Commodity Online
SAN JOSE: Asia Pacific with an expected consumption of 36,000 metric tons by 2012 will become the largest consumer of this metal, according to Global Industry Analysts, Inc.
Steel manufacturing represents the largest end-use market for vanadium accouting for 87 percent of the vanadium sale world wide.
Vanadium market is expected to follow the cyclical nature of the steel industry and new applications in other industries are likely to drive demand for vanadium. Europe and Asia-Pacific account for a over 60% of the global vanadium market, as stated by Global Industry Analysts, Inc.
Global demand for vanadium is projected to continue, with Chinese steel consumption not showing ant signs of an immediate slowing down. Added to that, steel output and consumption in other emerging markets is also increasing at a rapid pace. Currently, Europe stands to be the largest vanadium market in the world, with a share of over 32%.
Some of the applications of vanadium-based products that are under development could have a positive effect on demand for the metal. Select applications under development include vanadium steels for high-speed, high-energy autogenous welding, vanadium steels in electric power generating units to facilitate cost-effective power generation and to enhance the efficiency, vanadium redox flow battery for large scale energy storage systems, vanadium alloys for compressors of aero-engine gas turbines and vanadium high carbon grey cast irons for drums and brake discs.
Leading global and regional players operating in the market include Chengde Xinxin Vanadium and Titanium Co, Evraz Group, Highveld Steel and Vanadium Corp, Strategic Minerals Corporation, Stratcor Inc., OAO Chusovoy Metallurgical Works, McKenzie Bay International Ltd., Nippon Denko Co, Panzhihua Iron and Steel Group, Shieldalloy Metallurgical Corporation, Treibacher Industries AG, Vanadium Tula, Windimurra Vanadium Limited and Xstrata Plc.
The report titled "Vanadium: A Global Strategic Business Report" published by Global Industry Analysts, Inc., provides a comprehensive review of market trends, drivers, product profile, players, competition, end-use applications, recent developments, mergers, acquisitions, and other strategic industry activities. Analysis is presented for major geographic markets including North America, Japan, France, Germany, the UK, Italy, Spain, Russia, Asia-Pacific and South Africa for the period 1991-2015. Analytics are provided in terms of end-use segments including Steel (Carbon Steel, Stainless & Heat Resisting Steel, Full Alloy Steel, High-Strength Low-Alloy Steel, Tool Steel, and Others), Cast Irons, Super alloys, Alloys, Chemical & Ceramic Uses (Catalysts and Pigments), and Others.
