Vanadium Ore Global Market Report 2026

Vanadium ore is a mineral deposit that contains vanadium, a transition metal valued for its strength and corrosion resistance. It is primarily found in minerals like vanadinite and titaniferous magnetite. Vanadium is processed for a range of industrial applications, including steel alloys and batteries. Major production occurs in countries such as China, Russia, South Africa, and Brazil.

The primary varieties of vanadium ore include FeV40, FeV50, FeV60, and FeV80, with FeV80 being the most prevalent ferrovanadium composition. Besides iron and vanadium, FeV80 also includes trace amounts of silicon, aluminum, carbon, sulfur, phosphorus, arsenic, copper, and manganese. Impurities may constitute up to 11% of the alloy's weight. Vanadium ore finds diverse applications in iron and steel, chemical, and energy storage sectors, serving various industries such as automotive, aerospace and defense, and the steel industry.

Tariffs are impacting the vanadium ore market by increasing costs of imported concentrates, ferrovanadium alloys, processing equipment, and beneficiation technologies used across steelmaking and energy storage applications. Steel producers and battery manufacturers in North America and Europe are most affected due to reliance on imported vanadium feedstock, while Asia-Pacific faces pricing pressure on alloy exports. These tariffs are elevating raw material costs and influencing procurement strategies. However, they are also encouraging domestic beneficiation, local alloy production, and strategic stockpiling of vanadium resources to strengthen supply resilience.

The vanadium ore market research report is one of a series of new reports from The Business Research Company that provides vanadium ore market statistics, including vanadium ore industry global market size, regional shares, competitors with a vanadium ore market share, detailed vanadium ore market segments, market trends and opportunities, and any further data you may need to thrive in the vanadium ore industry. This vanadium ore 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 ore market size has grown steadily in recent years. It will grow from $3.06 billion in 2025 to $3.14 billion in 2026 at a compound annual growth rate (CAGR) of 2.8%. The growth in the historic period can be attributed to expansion of steel production capacity, increasing use of alloying elements in construction steel, growth of automotive lightweighting requirements, development of vanadium extraction technologies, availability of titaniferous magnetite reserves.

The vanadium ore market size is expected to see strong growth in the next few years. It will grow to $3.91 billion in 2030 at a compound annual growth rate (CAGR) of 5.6%. The growth in the forecast period can be attributed to increasing demand for grid-scale energy storage, rising investments in battery-grade vanadium, expansion of renewable energy integration, growing focus on strategic mineral security, increasing adoption of high-performance steel alloys. Major trends in the forecast period include increasing demand for high-strength steel alloys, rising adoption of vanadium redox flow batteries, growing focus on ore beneficiation efficiency, expansion of ferrovanadium production capacities, enhanced emphasis on corrosion-resistant applications.

The vanadium ore market is poised for growth as there is a rising demand for vanadium from the construction industry. The construction sector, encompassing various activities such as planning, design, installation, refurbishment, repair, and maintenance of physical structures and infrastructure, relies on vanadium as an alloying metal for specialty steel alloys, including high-strength steel used in construction. For instance, according to the U.S. Census Bureau and the U.S. Department of Housing and Urban Development, construction spending in August 2023 was estimated at $1,983.5 billion, indicating a 7.4% increase from the $1,847.3 billion projected in August 2022. The growing demand for vanadium in the construction industry is a driving force for the vanadium ore market.

Major companies in the vanadium ore market are accelerating product innovation with vanadium redox flow battery (VRFB) systems to support large-scale energy storage and expand applications beyond steel, reshaping demand for vanadium feedstock. Next-generation VRFBs are liquid electrolyte-based energy storage systems that decouple power and energy capacity, enabling scalable long-duration storage with improved durability and safety compared with conventional battery chemistries. For example, in February 2025, Sumitomo Electric, a Japan-based electrical systems manufacturer, launched an advanced vanadium redox flow battery at Energy Storage North America, offering 15% higher energy density than earlier models, up to 30% reduction in system costs, and an operational lifespan of up to 30 years, supporting utility-scale energy applications. Additionally, in April 2025, China Sodium Energy signed an agreement to launch a 500 MWh vanadium flow battery manufacturing project in Yulin, Shaanxi, utilizing proprietary manufacturing technologies and targeting grid-scale storage production.

In August 2024, Flying Nickel Mining Corp., a Canada-based mining and critical minerals exploration company, acquired Nevada Vanadium Mining Corp. for 100% equity through a share-for-share merger under a court-approved plan of arrangement. This acquisition allowed Flying Nickel to expand its strategic presence in the vanadium ore sector, strengthen its resource base, and consolidate vanadium project assets to support future production and position in the battery metals market. Nevada Vanadium Mining Corp., a Canada-based company, focuses on vanadium ore exploration and development, advancing the Gibellini vanadium project in Nevada, United States.

Major companies operating in the vanadium ore market are Glencore plc, Aurox Resources Pty Ltd., Sumitomo Corporation, Hbis Company Limited, Mitsubishi Materials Corp., Pangang Group Vanadium Titanium & Resources Co. Ltd., Globe Specialty Metals Inc., Essel Mining & Industries Limited, Continental Precious Minerals Inc., Largo Inc., Treibacher Industrie AG, Ferrostaal GmbH, Neometals Ltd., Gulf Chemical and Metallurgical Corporation, Reed Resources Ltd., American Resources Corporation, Core Metals Group LLC, Bear Metallurgical Company, Tremond Alloys & Metals Corp., Western Uranium & Vanadium Corp., Golden Deeps Ltd., Australian Vanadium Limited, Euro Vanadium Limited.

Asia-Pacific was the largest region in the vanadium ore market in 2025. South America was the second largest region in the global vanadium ore market analysis. The regions covered in the vanadium ore 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 ore 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 vanadium ores and concentrates. It includes industries that mine and beneficiate uranium-radium-vanadium ores. 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 Ore 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 ore 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 ore ? 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 ore 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: FeV40; FeV50; FeV60; FeV80
• 2) By Application: Iron And Steel; Chemical; Energy Storage; Other Applications
• 3) By End Use Industry: Automotive; Aerospace And Defense; Steel Industry; Other End Use Industries
• Subsegments:
• 1) By FeV40: Powdered FeV40; Granulated FeV40
• 2) By FeV50: Alloyed FeV50; Non-Alloyed FeV50
• 3) By FeV60: High-Density FeV60; Low-Density FeV60
• 4) By FeV80: Heat-Resistant FeV80; Corrosion-Resistant FeV80
• Companies Mentioned: Glencore plc; Aurox Resources Pty Ltd.; Sumitomo Corporation; Hbis Company Limited; Mitsubishi Materials Corp.; Pangang Group Vanadium Titanium & Resources Co. Ltd.; Globe Specialty Metals Inc.; Essel Mining & Industries Limited; Continental Precious Minerals Inc.; Largo Inc.; Treibacher Industrie AG; Ferrostaal GmbH; Neometals Ltd.; Gulf Chemical and Metallurgical Corporation; Reed Resources Ltd.; American Resources Corporation; Core Metals Group LLC; Bear Metallurgical Company; Tremond Alloys & Metals Corp.; Western Uranium & Vanadium Corp.; Golden Deeps Ltd.; Australian Vanadium Limited; Euro Vanadium Limited.
• 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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