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Vanadium Market: Overview

Vanadium, atomic number 23 and denoted by symbol ‘V’, is a chemical element. Vanadium is silvery-grey in color, hard, ductile, and malleable transition metal. It is found naturally in 65 minerals and fossil fuel deposits. Vanadium is a secondary product of uranium mining or produced from steel smelter slag and flue dust of heavy oil. It is specially used to produce steel alloys, such as, high-speed tool steels and also acts as a catalyst in the creation of sulfuric acid.

Vanadium is thermally insulating and electrically conductive. Vanadium has good resistance to corrosion and is chemically stable against sulfuric and hydrochloric acids. Oxidization takes place in the air at 660 °C, and also at room temperature a small layer is formed over the metal surface which acts as a shield.

Vanadium Market: Drivers & Restraints

 Ferro vanadium is an alloy formed by mixing iron and vanadium, with vanadium content of 35%-85%. Ferro vanadium is widely used in the production of steel. Hardened steel can be used for a number of applications, such as, crankshafts, bicycle frames, axles, and other steel components. As vanadium reduces the overall weight of the system, it is widely used in the automobile industry and is also used to manufacture high speed tool steels and rust resistant springs.

Vanadium is a supplement used as medicine for curing diabetics and pre-diabetes, low blood sugar, heart diseases, and also for improving athletic performance. Vanadium may act like an insulin, as there is evidence that it can increase the effect of insulin. Vanadium is unsafe if consumed in large amounts and for long time as it may cause serious effects, such as, kidney damage.

Vanadium Market: Key Segments

The vanadium market can be segmented based on grade, production process, end-use, and region. Vanadium grades consist of FeV40, FeV50, FeV60, and FeV80. The production process comprises aluminothermic reduction technique and silicon reduction technique. Aluminothermic reduction is carbon-free extraction process of heavy reducible metals, such as, vanadium, chromium, titanium, and others through aluminum.

Based on end-use, the vanadium market can be classified into automotive chemical, energy storage, and others. In automobile, vanadium is added to vehicle bodies to make them lighter and stronger, thereby making them more fuel efficient. Automobile companies are estimated to incorporate the use of vanadium alloy on a large scale. Vanadium’s corrosion-resistant properties make it suitable for carrying and storing various chemicals. In energy storage, vanadium redox battery is used to store energy. Vanadium redox battery uses vanadium ions in different oxidation states to store chemical potential energy. Other end-uses of vanadium consists of vanadium-titanium alloy for aerospace application, as titanium- vanadium alloy possesses the best strength to weight ratio.

Vanadium Market: Regional Outlook

In terms of region, the global vanadium market can be segmented into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. Asia Pacific is projected to lead the market during the forecast period. China, India, and Japan are among the major producers of vanadium. There are number of vanadium mines in China and Japan. Japan is also a leading producer and consumer of vanadium and also has a highly developed steel industry. The vanadium market in North America is growing at rapidly, while demand for vanadium in Europe is estimated to increase in the next few years. Latin America and Middle East & Africa are expected to account for moderate share of the global vanadium market.

Vanadium Market: Key Players

Major market players operating in the global vanadium market include Atlantic, Treibacher Industrie AG., Tremond Alloys & Metals Corp., Globe Specialty Metals, Inc., Bear Metallurgical Company, and AMG Advanced Metallurgical Group.

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
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  • 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
  • Europe
  • 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.

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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?

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Vanadium Market

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