Vanadium Global Market Report 2026

Vanadium is a metallic element that is extracted from minerals and can be found either as a light-gray powder with a silvery sheen or in the form of a malleable metal, known for its low neutron-absorbing characteristics. Vanadium is commonly utilized as an alloying element in steel, contributing to its strength, resilience, and resistance to corrosion.

The primary types of vanadium include vanadium pentoxide, vanadium ferrovanadium, aluminum-vanadium alloys, vanadium chemicals, and others. Vanadium pentoxide (V2O5) is an inorganic chemical that typically presents itself as a brown or yellow solid, but when freshly precipitated from an aqueous solution, it can appear deep orange. Various production methods, such as aluminothermic reduction and silicon reduction techniques, are employed in various industries like iron and steel, chemicals, and titanium alloys. These industries serve end users like the automotive sector, chemical industry, energy storage, and others.

Tariffs are impacting the vanadium market by increasing costs of imported vanadium ores, ferrovanadium alloys, processing chemicals, and metallurgical equipment. Steel producers and energy storage manufacturers in North America and Europe are most affected due to reliance on imported vanadium materials, while Asia-Pacific faces export cost pressures. These tariffs are raising raw material prices and affecting alloy production costs. However, they are also encouraging domestic vanadium recovery, regional processing investments, and development of alternative vanadium supply sources.

The vanadium market research report is one of a series of new reports from The Business Research Company that provides vanadium market statistics, including vanadium industry global market size, regional shares, competitors with a vanadium market share, detailed vanadium market segments, market trends and opportunities, and any further data you may need to thrive in the vanadium industry. This vanadium market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The vanadium market size has grown strongly in recent years. It will grow from $2.61 billion in 2025 to $2.79 billion in 2026 at a compound annual growth rate (CAGR) of 7.0%. The growth in the historic period can be attributed to growth in steel manufacturing activities, rising use of vanadium as alloying element, expansion of construction and infrastructure projects, availability of aluminothermic and silicon reduction processes, increasing industrial metal consumption.

The vanadium market size is expected to see strong growth in the next few years. It will grow to $3.86 billion in 2030 at a compound annual growth rate (CAGR) of 8.5%. The growth in the forecast period can be attributed to increasing adoption of vanadium redox flow batteries, rising demand for lightweight and durable steel, expansion of electric vehicle production, growing investments in energy storage infrastructure, increasing focus on recycling and recovery of vanadium. Major trends in the forecast period include increasing demand for high-strength vanadium steel alloys, rising adoption of vanadium in energy storage systems, growing focus on sustainable metal production, expansion of vanadium use in automotive applications, enhanced emphasis on alloy performance optimization.

The rising steel production is expected to drive the growth of the vanadium market in the coming years. Steel production involves producing steel from iron ore and/or scrap. Vanadium plays a critical role in the steel industry as an alloying element and is also used in vanadium redox flow batteries (VRFBs). For example, in November 2023, the World Steel Association, a Brussels-based global industry body, reported that world crude steel production across 71 reporting countries reached 145.5 million tonnes, up 3.3 % from November 2022, and continued at elevated levels into 2024 with 146.8 million tonnes in November 2024, up 0.8 % from November 2023, reflecting a sustained production scale that supports downstream demand for vanadium in steel alloys. Thus, the increasing steel production is propelling the vanadium market.

Major companies in the vanadium market are focusing on innovative production techniques, such as commercial vanadium electrolyte production facilities, to enhance their market position. A commercial vanadium electrolyte facility produces battery-ready vanadium electrolyte through hydrometallurgical processes that extract, purify, and adjust vanadium solutions to meet specifications for vanadium redox flow batteries (VRFBs), supporting long-duration energy storage and increasing value chain integration. For example, in January 2025, X GROUP Technologies, a South Africa-based industrial technology company, launched a commercial vanadium electrolyte production facility designed to produce approximately 350 kL of VRFB-ready electrolyte annually, featuring low-cost extraction from secondary resources, ion exchange purification for high-purity vanadium, and compositional adjustment to specified molarity and valence states for battery applications.

In August 2024, Flying Nickel Mining Corp., a Canada-based provider of critical mineral exploration and development services focused on vanadium and nickel projects, acquired Nevada Vanadium Mining Corp. by obtaining 100% of its issued and outstanding common shares under a court-approved plan of arrangement. This acquisition allowed Flying Nickel to strengthen its strategic position by consolidating ownership of the Gibellini vanadium project in Nevada, USA, expanding its vanadium asset base and enhancing its capacity to develop a primary vanadium supply in North America. Nevada Vanadium Mining Corp. is a Canada-based vanadium exploration and development company focused on the Gibellini vanadium project and related mineral assets that host vanadium deposits essential for future supply chain growth.

Major companies operating in the vanadium market are Largo Inc, Bushveld Minerals Limited, EVRAZ plc, Glencore plc, Australian Vanadium Limited, VanadiumCorp Resource Inc, Western Uranium & Vanadium Corp, Energy Fuels Inc, Pangang Group Vanadium Titanium & Resources Co Ltd, China Vanadium Titano-Magnetite Mining Company Limited, Ferro-Alloy Resources Limited, TNG Limited, Voyager Metals Inc, Vecco Group, Marechal Vanadium Mining Co (example developer), Strategic Resources (vanadium explorer/developer), Ioneer Ltd (vanadium-bearing project), Golden Deeps Ltd (vanadium exploration), King River Resources Ltd (vanadium project), Critical Metals Ltd

Asia-Pacific was the largest region in the vanadium market in 2025. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the vanadium market report are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the vanadium market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain

The vanadium market consists of sales of aluminum ore, vanadate, carnotite, roscoelite and patronite. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Vanadium Market Global Report 2026 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses vanadium market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Where is the largest and fastest growing market for vanadium ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward, including technological disruption, regulatory shifts, and changing consumer preferences? The vanadium market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, total addressable market (TAM), market attractiveness score (MAS), competitive landscape, market shares, company scoring matrix, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market. This section also examines key products and services offered in the market, evaluates brand-level differentiation, compares product features, and highlights major innovation and product development trends.
• The supply chain analysis section provides an overview of the entire value chain, including key raw materials, resources, and supplier analysis. It also provides a list competitor at each level of the supply chain.
• The updated trends and strategies section analyses the shape of the market as it evolves and highlights emerging technology trends such as digital transformation, automation, sustainability initiatives, and AI-driven innovation. It suggests how companies can leverage these advancements to strengthen their market position and achieve competitive differentiation.
• The regulatory and investment landscape section provides an overview of the key regulatory frameworks, regularity bodies, associations, and government policies influencing the market. It also examines major investment flows, incentives, and funding trends shaping industry growth and innovation.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include the technological advancements such as AI and automation, Russia-Ukraine war, trade tariffs (government-imposed import/export duties), elevated inflation and interest rates.
• The total addressable market (TAM) analysis section defines and estimates the market potential compares it with the current market size, and provides strategic insights and growth opportunities based on this evaluation.
• The market attractiveness scoring section evaluates the market based on a quantitative scoring framework that considers growth potential, competitive dynamics, strategic fit, and risk profile. It also provides interpretive insights and strategic implications for decision-makers.
• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth.
• Expanded geographical coverage includes Taiwan and Southeast Asia, reflecting recent supply chain realignments and manufacturing shifts in the region. This section analyzes how these markets are becoming increasingly important hubs in the global value chain.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The company scoring matrix section evaluates and ranks leading companies based on a multi-parameter framework that includes market share or revenues, product innovation, and brand recognition.

Scope

• Markets Covered:1) By Type: Vanadium Pentoxide; Vanadium Ferrovanadium; Aluminum-Vanadium Alloys; Vanadium Chemicals; Other Types
• 2) By Production Process: Aluminothermic Reduction Technique; Silicon Reduction Technique
• 3) By Application: Iron And Steel; Chemical; Titanium Alloys; Other Applications
• 4) By End-user: Automotive; Chemical; Energy Storage; Other End-Users
• Subsegments:
• 1) By Vanadium Pentoxide: Chemical Grade; Metallurgical Grade
• 2) By Vanadium Ferrovanadium: Low-Vanadium Ferrovanadium; High-Vanadium Ferrovanadium
• 3) By Aluminum-Vanadium Alloys: Aluminum-Vanadium Alloys with High Vanadium Content; Aluminum-Vanadium Alloys With Low Vanadium Content
• 4) By Vanadium Chemicals: Vanadyl Sulfate; Vanadium Chloride; Vanadium Trioxide
• 5) By Other Types: Vanadium Recovery Products; Vanadium Oxide
• Companies Mentioned: Largo Inc; Bushveld Minerals Limited; EVRAZ plc; Glencore plc; Australian Vanadium Limited; VanadiumCorp Resource Inc; Western Uranium & Vanadium Corp; Energy Fuels Inc; Pangang Group Vanadium Titanium & Resources Co Ltd; China Vanadium Titano-Magnetite Mining Company Limited; Ferro-Alloy Resources Limited; TNG Limited; Voyager Metals Inc; Vecco Group; Marechal Vanadium Mining Co (example developer); Strategic Resources (vanadium explorer/developer); Ioneer Ltd (vanadium-bearing project); Golden Deeps Ltd (vanadium exploration); King River Resources Ltd (vanadium project); Critical Metals Ltd
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Taiwan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; South East Asia; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time Series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data Segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
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