The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The increasing use of Vanadium in automobile industry are expected to drive innovation in vanadium ore manufacturing, thus driving the market during the forecast period.

The global vanadium ore market is expected to grow from $2.78 billion in 2022 to $2.97 billion in 2023 at a compound annual growth rate (CAGR) of 6.9%. The vanadium ore market size is expected to grow from $3.76 billion in 2027 at a CAGR of 6.1%.

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Global Vanadium Ore Market Segments Include:

• By Type: FeV40, FeV50, FeV60, FeV80
• By Application: Iron and Steel, Chemical, Energy Storage, Other Applications
• By End Use Industry: Automotive, Aerospace And Defense, Steel Industry, Other End Use Industries
• By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific is the largest region in the global vanadium ore market in 2021.

Major Market Players in the vanadium ore market include AUROX RES., Atlantic, Treibacher Industrie AG., Essel Mining, Tremond Alloys & Metals Corp., Globe Specialty Metals, Inc., Largo Resources, YELLOW ROCK RES.

The use of vanadium redox flow batteries (VRFB’s) for energy storage is an emerging trend market. This trend will drive a structural change in the vanadium ore mining market dominated by steel manufacturers. For example, in 2020, Nusaned Investment, a Saudi Arabia-based investment company owned by SABIC, entered in joint venture with, Germany-based technology group, SCHMID Group to focus on manufacturing and technology development in the field of Vanadium Redox Flow Batteries (VRFB).

The Vanadium Ore Global Market Report 2023  provides a vanadium ore market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The vanadium ore market forecast analyzes vanadium ore market size, vanadium ore market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Venadium ores are naturally occurring rock sediment that contains venadium and other metals or metal compounds in sufficient amounts that can be mined, treated or refined.

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