Vanadium is a soft, silver-grey metallic element that can be either derived from mined vanadiferous titanomagnetite (VTM) or produced as a by-product of vanadium-bearing pig iron slag and petroleum residues and spent catalysts. According to BlueQuark Research & Consulting, the global vanadium market is expected to grow considerably during the forecasted period. Factors such as the worldwide vanadium market's growth would be increasing government schemes toward energy generation and increasing demand for efficient, low-cost wires and various types of alloys are expected to drive the direction of the vanadium market in the forecasted period. Further, giving steel higher temperature and lower weight, Vanadium has increased demand from steel industries. Its application in automotive and specific component manufacturing sectors is also invariable. Furthermore, most vanadium output is used in China for steel applications. The high-strength, low-alloy steel used to make construction rebar is expected to drive the direction of the global vanadium market in the forecasted period. However, a decreasing supply of Vanadium and rising health concerns related to vanadium consumption would be restraining factors for this market's growth in the forecasted period.

Vanadium mainly produces specialty steel alloys like aluminum alloys and high-speed tool steels. Vanadium pentoxide is an essential industrial vanadium compound used as a catalyst for the manufacture of sulfuric acid. The vanadium redox battery for energy storage may be a necessary application in the forecasted period.

Vanadium produced worldwide is alloyed with iron to make ferrovanadium, an additive to improve steels. Other major vanadium commodities are vanadium pentoxide, oxides and hydroxides, vanadium nitride and aluminum-vanadium master alloys. Vanadium is a chemical element and atomic number 23, and it is a complex, ductile, silvery grey, and a malleable transition metal. The metal is hardly found in its elemental state in characteristics, but once isolated artificially, an oxide layer's formation maintains the free metal somewhat against further oxidation. Vanadium is a strategic mineral vital to the steel and energy industries, and it occurs naturally in the environment in approx 65 minerals and fossil fuel deposits. It is produced mostly in Russia and China from steel smelter slag. Other countries have it directly from flue dust of heavy oil, magnetite, or as a by-product of uranium mining. The steel industry generates the highest demand for Vanadium. In recent years, there has been an augmented interest in Vanadium for possible applications such as producing vanadium redox batteries. The highest demand for Vanadium will create beneficial opportunities for market growth. The expansion of vanadium redox flow battery (VRFB) is owing to their few advantages over other batteries, which include the ability to offer unlimited capacity for use in more giant storage tanks and the capability to be recharged through the placement of electrolytes and the ability to be discharged for long periods. The rise in demand for the vanadium market has forced investors to plan to invest in the production of artificial Vanadium. They can utilize this artificial Vanadium in the automobile and steel industries. The growth of Vanadium in several sectors creates the path for developing the vanadium market. The usage of Vanadium in aerospace is also projected to increase the vanadium market's growth opportunity.

The Asia Pacific region is awaited to be the most significant global vanadium market due to many mines and end-user industries here. The growth here is also anticipated to be faster than in other regions for the same reason. Japan, China, and South Korea (Republic of Korea) are the critical markets for Vanadium in APAC. High steel consumption in APAC will significantly drive this region's vanadium market's growth over the forecast period. The growing demand for Vanadium in the automobile industry will drive the global market. Vanadium alloy, which is Ferro vanadium utilized for manufacturing automobile parts, will increase fuel efficiency and reduce weight. Vanadium decreases the overall weight of the system in the automobile industry. Vanadium is utilized as a supplement in medicine for curing low blood sugar, pre-diabetes or diabetics, heart diseases, and improving athletic performance. Vanadium may work like insulin, as there is evidence that it can upsurge the effect of insulin. Other important uses for Vanadium include catalyzing chemical manufacturing and as a component in the manufacturing of certain ceramic, glass and pigment products. It is also an essential element in vanadium redox-flow batteries, which are used for large-scale electricity storage. The three largest vanadium producers are China, South Africa and Russia. In North America, vanadium production comes from spent catalysts, residues from burning coal and heavy oil, a by-product of uranium mining, and imported pig iron slag. 

The global vanadium market is concentrated, with several players occupying the market share. The market players were Evraz, Bushveld Minerals, Australian Vanadium, Angang Steel Company, and AMG Vanadium, among others.

The great challenge faced by the renewable energy sector is being able to store energy for use at a later time. The biggest issue with lithium, or Li-ion batteries, is that they degrade rapidly. Current information indicates that they last for just 3000 to 4000 charge/discharge cycles (around 5 to 10 years) before they demand to be replaced. They also lose capacity quickly with use. Whereas vanadium flow batteries have a typical life cycle of 15,000+ charge/discharge cycles or up to 25 years - the other parts wear out, but not the Vanadium. While lithium only lasts 5 to 10 years, Vanadium has a potential lifespan of 20 to 25 years! This could be a revolutionary revelation for the aerospace industry.

Australian Vanadium has signed a memorandum of understanding with UK consultancy company GSA Environmental as part of a technical and commercial collaboration to integrate GSAE's vanadium extraction process into the planned processing plant at Australian Vanadium's project at Gabanintha in Western Australia.

The Global Vanadium Market report provides deep insights into the current and future state of the vanadium market across various regions. The study comprehensively analyzes the vanadium market by segmenting based on type (Vanadium Slag, Vanadium Metal, Vanadium Compounds, and Vanadium Alloys), application (Iron and Steel, Titanium Alloys, Chemical, and Energy Storage, and Others), and Geography (North America, Europe, Asia-Pacific, South America, and Middle-East and Africa). The report examines the market drivers and restraints, along with the impact of Covid-19 on market growth, in detail. The study covers & includes emerging market size, trends, developments, opportunities, and challenges in the industry. This report also covers extensively researched competitive landscape sections with profiles of prominent companies, including their market shares and projects.