Harrisburg, NC -- (SBWIRE) -- 10/22/2020 -- Global Vanadium Ore Mining Market Size, Status And Forecast 2020-2025
The vanadium mining market consists of sales of vanadium ores and concentrates and related services.
The global vanadium ore mining market was valued at about $21.6 billion in 2018 and is expected to decline to $18.97 billion at a CAGR of -3.2% through 2022.
The vanadium ore mining market has been geographically segmented into North America, Western Europe, APAC, Eastern Europe, South America and Middle East & Africa. The APAC market is the largest market for Vanadium Ore Mining and is expected to continue to be the largest market during the forecast period.
The increasing use of Vanadium in automobile industry will drive the Vanadium ore mining market. Use of vanadium alloy for manufacturing automobile parts will reduce their weight and increases their fuel efficiency. According to an investing firm (aheadoftheherd.com), around 85% of all automobiles will incorporate vanadium alloy to reduce their weight, thereby increasing their fuel efficiency by 2025.
Major players in the market are AUROX RES., Atlantic, Treibacher Industrie AG., Essel Mining and Tremond Alloys & Metals Corp.
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The rate at which vanadium is being deposited into the environment is increasing, which can be attributed to global rise in discharges to the environment of vanadium rich industrial byproducts including steel slags, and ash from the expansion of waste incineration. Due to this major jurisdictions including the USA, and China are implementing environmental protection strategies/regulations to lessen the toxic effects of Vanadium, these regulations will hamper the Vanadium ore mining market. For example, in the USA, vanadium is listed as Contaminant Candidate List 4 (CCL4) and is subject to more stringent monitoring in potable waters, on the other hand China is waging war on smog and promotion of environmentalism (by regulating iron ore blends to lower vanadium content raw material).
The use of vanadium redox flow batteries (VRFB's) for energy storage is an emerging trend market. This trend will drive a structural change in the vanadium ore mining market dominated by steel manufacturers. For example, China national development and reform commission released a policy document that called for the launch of pilot projects which ramp up utilization of VRFBs for its electric grid by the end of 2020.
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Markets Covered: 1) By Type: FeV40, FeV50, FeV60, FeV80 2) By Application: Iron & Steel, Chemical, Energy Storage, Others
Companies Mentioned: AUROX RES., Atlantic, Treibacher Industrie AG., Essel Mining, Tremond Alloys & Metals Corp.
Countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA
Regions: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Time Series: Five years historic and forecast.
Data Segmentations: country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes
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What are the market factors that are explained in the report?
-Key Strategic Developments: The study also includes the key strategic developments of the market, comprising R&D, new product launch, M&A, agreements, collaborations, partnerships, joint ventures, and regional growth of the leading competitors operating in the market on a global and regional scale.
-Key Market Features: The report evaluates key market features, including revenue, price, capacity, capacity utilization rate, gross, production, production rate, consumption, import/export, supply/demand, cost, market share, CAGR, and gross margin. In addition, the study offers a comprehensive study of the key market dynamics and their latest trends, along with pertinent market segments and sub-segments.
-Analytical Tools: The Global Vanadium Ore Mining Market report includes the accurately studied and assessed data of the key industry players and their scope in the market by means of a number of analytical tools. The analytical tools such as Porter's five forces analysis, SWOT analysis, feasibility study, and investment return analysis have been used to analyze the growth of the key players operating in the market.
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