Vanadium Market Share 2021 Estimation by 2028 with Top Players -MRFR
Market Overview In terms of volume, the global vanadium market was 88.23 kilotons in 2021 and is expected to register a CAGR of 6.8% during the review period. Vanadium compound is significantly used as an alloying element in the iron & steel industry. Its corrosion resistance property makes it ideal for application in the manufacturing of tubes and pipes used to carry chemicals. In addition, mixing titanium with vanadium and iron increases the durability and strength of the material used in the manufacturing of wind turbines. For instance, in November 2018, JSW steel announced to ramp up the steel manufacturing capacity to 44–55 million tonnes per annum by 2030 to cater to the need of end-use industries. Moreover, the demand for vanadium in the energy sector is growing rapidly. It is considered as a superior substitute for lithium used in the manufacturing of batteries. The vanadium-based batteries are highly durable and hold immense energy storage capacity. For instance, in Sep