Product Code: GVR-4-68040-456-4
Vanadium Market Size & Trends:
The global vanadium market size was estimated at USD 2.74 billion in 2024 and is estimated to grow at a CAGR of 3.1% from 2025 to 2030. Rising crude steel production, driven by growing demand from the construction, automotive, machinery, and transportation sectors, is encouraging the demand for vanadium in the coming years.
Rising crude steel production, driven by growing demand from the construction, automotive, machinery, and transportation sectors, is encouraging the demand for vanadium in the coming years. Vanadium is mainly utilized as an alloying element in steel manufacturing, as it enhances steel's strength, durability, and resistance to wear. The increasing need for high-strength steel across construction, automotive, and aerospace industries continues to propel vanadium consumption. Besides rising global investments in infrastructure and industrial manufacturing is boosting the demand for vanadium . For instance, as reported by the International Energy Agency (IEA), global investment in infrastructure rose from USD 3.2 trillion in 2019 to USD 3.8 trillion in 2023, which in turn is expected to drive the demand for high-strength steel and subsequently propelling the vanadium industry.
The global vanadium market is experiencing steady growth, driven by its essential role in high-strength steel production, which accounts for approximately 90% of its consumption. Vanadium's ability to enhance the strength, durability, and corrosion resistance of steel makes it indispensable in key sectors such as construction, automotive, and heavy machinery. According to the World Steel Association, global crude steel output increased from 1,878.6 million tons in 2019 to 1,892.6 million tons in 2023, underscoring a stable demand trajectory from steel-intensive industries.
The market is also benefiting from the global shift toward renewable energy, with vanadium redox flow batteries (VRFBs) gaining prominence due to their long operational lifespan, scalability, and suitability for grid-scale energy storage. Projects such as China's 100 MW/400 MWh Dalian VRFB installation highlight vanadium's potential in stabilizing renewable energy supply. Additionally, the nuclear sector presents another avenue for demand, as vanadium-based alloys are increasingly used in advanced reactors due to their low neutron absorption and high resistance to extreme temperatures and corrosion.
Emerging markets are creating momentum, as urbanization and infrastructure development drive steel consumption. Efforts by countries including Australia and the U.S. to develop domestic vanadium sources also reflect growing geopolitical interest in securing critical mineral supply chains. As clean energy and carbon neutrality goals being prioritized, vanadium's role in enabling both energy storage and clean power generation is making it a material of strategic importance.
Global Vanadium Market Report Segmentation
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global vanadium market report based on application and region.
- Application Outlook (Revenue, USD Million, 2018 - 2030)
- Steel
- Non-Ferrous Alloys
- Chemicals
- Energy Storage
- Regional Outlook (Revenue, USD Million, 2018 - 2030)
- North America
- Europe
- Asia Pacific
- Central & South America
- Middle East and Africa (MEA)
Table of Contents
Chapter 1. Methodology and Scope
- 1.1. Market Segmentation & Scope
- 1.2. Market Definition
- 1.3. Information Procurement
- 1.3.1. Purchased Database
- 1.3.2. GVR's Internal Database
- 1.3.3. Secondary Sources & Third-Party Perspectives
- 1.3.4. Primary Research
- 1.4. Information Analysis
- 1.4.1. Data Analysis Models
- 1.5. Market Formulation & Data Visualization
- 1.6. Data Validation & Publishing
Chapter 2. Executive Summary
- 2.1. Market Snapshot
- 2.2. Segment Snapshot
- 2.3. Competitive Landscape Snapshot
Chapter 3. Vanadium Market Variables, Trends & Scope
- 3.1. Market Lineage Outlook
- 3.1.1. Parent Market Outlook
- 3.1.2. Related Market Outlook
- 3.2. Industry Value Chain Analysis
- 3.3. Regulatory Framework
- 3.4. Market Dynamics
- 3.4.1. Market Driver Analysis
- 3.4.2. Market Restraint Analysis
- 3.4.3. Industry Challenges
- 3.4.4. Industry Opportunities
- 3.5. Industry Analysis Tools
- 3.5.1. Porter's Five Forces Analysis
- 3.5.2. Macro-environmental Analysis
Chapter 4. Vanadium Market: Application Estimates & Trend Analysis
- 4.1. Segment Dashboard
- 4.2. Vanadium Market: Application Movement Analysis & Market Share, 2024 & 2030
- 4.3. Steel
- 4.3.1. Steel Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million, Kilotons)
- 4.4. Non-Ferrous Alloys
- 4.4.1. Non-Ferrous Alloys Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million, Kilotons)
- 4.5. Chemicals
- 4.5.1. Chemicals Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million, Kilotons)
- 4.6. Energy Storage
- 4.6.1. Energy Storage Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million, Kilotons)
Chapter 5. Vanadium Market: Region Estimates & Trend Analysis
- 5.1. Regional Movement Analysis & Market Share, 2024 & 2030
- 5.2. North America
- 5.2.1. North America Vanadium Market Estimates & Forecast, 2018 - 2030 (USD Million, Kilotons)
- 5.2.2. U.S.
- 5.2.2.1. Key country dynamics
- 5.2.2.2. U.S. vanadium market estimates & forecast, 2018 - 2030 (USD Million, Kilotons)
- 5.2.3. Canada
- 5.2.3.1. Key country dynamics
- 5.2.3.2. Canada vanadium market estimates & forecast, 2018 - 2030 (USD Million, Kilotons)
- 5.2.4. Mexico
- 5.2.4.1. Key country dynamics
- 5.2.4.2. Mexico vanadium market estimates & forecast, 2018 - 2030 (USD Million, Kilotons)
- 5.3. Europe
- 5.3.1. Europe Vanadium Market Estimates & Forecast, 2018 - 2030 (USD Million, Kilotons)
- 5.3.2. Germany
- 5.3.2.1. Key country dynamics
- 5.3.2.2. Germany vanadium market estimates & forecast, 2018 - 2030 (USD Million, Kilotons)
- 5.3.3. France
- 5.3.3.1. Key country dynamics
- 5.3.3.2. France vanadium market estimates & forecast, 2018 - 2030 (USD Million, Kilotons)
- 5.3.4. Italy
- 5.3.4.1. Key country dynamics
- 5.3.4.2. Italy vanadium market estimates & forecast, 2018 - 2030 (USD Million, Kilotons)
- 5.4. Asia Pacific
- 5.4.1. Asia Pacific Vanadium Market Estimates & Forecast, 2018 - 2030 (USD Million, Kilotons)
- 5.4.2. China
- 5.4.2.1. Key country dynamics
- 5.4.2.2. China vanadium market estimates & forecast, 2018 - 2030 (USD Million, Kilotons)
- 5.4.3. Japan
- 5.4.3.1. Key country dynamics
- 5.4.3.2. Japan vanadium market estimates & forecast, 2018 - 2030 (USD Million, Kilotons)
- 5.4.4. India
- 5.4.4.1. Key country dynamics
- 5.4.4.2. India vanadium market estimates & forecast, 2018 - 2030 (USD Million, Kilotons)
- 5.5. Central & South America
- 5.5.1. Central & South America Vanadium Market Estimates & Forecast, 2018 - 2030 (USD Million, Kilotons)
- 5.5.2. Brazil
- 5.5.2.1. Key country dynamics
- 5.5.2.2. Brazil vanadium market estimates & forecast, 2018 - 2030 (Kilotons)
- 5.6. Middle East & Africa
- 5.6.1. Middle East & Africa Vanadium Market Estimates & Forecast, 2018 - 2030 (USD Million, Kilotons)
Chapter 6. Vanadium market - Competitive Landscape
- 6.1. Recent Developments & Impact Analysis, By Key Market Participants
- 6.2. Company Categorization
- 6.3. Company Heat Map
- 6.4. Position Analysis, 2024
- 6.5. Strategy Mapping
- 6.5.1. Expansion
- 6.5.2. Mergers & Acquisition
- 6.5.3. Partnerships & Collaborations
- 6.5.4. New Application Launches
- 6.5.5. Research And Development
- 6.6. Company Profiles
- 6.6.1. AMG
- 6.6.1.1. Participant's overview
- 6.6.1.2. Financial performance
- 6.6.1.3. Application benchmarking
- 6.6.1.4. Recent developments
- 6.6.2. Aura Energy Ltd
- 6.6.2.1. Participant's overview
- 6.6.2.2. Financial performance
- 6.6.2.3. Application benchmarking
- 6.6.2.4. Recent developments
- 6.6.3. Australian Vanadium Limited
- 6.6.3.1. Participant's overview
- 6.6.3.2. Financial performance
- 6.6.3.3. Application benchmarking
- 6.6.3.4. Recent developments
- 6.6.4. Bushveld Minerals
- 6.6.4.1. Participant's overview
- 6.6.4.2. Financial performance
- 6.6.4.3. Application benchmarking
- 6.6.4.4. Recent developments
- 6.6.5. EVRAZ plc
- 6.6.5.1. Participant's overview
- 6.6.5.2. Financial performance
- 6.6.5.3. Application benchmarking
- 6.6.5.4. Recent developments
- 6.6.6. Glencore
- 6.6.6.1. Participant's overview
- 6.6.6.2. Financial performance
- 6.6.6.3. Application benchmarking
- 6.6.6.4. Recent developments
- 6.6.7. HBIS Group
- 6.6.7.1. Participant's overview
- 6.6.7.2. Financial performance
- 6.6.7.3. Application benchmarking
- 6.6.7.4. Recent developments
- 6.6.8. Largo, Inc.
- 6.6.8.1. Participant's overview
- 6.6.8.2. Financial performance
- 6.6.8.3. Application benchmarking
- 6.6.8.4. Recent developments
- 6.6.9. Pangang Group Vanadium and Titanium Resources Co., Ltd.
- 6.6.9.1. Participant's overview
- 6.6.9.2. Financial performance
- 6.6.9.3. Application benchmarking
- 6.6.9.4. Recent developments
- 6.6.10. Vanadium Resources Limited
- 6.6.10.1. Participant's overview
- 6.6.10.2. Financial performance
- 6.6.10.3. Application benchmarking
- 6.6.10.4. Recent developments