The global vanadium market is expected to grow by 28.31 thousand tons during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Technavio has announced its latest market research report titled Global Vanadium Market 2020-2024 (Graphic: Business Wire)
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The construction sector is the largest consumer of steel products and vanadium. Vanadium is extensively used in alloys for strengthening steel and reinforcing bars used in buildings, tunnels, and bridges. Vanadium is added to steel bars, concrete structures, and suspension ropes. Vanadium is used separately or in a mixture with other elements to form alloys to provide strength to steel plates used in box girders and other types of bridges. It helps in resisting fire and provides additional protection from earthquakes. In addition, it facilitates resistance to the eroding effects of weather. Vanadium is also extensively adopted in construction machinery. For instance, high strength steel containing vanadium is used extensively for the booms of cranes and draglines. It helps in reducing the weight of the booms and makes lifting heavier loads easier. All these factors will increase the consumption of steel, which would result in higher demand for vanadium during the forecast period.
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As per Technavio, the growing use of high strength steel will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Vanadium Market: Growing Use Of High Strength Steel
The use of high strength steel is increasing at a significant rate due to the material's ability to meet important criteria including stiffness, forming requirements, and crash performance. In addition, there is an ongoing trend of using high-strength steel for automotive production over lightweight alternative such as carbon fiber reinforced polymer (CFRP). High strength steel is also used in cross members, beams, and other structural components of vehicles. Vanadium is used in the process of precipitation and grain refinement as a metallurgical mechanism to strengthen high strength steel. Thus, the growing consumption of high strength steel is expected to drive the demand for vanadium, thereby driving market growth.
"Other factors such as the increasing use of vanadium in the aerospace segment, and the growth of the automotive industry will have a significant impact on the growth of the vanadium market value during the forecast period," says a senior analyst at Technavio.
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Vanadium Market: Segmentation Analysis
This market research report segments the vanadium market by application (steel, titanium alloys, and others) and geography (APAC, Europe, North America, South America, and MEA).
The APAC region led the vanadium market in 2019, followed by Europe, North America, South America, and MEA respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to factors such as the rapid industrialization and infrastructural development in the region coupled with the increasing middle-class population.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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