Vanadium Pentoxide Market

Vanadium Pentoxide Market – Overview

The global vanadium pentoxide market is anticipated to expand at a promising rate from 2021 to 2031 (forecast period). The soaring demand for vanadium pentoxide in a variety of applications is expected to drive the vanadium pentoxide market during the forecast period. Vanadium pentoxide is used as a stimulant in a variety of industrial processes. At high temperatures, vanadium pentoxide is used in the contact process to produce SO2 to SO3 with oxygen.

Furthermore, vanadium pentoxide is utilized to manufacture oxalic acid, phthalic anhydride, and polyamide. It also aids in the oxidation of ethanol to ethanal. As a result, rising demand for vanadium pentoxide in various applications is projected to boost vanadium pentoxide market during the forecast period.

Vanadium Pentoxide Market – Competitive Landscape

Prominent players in the worldwide vanadium pentoxide market include Largo Resources Ltd., Australian Vanadium Limited, Aura Energy, Bushveld Minerals., Premier Alloys & Chemicals Pvt. Ltd., Prophecy Development Corp., FORBES PHARMACEUTICALS, TODINI AND CO. S.P.A, Parchem fine & specialty chemicals, Central Drug House, and Ferro-Alloy Resources Group.

These players are investing heavily in R&D and pursuing a variety of tactics, including new product launches and advances, geographic expansions, collaborations, and acquisitions.

Vanadium Pentoxide Market – Trends and Opportunities

The increasing use of vanadium pentoxide as a catalyst in the manufacturing of various chemicals is expected to support the vanadium pentoxide market. Vanadium pentoxide is also utilized in the production of steel alloys for vehicles such as nuclear reactors, space machines, and aircraft carriers. The stiffness of vanadium pentoxide in alloys and its strong properties in building tools, pistol rods, axels, and girders are expected to aid market players in growing their businesses in the global vanadium pentoxide market.

Vanadium pentoxide is also used in highly resistant tools such as armor plates, springs, vehicle gears, cutting tools, and crankshafts, etc. Vanadium is a medium-hard, steel-blue metal with important driving qualities utilized in the manufacture of ductile, malleable, and corrosion-resistant quality products.

The global vanadium pentoxide market is projected to expand due to the increasing investment in related initiatives around the world to develop vanadium redox flow battery technology. There is a lot of scope for research and development in vanadium redox flow batteries, which is expected to provide growth prospects in the vanadium pentoxide market.

Moreover, a rise in demand for renewable energy sources is expected to boost the demand for vanadium pentoxide. Since vanadium is utilized in the production of alloys, in the oxidation process, and as a catalyst, its market demand is projected to rise. Due to vanadium powder's low sulfur and high density, it is used to make aluminum-vanadium alloys and iron-vanadium alloys. The rising demand for low sulfur alloys in the automotive and jet engine industries is also expected to boost the global vanadium pentoxide market during the forecast period.

Vanadium Pentoxide Market – Regional Landscape

The Asia Pacific vanadium pentoxide market is expected to grow rapidly during the forecast period, owing to the expansion of end-use sectors such as the construction and steel industries. The steel sector is an important end-user segment for vanadium pentoxide as it adds value to steel products by increasing mechanical qualities. China had the most steel production due to its strong infrastructure-focused economy. China is expected to become a net importer of vanadium pentoxide during the forecast period.

The vanadium pentoxide market in Europe is projected to witness considerable growth during the forecast period. The increasing use of wet vanadium pentoxide in oxalic and metal alloy manufacturing is expected to drive market expansion in Europe.

The North America vanadium pentoxide market is estimated to develop due to the increasing usage of the product in energy storage. Moreover, Canada and the United States are leading countries in the North America vanadium pentoxide market.