Market Trends in Global Vanadium Alloy Market
The existing demand for vanadium is driven mainly by the consumption of steel which has applications in infrastructure, automobile and heavy machinery. The increased application of vanadium in energy storage aligned with support by various governments towards non-conventional sources and vanadium application in steel production is estimated to promote higher demand for vanadium compounds in forthcoming years. Further, increasing usage and wide scale applications of steel in automobile industry is believed to trigger the demand for Ferro and Nitro vanadium compounds in the global vanadium alloys market. Apart from this, countries such as China, Japan, Russia and U.S. are providing immense growth opportunities for the market of vanadium alloys to grow at a significant rate.
The global vanadium alloy market reached USD 3,768.1 Million in 2017 and is expected to reach USD 5,627.3 Million by the end of 2025, expanding at a CAGR of 5.2% over the forecast period i.e. 2018-2025. Moreover, the growth of the vanadium alloy market is attributed to the increasing demand for steel in the infrastructural development, especially in developing countries.
Regional Growth Highlights during 2017-2025
The global vanadium alloy market is segmented by regions into North America, Europe and Asia-Pacific, out of which, Asia Pacific accounted for a leading share of 60.8% in the terms of revenue during 2017 in the overall vanadium alloy market. Asia Pacific vanadium alloy market is believed to continue with its dominant growth by expanding at a CAGR of 4.7% over the forecast period i.e. 2018-2025. Further, Europe market of vanadium alloy held the second largest market share where Russia & Germany are the major contributors behind the growth of the market in this region. Germany vanadium alloy market contributed around 15.7% market share of total Europe vanadium alloy market in 2017 and is predicted to capture 17.1% of market share by 2025.
North America is expected to showcase substantial growth by registering a CAGR of 6.3% over the forecast period. Additionally, the market of U.S. vanadium alloy market contributed around 81.0% market share of the total North America vanadium alloy market in 2017.
Market Segmentation Synopsis
Global vanadium alloy market is segmented on the basis of alloy type into ferrovanadium, nitrovan, nitride vanadium and nitrate & nitrite vanadium. Ferrovanadium alloy occupied the largest market of vanadium alloy across the globe by holding more than 85% of total market share during 2017. The countries such as China, South Africa and Russia are driving the current ferrovanadium market globally. In addition to this, global ferrovanadium alloy segment is further segmented into production process and grade, out of which the production process segment is further divided into reduction by silicon, reduction by aluminum and others. The reduction by aluminum segment with more than 65% of market share in 2017 is anticipated to have largest share by the end of 2025.
The study further analysis the Y-O-Y Growth, demand & supply and forecast future opportunity in North America (United States, Canada), Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Sweden, Finland), Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa).
Market Drivers & Challenges
The global vanadium alloy market is thriving on the back of booming infrastructural development in developing economies around the world which has driven the Nitro-Vanadium industry to grow with significant pace. The boom in ferrovanadium and nitro vanadium industry is anticipated to exist for a significantly longer duration due to infrastructural growth in Middle East, Asian and other developing countries. The National Center for Biotechnology Information, USA, suggests a significant increase in usage of steel in building structures for various applications. Several governments of various countries had altered the policies and the regulations to promote non-conventional sources of energy. Since, the conventional sources require energy storage units; the application of vanadium redox flow battery in large scale energy storage units will boost the significant increase in demand for vanadium in forthcoming years.
Further, the wide scale application usage of steel in automobile industry and infrastructure development is believed to trigger the growth of the Ferro and Nitro vanadium compounds market.
The worldwide surge in the prices of vanadium due to sudden growth in demand and availability of alternatives have the potential to negatively impact the demand for vanadium alloy in upcoming years.
Some of the affluent industry leaders in the global vanadium market are Bushveld Minerals, Tremond Metals Corp., Core Metals Group, Gulf Chemical and Metallurgical Corporation, Bear Metallurgical Company, Atlantic Limited., Shenszhen Chinary Co.Ltd., Hickman, Williams & Company and Yellow Rock Resources Ltd.
Few companies have been indulged in updating their portfolio to maximize the utilization of available resources and to stretch profitability. Since vanadium electrolytes are new and had been a promising evolution in energy storage industry, companies such as Bushveld Mineral Limited and Australian Vanadium Limited expanded their product portfolio to manufacturing and installation of Vanadium Redox Flow Battery.
Moreover, other key and niche players have been indulged in updating their portfolio to maximize the utilization of available resources and to stretch profitability in order to gain competitive edge in the global vanadium alloy market.
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