Vanadium Pentoxide Market: Overview
Vanadium pentoxide is an inorganic compound with formula V2O5. It is brown/yellow solid, and when freshly precipitated from aqueous solution, the color turns to deep orange. It is the most important compound of vanadium as per commercial perspective, being the principal precursor to alloys of vanadium and is a widely used industrial catalyst. In 1925, relatively pure vanadium was obtained by reducing vanadium pentoxide with calcium metal. Raw materials used to produce vanadium pentoxide include titanomagnetite ores and their concentrates which are processed directly, vanadium slags derived from ores, oil combustion residues, spent catalysts, and residues from the hydrometallization process. Primary industrial compounds manufactured directly from these raw materials are 98% (by weight) fused pentoxide, air-dried (technical-grade) pentoxide, and technical-grade ammonium metavanadate.
Vanadium Pentoxide Market: Drivers & Restraints
Alkaline roasting is the main process used to produce vanadium pentoxide from vanadium slags. This process, with minor differences, can also be used to processes titanomagnetite ores and vanadium-containing residues. The slag is first ground to <100 µm and the iron granules are removed. Alkali metal salts are added and roasted with oxidation at temperatures between 700°C & 850°C in multiple-hearth furnaces or rotary kilns to form water-soluble pentavalent sodium orthovanadate. The roasted product is percolated with water and ammonium polyvanadate or sparingly-soluble ammonium metavanadate are precipitated in the crystalline form from the alkaline sodium orthovanadate solution by adding sulfuric or hydrochloric acid and ammonium salts at high temperatures. These compounds are converted to high-purity, alkali-free vanadium pentoxide by roasting. The commercial ‘flake’ form of vanadium pentoxide is obtained from the solidified melt. Hydrometallurgical methods or a combination of pyrometallurgical and hydrometallurgical processes are used to produce vanadium oxides and salts from other raw materials. Uranium production from carnotite and other vanadium-bearing ores also yield significant amounts of vanadium pentoxide.
Vanadium Pentoxide Market: Key Segments
Increase in need for sustainable energy storage solution is expected to create opportunity in the vanadium pentoxide market. Investors across the globe are encouraging the development of vanadium redox flow battery technology by investing in related projects. This, in turn, is increasing the demand for vanadium pentoxide market. There is huge opportunity for research & development in vanadium redox flow batteries. The steel industry is the significant end-user segment for vanadium pentoxide owing to its value addition to the steel products by improving mechanical properties. Financial barriers, less-awareness, fluctuating demand, legal and regulatory issues are some factors that are expected to hamper the market.
In terms of application, the vanadium pentoxide can be segmented into production of metal alloys, oxidation catalyst, production of oxalic acid, energy storage, and others. Iron-vanadium and aluminum-vanadium master alloys are produced from vanadium pentoxide fused flakes due to the low loss on ignition, low sulfur and dust content, and high density of the molten oxide as compared to vanadium powder. These alloys are used in applications such as automotive steels, jet engines, and airframes. Based on end-use industry, the vanadium pentoxide market can be segregated into enameling, electrical & electronics, metallurgy, glass, chemicals, petrochemicals, paints & ceramics, and others.
Vanadium Pentoxide Market: Regional Outlook
In terms of geography, the global vanadium pentoxide market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific accounted for a dominant share in the global vanadium pentoxide market owing to the large steel industry in the region. Europe and North America are major producers and consumers of vanadium pentoxide market. The vanadium pentoxide market in Asia Pacific is projected to expand at a rapid pace during the forecast period due to the growth of the end-use industries. Latin America and Middle East & Africa are also promising vanadium pentoxide market.
Vanadium Pentoxide Market: Key Players
Key players operating in the vanadium pentoxide market include Aura Energy, Australian Vanadium Limited, Largo Resources Ltd., Bushveld Minerals., Prophecy Development Corp., and Premier Alloys & Chemicals Pvt. Ltd.
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