Vanadium Pentoxide Market is widely dispersed and relatively abundant in the crust of the earth. Vanadium pentoxide is naturally occurring and most recovered form of vanadium which found in about 80 different mineral ores. The bulk of production is used in the processing of iron, titanium, phosphorus and uranium ores. Vanadium pentoxide is an important commercial chemical and is mainly used in steel industry. Also, used in dye, paint and varnish drying, glass and ink manufacturer and photographic chemicals. Besides vanadium pentoxide has major used for production of metal alloys. Iron vanadium and aluminum vanadium master alloys e.g. automotive steels, jet engines and airframes are preferably produced from vanadium pentoxide fused flakes due to low ignition loss, low sulphur and dust content and high density of molten oxide compared to powder. This vanadium pentoxide is also used as oxidation catalyst in heterogeneous and homogeneous catalytic processes for the production of sulfuric acid from sulfur dioxide, phthalic anhydride from naphthalene. Besides the increasing need for sustainable energy storage is further providing opportunity to market key players to innovate new products.
Vanadium Pentoxide Market Report Outlook
The key factor driving the growth of vanadium pentoxide market is rise in demand for sustainable sources of energy has led to an increase in the demand for vanadium pentoxide. The vanadium pentoxide in combination with wide range of renewable energy sources is a promising technology as an electrochemical energy storage system because its independence of energy and power rating, fast response, extreme long life and low environmental impact. Besides increase in demand for low sulfur alloys in jet engines and automotive industries is further propelling the demand for vanadium pentoxide market
COVID-19 Impact on Vanadium Pentoxide Market
The exclusive COVID 19 impact analysis report by Axiom MRC provides a 3600 analysis of micro and macro-economic factors on the vanadium pentoxide market. In addition, complete analysis of changes on the vanadium pentoxide market expenditure, economic and international policies on supply and demand side. The report also studies the impact of pandemic on global economies, international trade, business investments, GDP and marketing strategies of key players present in the market.
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Vanadium Pentoxide Market Segmental Overview
The vanadium pentoxide market is segmented based on by type, by application, by end use industry and geography
Vanadium Pentoxide Market by Type
The vanadium pentoxide market offers different type of vanadium pentoxide including dry vanadium pentoxide, wet vanadium pentoxide.
Dry vanadium pentoxide is process in powder form by thermal decomposition. It appears as yellow to red crystalline powder and is slightly soluble in water and denser than water
Vanadium Pentoxide Market by Application
Vanadium pentoxide finds applications in sulfuric acid preparation, vanadium metal alloys
Vanadium metal alloys are potentially significant over other alloys as structural material for fusion reactor first wall/blanket applications. This alloy offers corrosion/compatibility considerations and great strength at high temperature, and low density. Also, it is found in various kinds of mill forms. The vanadium metal alloys have high hardness when compared to most of the steels and metals. It has high resistance to alkalis, hydrochloric and sulfuric acids.
Vanadium Pentoxide Market by End Use Industry
Vanadium pentoxide has major end use in different industry like chemical & petrochemical, oil & gas, energy & power, automotive, food & beverages, steel, healthcare
The steel industry has major end user of vanadium pentoxide market attributing to favorable properties in steel and re used widely for different types of steel. The vanadium pentoxide has major additional mechanical properties which further improves the steel products. Besides vanadium pentoxide is widely used in chemical industry in manufacturing of sulphuric acid by the contact process
Vanadium Pentoxide Market by Geography
Geographically the global vanadium pentoxide market is studied for following region North America, Europe, Asia Pacific and RoW.
Asia Pacific leads in the global vanadium pentoxide market attributing to highest production of vanadium pentoxide in the region. The demand for the market is expected to increase due to large steel industry presence. Besides North America has greater exploration and major producer of vanadium pentoxide market. Moreover, Europe is expected to grow at a significant rate during forecast period.
Vanadium Pentoxide Market Key Players
The major players in vanadium pentoxide market are Aura Energy Limited., Australian Vanadium Limited, Evraz, Hbis Group, Hunan Huifeng High-tech Energy Co., Largo Resources Ltd., Ottokemi, Premier Alloys and Chemicals Pvt. Ltd., Prism Diversified Ltd and Todini Metals and Chemicals India Pvt Ltd among others.
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