Dublin, Sept. 01, 2021 (GLOBE NEWSWIRE) -- The "Vanadium Ore Global Market Report 2021: COVID-19 Impact and Recovery to 2030" report has been added to ResearchAndMarkets.com's offering.
The global vanadium ore market is expected to grow from $1.49 billion in 2020 to $1.6 billion in 2021 at a compound annual growth rate (CAGR) of 7.4%. The market is expected to reach $2.36 billion in 2025 at a CAGR of 10.2%.
Major players in the vanadium market are AUROX RES., Atlantic, Treibacher Industrie AG., Essel Mining and Tremond Alloys & Metals Corp.
The vanadium mining market consists of sales of vanadium ores and concentrates and related services.
The use of vanadium redox flow batteries (VRFB's) for energy storage is an emerging trend market. This trend will drive a structural change in the vanadium ore mining market dominated by steel manufacturers.
For example, in 2020, Nusaned Investment, a Saudi Arabia based investment company owned by SABIC, entered in joint venture with, Germany based technology group, SCHMID Group to focus on manufacturing and technology development in the field of Vanadium Redox Flow Batteries (VRFB).
The increasing use of Vanadium in automobile industry will drive the Vanadium ore mining market. Use of vanadium alloy for manufacturing automobile parts will reduce their weight and increases their fuel efficiency. According to an investing firm (aheadoftheherd.com), around 85% of all automobiles will incorporate vanadium alloy to reduce their weight, thereby increasing their fuel efficiency by 2025.
The rate at which vanadium is being deposited into the environment is increasing, which can be attributed to global rise in discharges to the environment of vanadium rich industrial byproducts including steel slags, and ash from the expansion of waste incineration. Due to this major jurisdiction including the USA, and China are implementing environmental protection strategies/regulations to lessen the toxic effects of Vanadium, these regulations will hamper the Vanadium ore mining market.
For example, in the USA, vanadium is listed as Contaminant Candidate List 4 (CCL4) and is subject to more stringent monitoring in potable waters, on the other hand China is waging war on smog and promotion of environmentalism (by regulating iron ore blends to lower vanadium content raw material).
Key Topics Covered:
1. Executive Summary
2. Vanadium Ore Mining Market Characteristics
3. Vanadium Ore Mining Market Trends And Strategies
4. Impact Of COVID-19 on Vanadium Ore Mining
5. Vanadium Ore Mining Market Size And Growth
5.1. Global Vanadium Ore Mining Historic Market, 2015-2020, $ Billion
5.1.1. Drivers of the Market
5.1.2. Restraints on The Market
5.2. Global Vanadium Ore Mining Forecast Market, 2020-2025F, 2030F, $ Billion
5.2.1. Drivers of the Market
5.2.2. Restraints on the Market
6. Vanadium Ore Mining Market Segmentation
6.1. Global Vanadium Ore Mining Market, Segmentation By Type, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
6.2. Global Vanadium Ore Mining Market, Segmentation By Application, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
Iron & Steel
6.3. Global Vanadium Ore Mining Market, Segmentation By End Use Industry, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
Aerospace And Defense
7. Vanadium Ore Mining Market Regional And Country Analysis
7.1. Global Vanadium Ore Mining Market, Split By Region, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
7.2. Global Vanadium Ore Mining Market, Split By Country, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
Treibacher Industries Ag.
Tremond Alloys & Metals Corp.
Globe Specialty Metals Inc.
Yellow Rock Res.
Continental Precious Min.
Williams & Companies
Bear Metallurgical Company
Gulf Chemical And Metallurgical Corporation
Core Metals Group
For more information about this report visit https://www.researchandmarkets.com/r/jt4bwc
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