Vanadium is a very hard metal which is light silvery in color, brittle, and stable in dry air at room temperature. It ranks seventeenth among the metals available in the earth’s crust but is considered to be rare as it is present in a dispersed form and its extraction and mining is very costly. Vanadium is not found in the elemental state but in a chemically combined form.
Vanadium compounds can be classified into the following segments: oxides, pentoxides, sulphates, and vanadates. They are present in various forms such as liquid, hydrous cake, and powder. Vanadium salts (potassium metavandate, ammonium polyvanadate, and sodium metavanadate) and solutions display highly selective catalytic features. Vanadium oxide, when doped with tungsten, has been examined for use as a “spectrally-selective” window coating to block infrared transmission and reduce the harm of building inner heat through windows. Vanadium pentoxide is used as a catalyst for sulphuric acid production, as a pigment, and in batteries. The vanadates include ammonium metavanadate, potassium metavanadate, and sodium metavanadate which find application in various fields. For instance, ammonium metavanadate is used as a synthetic catalyst for organic acids & in denitrification and as a corrosion inhibitor & a pigment. Potassium metavanadate is used as a corrosion inhibitor and a catalyst in desulfurization and denitrification. Sodium metavanadate is used as a pigment, catalyst in desulfurization, and corrosion inhibitor.
On the basis of application, the vanadium compounds market can be segmented into the following sectors: chemical catalysts, pharmaceuticals, pigments, and glaze. Vanadium compounds are used as catalysts for the oxidation of sulphur dioxide. Vanadium pentoxide is an excellent catalyst used in the contact process for the production of sulphuric acid – an important process in the chemical industry. Vanadium compounds are testified to exhibit insulin-enhancing properties when administered orally. Gastrointestinal absorption of vanadium is usually poor and depends on the chemical nature & solubility. These compounds are also employed in the pigments, ceramic, and paints industries. Ammonium metavanadate and sodium vanadate are responsible for the color of ceramic tiles and containers. Bismuth orthovanadate is a temperature-resistant yellow pigment employed in varnishes and plastics.
The main driver for the vanadium compound market is the industrial catalytic sector. For instance, these compounds are used in the production of sulfuric acid using the contact process. The paints and ceramic industries also employ sodium vanadate and sodium metavanadate. Vanadium oxide is used for glass coatings, while vanadates offer protection to steel against corrosion and rust as well. All these factors drive the market.
Environmental and health hazards including eye, nose, and throat infections act as a barrier for the vanadium compound market. Other ill-effects include damage to nervous system and carcinogenic diseases. Vanadium compounds can cause inhibition to the enzymes in animals and in certain cases, lead to cancer.
The market for vanadium compounds is distributed over North America, Europe, Asia Pacific, and Middle East & Africa. The market of Asia Pacific is dominant, followed by Europe and North America. Demand for vanadium compounds is on rise in Asia Pacific due to the region’s burgeoning chemical industry. China possesses immense vanadium mines; therefore the vanadium compound market in this country is anticipated to expand. Brazil is another significant market due to the industrial activities in this country.
Key players in the vanadium market include Treibacher Industries AG, Shinko Chemical, V-PubChem, Yogi Dye Chem, Forbes Pharmaceuticals, and Oxkem Limited.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.