Vanadium Market Size Worth USD 3,832.90 Million by 2034 | CAGR: 3.1%

The vanadium market size is expected to reach USD 3,832.90 million by 2034, according to a new study by Polaris Market Research. The report “Vanadium Market Size, Share, Trends, & Industry Analysis Report: By Grade Type (FeV40, FeV50, FeV60, and Other), By Application, and By Region – Market Forecast, 2025–2034” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Vanadium is a rare, hard metal used primarily to strengthen steel and improve its durability. It is also essential in producing advanced batteries and aerospace materials due to its excellent corrosion resistance and strength.

Rising demand in steel production is driving the market growth. Vanadium is widely used as an alloying element to strengthen steel, making it lighter, tougher, and more resistant to corrosion. The construction, automotive, and infrastructure sectors heavily rely on vanadium-reinforced steel for building durable structures, vehicles, and machinery. As urbanization and industrialization continue globally, the demand for high-strength steel rises, which directly boosts vanadium consumption. Increasing infrastructure projects and automotive production in developing and developed countries are expected to create steady growth opportunities for the vanadium market during the forecast period.

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Vanadium’s strength, light weight, and resistance to heat and corrosion make it valuable in aerospace applications. It is used in titanium alloys for aircraft components, improving fuel efficiency and safety. As the aerospace sector expands due to rising air travel and defense spending, the demand for vanadium-based materials grows. The need for lighter and stronger materials to reduce emissions and improve performance supports vanadium’s importance in this industry.

Vanadium Market Report Highlights

• Based on application, in 2024, the steel segment dominated with the largest share. Vanadium improves steel’s strength, toughness, and resistance to wear and corrosion, which is essential in construction, infrastructure, and automotive industries.
• The FeV40 segment, by grade type, is witnessing significant growth due to its balanced composition and versatile applications.
• In 2024, the Aisa Pacific vanadium market dominated with the largest share due to rapid industrialization, infrastructure development, and expanding steel production.
• The North America vanadium market is experiencing significant growth, driven by expanding renewable energy infrastructure and rising electric vehicle production.
• A few global key market players are AMG; Aura Energy Ltd; Australian Vanadium Limited; Bushveld Minerals; EVRAZ plc; Glencore; HBIS Group; Largo, Inc.; Pangang Group Vanadium and Titanium Resources Co., Ltd.; and Vanadium Resources Limited.

Polaris Market Research has segmented the vanadium market report on the basis of grade type, application, and region:

By Grade Type (Revenue – USD Million, 2020–2034)

• FeV40
• FeV50
• FeV60
• Other

By Application (Revenue – USD Million, 2020–2034)

• Steel
• Non-Ferrous Alloys
• Chemicals
• Energy Storage

By Regional Outlook (Revenue – USD Million, 2020–2034)

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • France
  • UK
  • Italy
  • Spain
  • Netherlands
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Malaysia
  • South Korea
  • Indonesia
  • Australia
  • Vietnam
  • Rest of Asia Pacific
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Israel
  • South Africa
  • Rest of Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America