Global Ammonium Metavanadate Market: Snapshot
Ammonium metavanadate has extensively been used as an intermediate chemical for several industrially or commercially useful elements and compounds. The prospects in the ammonium metavanadate market has been bolstered by growing demands, especially of reagent-grade compounds, in manufacturing and industrial processes, and research applications. Compounds such as silver vanadate, manganese vanadate, and vanadium oxide are synthesized using ammonium metavanadate.
The major boost to the production of the inorganic compound comes from its widespread commercial utilization in making vanadium, which is a useful material for the steel industry. The rising demands in the industries that the steel manufacturing serves has been key to the evolution of the ammonium metavanadate market. Growing demand for ammonium metavanadate in forensic applications particularly for detecting the presence of harmful drugs is boosting the market. The key forms of products are powders and granules. Key applications areas can be bifurcated into chemical reagents and catalysts.
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Global Ammonium Metavanadate Market: Key Drivers
A big thrust to the ammonium metavanadate market comes from its rising application in making vanadium which has been extensively used in the alloy industry. Rising utilization of the inorganic compound in the steel industry is boosting the market. Growing application in illicit drug testing is also boosting the prospects of the market. The compound is used extensively in testing of cocaine, marijuana, amphetamines, and opiates. Rapid pace of demands for construction materials has also augmented its prospects. The uptake of ammonium metavanadate in the chemical industry is also boosting the market. Over the years, chemical industries have become increasingly aware of the apt storage and handling systems or technologies, as heating the inorganic compound releases ammonia, and overexposure is associated with health risks. Further, units where ammonium metavanadate are used in workplace controls and practices, the use of personal protective equipment also helps.
The global ammonium metavanadate market has also garnered significant impetus from the constant advances in synthesis of a few compound from the inorganic compound. A case in point is vanadium pentoxide. The advent of new techniques has optimized the synthesis of these compounds, thus bolstering the prospects of the market. Strides made by the biochemical industry has spurred the demand for various reagents, including ammonium metavanadate.
Global Ammonium Metavanadate Market: Notable Developments
Over the past few years, new, novel applications of ammonium metavanadate has come to the fore. This has been the result of relentless efforts of the chemical and the academia to invest in research and development activities. This aside, the competitive dynamic of the ammonium metavanadate market has been shaped by growing numbers of acquisitions, mergers, and joint venture. Top players are also aiming at expanding their product portfolio and their production capacities to extent their stronghold to new markets. They are also entering into partnerships with small players to consolidate their shares and improve their production expertise. Some of the well-entrenched players operating in the ammounium metavanadate market are:
- Thermo Fisher Scientific Inc.
- American Elements
- MoTiV Metals LLC
- Merck KGaA
- Strem Chemicals, Inc.
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Global Ammonium Metavanadate Market: Regional Assessment
The key regions for the expansion of the ammonium metavanadate market are Europe, Asia Pacific, and North America. The major growth to the Asia Pacific ammonium metavanadate market comes perhaps from rising production and consumption in China. Growing demands in new applications are also boosting the value of the revenue streams of this regional market. On the other hand, Europe has been showing considerable lucrative potential and been witnessing several avenues over the past few years. Extensive demands in the glass industry and rising application in the textile industry as a catalyst are trend that have kept the prospects hugely lucrative. In North America, the U.S. has been a prominent market.
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