 7.5.8.2. South Korea: Vanadium Market, by Application, 2020-2034 (USD Million)
- 7.5.9. Vanadium Market - Australia
  - 7.5.9.1. Australia: Vanadium Market, by Grade Type, 2020-2034 (USD Million)
  - 7.5.9.2. Australia: Vanadium Market, by Application, 2020-2034 (USD Million)
- 7.5.10. Vanadium Market - Rest of Asia Pacific
  - 7.5.10.1. Rest of Asia Pacific: Vanadium Market, by Grade Type, 2020-2034 (USD Million)
  - 7.5.10.2. Rest of Asia Pacific: Vanadium Market, by Application, 2020-2034 (USD Million)
7.6. Vanadium Market - Middle East & Africa
- 7.6.1. Middle East & Africa: Vanadium Market, by Grade Type, 2020-2034 (USD Million)
- 7.6.2. Middle East & Africa: Vanadium Market, by Application, 2020-2034 (USD Million)
- 7.6.3. Vanadium Market - Saudi Arabia
  - 7.6.3.1. Saudi Arabia: Vanadium Market, by Grade Type, 2020-2034 (USD Million)
  - 7.6.3.2. Saudi Arabia: Vanadium Market, by Application, 2020-2034 (USD Million)
- 7.6.4. Vanadium Market - UAE
  - 7.6.4.1. UAE: Vanadium Market, by Grade Type, 2020-2034 (USD Million)
  - 7.6.4.2. UAE: Vanadium Market, by Application, 2020-2034 (USD Million)
- 7.6.5. Vanadium Market - Israel
  - 7.6.5.1. Israel: Vanadium Market, by Grade Type, 2020-2034 (USD Million)
  - 7.6.5.2. Israel: Vanadium Market, by Application, 2020-2034 (USD Million)
- 7.6.6. Vanadium Market - South Africa
  - 7.6.6.1. South Africa: Vanadium Market, by Grade Type, 2020-2034 (USD Million)
  - 7.6.6.2. South Africa: Vanadium Market, by Application, 2020-2034 (USD Million)
- 7.6.7. Vanadium Market - Rest of Middle East & Africa
  - 7.6.7.1. Rest of Middle East & Africa: Vanadium Market, by Grade Type, 2020-2034 (USD Million)
  - 7.6.7.2. Rest of Middle East & Africa: Vanadium Market, by Application, 2020-2034 (USD Million)
7.7. Vanadium Market - Latin America
- 7.7.1. Latin America: Vanadium Market, by Grade Type, 2020-2034 (USD Million)
- 7.7.2. Latin America: Vanadium Market, by Application, 2020-2034 (USD Million)
- 7.7.3. Vanadium Market - Brazil
  - 7.7.3.1. Brazil: Vanadium Market, by Grade Type, 2020-2034 (USD Million)
  - 7.7.3.2. Brazil: Vanadium Market, by Application, 2020-2034 (USD Million)
- 7.7.4. Vanadium Market - Argentina
  - 7.7.4.1. Argentina: Vanadium Market, by Grade Type, 2020-2034 (USD Million)
  - 7.7.4.2. Argentina: Vanadium Market, by Application, 2020-2034 (USD Million)
- 7.7.5. Vanadium Market - Rest of Latin America
  - 7.7.5.1. Rest of Latin America: Vanadium Market, by Grade Type, 2020-2034 (USD Million)
  - 7.7.5.2. Rest of Latin America: Vanadium Market, by Application, 2020-2034 (USD Million)

8. Competitive Landscape

8.1. Expansion and Acquisition Analysis
- 8.1.1. Expansion
- 8.1.2. Acquisitions
8.2. Partnerships/Collaborations/Agreements/Exhibitions

9. Company Profiles

9.1. AMG
- 9.1.1. Company Overview
- 9.1.2. Financial Performance
- 9.1.3. Product Benchmarking
- 9.1.4. Recent Development
9.2. Aura Energy Ltd
- 9.2.1. Company Overview
- 9.2.2. Financial Performance
- 9.2.3. Product Benchmarking
- 9.2.4. Recent Development
9.3. Australian Vanadium Limited
- 9.3.1. Company Overview
- 9.3.2. Financial Performance
- 9.3.3. Product Benchmarking
- 9.3.4. Recent Development
9.4. Bushveld Minerals
- 9.4.1. Company Overview
- 9.4.2. Financial Performance
- 9.4.3. Product Benchmarking
- 9.4.4. Recent Development
9.5. EVRAZ plc
- 9.5.1. Company Overview
- 9.5.2. Financial Performance
- 9.5.3. Product Benchmarking
- 9.5.4. Recent Development
9.6. Glencore
- 9.6.1. Company Overview
- 9.6.2. Financial Performance
- 9.6.3. Product Benchmarking
- 9.6.4. Recent Development
9.7. HBIS Group
- 9.7.1. Company Overview
- 9.7.2. Financial Performance
- 9.7.3. Product Benchmarking
- 9.7.4. Recent Development
9.8. Largo, Inc.
- 9.8.1. Company Overview
- 9.8.2. Financial Performance
- 9.8.3. Product Benchmarking
- 9.8.4. Recent Development
9.9. Pangang Group Vanadium and Titanium Resources Co., Ltd.
- 9.9.1. Company Overview
- 9.9.2. Financial Performance
- 9.9.3. Product Benchmarking
- 9.9.4. Recent Development
9.10. Vanadium Resources Limited
- 9.10.1. Company Overview
- 9.10.2. Financial Performance
- 9.10.3. Product Benchmarking
- 9.10.4. Recent Development