The global demand for Vanadium Pentoxide Market is presumed to reach the valuation of nearly USD XX MN by 2028 from USD XX MN in 2021 with a CAGR of XX% during the period of 2022-2028.
Vanadium Pentoxide commonly referred to as vanadia is an amphoteric compound produced from the vanadium ore. Vanadia is an inorganic chemical and is used as a catalyst in a wide range of industries. It is mainly used in the production of metallic vanadium and ferrovanadium, a crucial additive in the manufacture of tool steel and other alloys of iron. Vanadia is used in the production of sulfuric acid, an important chemical used in the manufacture of various end applications. Flow batteries made using vanadium are used in the storage of energy in large quantities produced in power plants like wind stations. Owing to its high thermal resistance coefficient it is used in thermal imaging devices like bolometers for detection purposes.
The growing demand for steel products with enhanced mechanical properties is a major driver for the growth of the vanadia market. The huge demand for flow batteries and the various research and development activities carried out in this area of manufacture will further propel the growth of this market. Increased investment in sustainable energy solutions will be a major precursor for this market. The improved operations in the metallurgical industry will boost this market. The vanadium market will witness stable growth during COVID-19 pandemic since it finds specialised applications unaffected by the pandemic. Reduced awareness, economical inefficiencies related to vanadium products and regulations put forth by governments against the use of vanadium-based products will be the major constraints for the growth of this market.
The report covers Porter’s Five Forces Model, Market Attractiveness Analysis and Value Chain analysis. These tools help to get a clear picture of the industry’s structure and evaluate the competition attractiveness at a global level.
Additionally, these tools also give inclusive assessment of each application/product segment in the global market of vanadium pentoxide.
The entire vanadium pentoxide market has been sub-categorized into end-use industry and application. The report provides an analysis of these subsets with respect to the geographical segmentation. This research study will keep marketer informed and helps to identify the target demographics for a product or service.
By End-Use Industry
- Electrical & Electronics
- Paints & Ceramics
- Metal Alloys
- Oxidation Catalyst
- Production of Oxalic Acid
- Energy Storage
This section covers regional segmentation which accentuates on current and future demand for vanadium pentoxide market across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Further, the report focuses on demand for individual application segment across all the prominent regions.
Global Vanadium Pentoxide Market Share by Region (Representative Graph)
The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide. The major players in the vanadium pentoxide market include Aura Energy, Australian Vanadium Limited, Largo Resources Ltd., Bushveld Minerals, Prophecy Development Corp., Premier Alloys & Chemicals Pvt. Ltd. This section includes a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.
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