세계의 산화바나듐 시장(-2032년) : 유형별, 형상별, 용도별, 지역별 분석

According to Stratistics MRC, the Global Vanadium Oxide Market is accounted for $146.68 million in 2025 and is expected to reach $332.46 million by 2032 growing at a CAGR of 12.4% during the forecast period. Vanadium oxide refers to a group of inorganic compounds containing vanadium and oxygen in various oxidation states, notably vanadium (II), (III), (IV), and (V). The most prevalent and stable type, vanadium pentoxide (V2O5), is extensively utilized as a catalyst in chemical processes such as sulfuric acid production. It also finds applications in ceramics, batteries, and advanced electronic materials due to its catalytic and conductive properties.

According to the U.S. Geological Survey, global vanadium production was estimated at around 85,000 metric tons in 2020, showcasing a steady increase in demand driven by advancements in technology and growing environmental awareness.

Market Dynamics:

Driver:

Infrastructure development and urbanization

As cities expand, the need for reliable energy storage and power generation grows, driving the adoption of vanadium redox flow batteries (VRFBs) that use vanadium oxide as a key component. Governments and private investors are focusing on renewable energy integration into urban grids, further supporting market growth. The material's role in strengthening steel for construction projects also contributes to its rising demand in infrastructure applications. Emerging economies in Asia and Africa are investing heavily in energy and transport infrastructure, creating substantial market opportunities. This dual demand from the energy and construction sectors is expected to solidify vanadium oxide's position as a critical industrial material.

Restraint:

Competition from alternative battery technologies

Technologies have gained significant market traction owing to their lower initial costs, established supply chains, and higher energy densities. Research and development in solid-state and hybrid batteries are also diverting investment focus away from VRFBs. The high upfront cost of vanadium-based batteries and limited large-scale deployment further restrict their competitiveness. Manufacturers struggle with consumer awareness and market perception that favors lithium-based solutions. As a result, technological and cost barriers continue to limit the broader adoption of vanadium oxide in the energy storage landscape.

Opportunity:

Increased focus on non-chinese primary production

Governments and mining companies across regions such as Australia, South Africa, and Canada are investing in developing independent vanadium production capacities. This shift aims to reduce global dependence on Chinese exports and stabilize price volatility in the market. Additionally, Western countries are encouraging domestic sourcing to secure strategic materials for renewable energy storage systems. The development of non-Chinese primary production is expected to boost global availability and competitiveness. These initiatives are likely to attract new investments and foster innovation in refining and extraction technologies.

Threat:

Lack of awareness and manufacturing scale for VRFBs

Despite their superior lifecycle and safety advantages, VRFBs remain underutilized due to insufficient market education and infrastructure. Many energy developers still prefer established technologies with broader commercial validation, slowing adoption. The lack of standardized production processes and large-scale manufacturing facilities further adds to cost inefficiencies. Without significant investment in marketing and capacity expansion, the technology risks being overshadowed by competing systems. This gap between technological potential and practical deployment poses a major constraint on market growth.

Covid-19 Impact:

The COVID-19 pandemic temporarily disrupted the vanadium oxide supply chain due to lockdowns, mining slowdowns, and trade restrictions. Demand from key sectors such as construction, energy storage, and steel manufacturing declined during early 2020. However, as economies reopened investments in renewable energy and grid resilience surged, reviving market momentum. The pandemic underscored the importance of sustainable energy solutions and accelerated the adoption of long-duration storage systems. Many producers have since implemented digital monitoring and automated systems to improve operational continuity.

The powder segment is expected to be the largest during the forecast period

The powder segment is expected to account for the largest market share during the forecast period, due to its wide application across energy storage and metallurgical industries. Vanadium oxide powder is extensively used in catalysts, ceramics, and coatings, providing versatility and ease of integration into manufacturing processes. Its high surface area and reactivity make it suitable for efficient electrode production in VRFBs. The growing demand from steel and alloy manufacturers also drives the segment's dominance. Powder-based forms enable precise control over chemical composition, improving product quality and performance.

The energy storage segment is expected to have the highest CAGR during the forecast period

Over the forecast period, the energy storage segment is predicted to witness the highest growth rate, due to rising global investments in renewable integration. Vanadium oxide plays a critical role in VRFBs, which are gaining prominence for grid-scale applications requiring long-duration storage. Governments worldwide are emphasizing clean energy transition, spurring demand for sustainable and safe storage materials. The scalability and recyclability of VRFBs make them attractive for large-scale solar and wind energy projects. Increased R&D efforts and pilot installations are improving performance efficiency and reducing costs.

Region with largest share:

During the forecast period, the Asia Pacific region is expected to hold the largest market share, due to its robust industrial base and expanding renewable energy sector. China remains the world's leading producer and consumer of vanadium oxide, supported by strong demand from steel and energy storage applications. Countries such as Japan, South Korea, and India are also ramping up investment in advanced battery technologies. Rapid urbanization and infrastructure expansion further amplify regional demand. Additionally, government policies promoting clean energy and energy security support the material's adoption.

Region with highest CAGR:

Over the forecast period, the North America region is anticipated to exhibit the highest CAGR, owing to growing renewable energy deployment and supply chain diversification efforts. The United States and Canada are investing heavily in domestic vanadium mining and refining projects to reduce import dependence. Increasing adoption of VRFBs for grid modernization and energy storage projects is also driving demand. Supportive policies promoting clean technology and material resilience further enhance market prospects. Additionally, collaboration between research institutes and private companies is accelerating technological innovation.

Key players in the market

Some of the key players in Vanadium Oxide Market include Merck KGaA, Vanchem Vanadium Products, Bushveld Minerals, Idemitsu Kosan, HBIS Group, Vecco Group, AMG Titanium, GfE, China Ansteel Group Corporation Limited, Pangang Group Vanadium Titanium & Resources, Largo Inc., AMG Advanced Metallurgical Group, Vametco, Australian Vanadium Limited, and U.S. Vanadium LLC.

Key Developments:

In October 2025, Merck announced that EMD Serono, the healthcare business of Merck in the U.S. and Canada, and U.S.-President Donald J. Trump's administration entered into an agreement to expand access to EMD Serono's portfolio of in vitro fertilization (IVF) therapies for the more than 10 million American women struggling to have a baby.

In September 2025, HBIS and AHQ Group signed a MOU on a water pipeline project in Riyadh, Saudi Arabia. HBIS Chairman Liu Jian and AHQ Chairman Tariq Abdulhadi Abdullah Al-Qahtani signed the MOU and discussed topics such as consolidating past cooperation achievements and jointly exploring future cooperation projects.

Types Covered:

• Vanadium Pentoxide (V2O5)
• Vanadium Trioxide (V2O3)
• Other Vanadium Oxides

Forms Covered:

• Powder
• Granules
• Liquid Dispersion

Applications Covered:

• Steel & Metallurgy
• Chemical Industry
• Energy Storage
• Glass & Ceramics
• Other Applications

Regions Covered:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • New Zealand
  • South Korea
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Chile
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

What our report offers:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers Market data for the years 2024, 2025, 2026, 2028, and 2032
• Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

Free Customization Offerings:

All the customers of this report will be entitled to receive one of the following free customization options:

• Company Profiling
  • Comprehensive profiling of additional market players (up to 3)
  • SWOT Analysis of key players (up to 3)
• Regional Segmentation
  • Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
  • Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances

Table of Contents

1 Executive Summary

2 Preface

• 2.1 Abstract
• 2.2 Stake Holders
• 2.3 Research Scope
• 2.4 Research Methodology
  • 2.4.1 Data Mining
  • 2.4.2 Data Analysis
  • 2.4.3 Data Validation
  • 2.4.4 Research Approach
• 2.5 Research Sources
  • 2.5.1 Primary Research Sources
  • 2.5.2 Secondary Research Sources
  • 2.5.3 Assumptions

3 Market Trend Analysis

• 3.1 Introduction
• 3.2 Drivers
• 3.3 Restraints
• 3.4 Opportunities
• 3.5 Threats
• 3.6 Application Analysis
• 3.7 Emerging Markets
• 3.8 Impact of Covid-19

4 Porters Five Force Analysis

• 4.1 Bargaining power of suppliers
• 4.2 Bargaining power of buyers
• 4.3 Threat of substitutes
• 4.4 Threat of new entrants
• 4.5 Competitive rivalry

5 Global Vanadium Oxide Market, By Type

• 5.1 Introduction
• 5.2 Vanadium Pentoxide (V2O5)
• 5.3 Vanadium Trioxide (V2O3)
• 5.4 Other Vanadium Oxides

6 Global Vanadium Oxide Market, By Form

• 6.1 Introduction
• 6.2 Powder
• 6.3 Granules
• 6.4 Liquid Dispersion

7 Global Vanadium Oxide Market, By Application

• 7.1 Introduction
• 7.2 Steel & Metallurgy
  • 7.2.1 Alloying Additives
  • 7.2.2 Ferrovanadium Production
• 7.3 Chemical Industry
  • 7.3.1 Catalysts
  • 7.3.2 Pigments
• 7.4 Energy Storage
  • 7.4.1 Vanadium Redox Flow Batteries (VRFBs)
  • 7.4.2 Lithium-ion Battery Cathodes
• 7.5 Glass & Ceramics
  • 7.5.1 Colorants
  • 7.5.2 UV Absorbers
• 7.6 Other Applications

8 Global Vanadium Oxide Market, By Geography

• 8.1 Introduction
• 8.2 North America
  • 8.2.1 US
  • 8.2.2 Canada
  • 8.2.3 Mexico
• 8.3 Europe
  • 8.3.1 Germany
  • 8.3.2 UK
  • 8.3.3 Italy
  • 8.3.4 France
  • 8.3.5 Spain
  • 8.3.6 Rest of Europe
• 8.4 Asia Pacific
  • 8.4.1 Japan
  • 8.4.2 China
  • 8.4.3 India
  • 8.4.4 Australia
  • 8.4.5 New Zealand
  • 8.4.6 South Korea
  • 8.4.7 Rest of Asia Pacific
• 8.5 South America
  • 8.5.1 Argentina
  • 8.5.2 Brazil
  • 8.5.3 Chile
  • 8.5.4 Rest of South America
• 8.6 Middle East & Africa
  • 8.6.1 Saudi Arabia
  • 8.6.2 UAE
  • 8.6.3 Qatar
  • 8.6.4 South Africa
  • 8.6.5 Rest of Middle East & Africa

9 Key Developments

• 9.1 Agreements, Partnerships, Collaborations and Joint Ventures
• 9.2 Acquisitions & Mergers
• 9.3 New Product Launch
• 9.4 Expansions
• 9.5 Other Key Strategies

10 Company Profiling

• 10.1 Merck KGaA
• 10.2 Vanchem Vanadium Products
• 10.3 Bushveld Minerals
• 10.4 Idemitsu Kosan
• 10.5 HBIS Group
• 10.6 Vecco Group
• 10.7 AMG Titanium
• 10.8 GfE
• 10.9 China Ansteel Group Corporation Limited
• 10.10 Pangang Group Vanadium Titanium & Resources
• 10.11 Largo Inc.
• 10.12 AMG Advanced Metallurgical Group
• 10.13 Vametco
• 10.14 Australian Vanadium Limited
• 10.15 U.S. Vanadium LLC