Vanadium Price Trend

Vanadium Prices H2 2023

The average price for vanadium in the third and fourth quarter of 2023 reached 9220 USD/MT in the United States.

Similarly, in China, the prices for vanadium touched an average of 10680 USD/MT in the third and fourth quarter of 2023.

Vanadium Price Trend, Market Analysis, and News

IMARC’s newly published report, titled “Vanadium Pricing Report 2024: Price Trend, Chart, Market Analysis, News, Demand, Historical and Forecast Data,” offers an in-depth analysis of vanadium pricing, covering an analysis of global and regional market trends and the critical factors driving these price movements.

It encompasses an in-depth review of spot price of vanadium at major ports, a breakdown of prices including Ex Works, FOB, and CIF, alongside a region-wise dissection of vanadium price trend across North America, Europe, Asia Pacific, Latin America, the Middle East and Africa.

The report examines the elements influencing vanadium price fluctuations, such as supply-demand dynamics, geopolitical factors, and industry-specific developments. Additionally, it integrates the latest market news, providing stakeholders with up-to-date information on market shifts, regulatory changes, and technological advancements, thereby offering a comprehensive overview that aids in strategic decision-making and forecasting.

Vanadium Market Analysis

The global vanadium market size reached 100.0 thousand tons in 2023. By 2032, IMARC Group expects the market to reach 132.0 thousand tons, at a projected CAGR of 3.10% during 2023-2032.

• The increasing importance of vanadium in the steel industry is one of the major factors driving the market growth. This metal is an essential alloying element that is used to improve the strength, toughness, and wear resistance of steel. There is a growing demand for high-strength steel in the construction, automotive, and aerospace sectors, which is heightening the need for this metal. The market for steel is growing at a rapid pace of 3.3% annually. It is also expected to touch US$ 1,279 billion by 2032. High-strength steel is crucial for building infrastructure that can withstand extreme conditions, as well as for manufacturing lighter and more fuel-efficient vehicles, which helps reduce greenhouse gas (GHG) emissions.
• The creation of advanced energy storage solutions, like vanadium redox flow batteries (VRFBs), is another important driver for the market growth. China’s researchers at the Dalian Institute of Chemical Physics (DICP) developed a 70 kW-level vanadium flow battery stack in January 2024. This newly designed stack is available at 40% below the current 30 kW-level stacks in terms of costs on account of its volume power density of 130 kW/m3. VRFBs are gaining popularity due to their scalability, long cycle life, and ability to provide stable and reliable energy storage for renewable energy sources like solar and wind. These batteries help in mitigating the intermittent nature of renewable energy, thus facilitating a more consistent power supply.
• This metal is also being used in the aerospace and defense sectors due to heightened investments in advanced materials and technologies. Vanadium alloys offer high strength-to-weight ratio, corrosion resistance, and ability to withstand extreme temperatures. These properties are essential for manufacturing aircraft components, missile casings, and other high-performance defense equipment. As countries continue to invest in their defense capabilities, the demand for vanadium is expected to surge. For example, in 2023-24, the Indian defense sector added capital of Rs 5.94 lakh crore, a jump of 13% over the previous year. Along with India, China also raised its allocation of budget in the defense sector by 7.2% for 2024, which sums up to 1.67 trillion yuan in Chinese currency. These allotments in budgets hike the need for vanadium in new and existing aircraft and defense components.
• Infrastructure development in emerging economies is a key factor that is driving this market. Governments and private sectors are investing in constructing bridges, tunnels, high-rise buildings, and transportation networks, which require high-strength, durable materials. For instance, In the US, more than $350 billion has been announced in the Bipartisan Infrastructure Law (BIL) funding through October 2023. Among which, $9.8 billion has been allocated to passenger and freight rail, $7.8 billion for airports, $174.7 billion for roads, bridges, and major projects, $34.1 for public transportation, and $5.9 billion for ports and waterways, boosting the demand for non-woven fabrics. Vanadium-enhanced steel provides the necessary strength and durability for these projects, ensuring long-lasting and safe infrastructure.

Vanadium News

The report covers the latest developments, updates, and trends impacting the global vanadium market, providing stakeholders with timely and relevant information. This segment covers a wide array of news items, including the inauguration of new production facilities, technological innovations, strategic market expansions by key industry players, and significant mergers and acquisitions that impact the vanadium price trend.

Latest developments in the vanadium industry:

• In May 2024, Vanadium producer Bushveld Minerals announced that the company will sell its Vanchem Processing Plant in South Africa to Southern Point Resources Fund (SPR) for up to $40.6 million, in a bet to ease financial concerns. The transaction comprises an initial consideration of $20.6 million and a deferred consideration of between $15 million and $20 million.
• In May 2024, Australian Vanadium Limited (AVL) released a statement in which it said that the company has reached the final milestone in works under the Australian Government’s $3.69 million Modern Manufacturing Initiative grant. The grant was awarded to support the design and construction of the AVL’s vanadium electrolyte manufacturing facility in Perth, which has successfully produced its first high purity vanadium electrolyte.

Product Description

Vanadium is a transition metal known for its impressive strength and resistance to corrosion. It occurs naturally in about 65 different minerals and fossil fuel deposits. It is available in various types, including vanadium pentoxide (V₂O₅), vanadium trioxide (V₂O₃), and ferrovanadium. This metal exhibits unique properties, such as high melting point, excellent corrosion resistance, and the ability to form stable compounds. It finds applications in steel alloys, aerospace engineering, manufacturing tools and machinery, nuclear reactors, batteries, pigments, glass coatings, and ceramics.

This metal aids in enhancing the mechanical properties of steel, extending the lifespan of tools and machinery, improving the efficiency of batteries, and reducing environmental impacts through cleaner energy storage. Moreover, it is lauded for its durability, energy efficiency, cost-effectiveness, versatility in applications, and contributions to sustainable technologies.

Regional Coverage

The report provides a detailed analysis of the vanadium market across different regions, each with unique pricing dynamics influenced by localized market conditions, supply chain intricacies, and geopolitical factors. This includes price trends, price forecast and supply and demand trends for each region, along with spot prices by major ports. The report also provides coverage of ex-works, FOB, and CIF prices, as well as the key factors influencing the vanadium price trend. 

Global Vanadium Price

The report offers a holistic view of the global vanadium pricing trends in the form of vanadium price charts, reflecting the worldwide interplay of supply-demand balances, international trade policies, and overarching economic factors that shape the market on a macro level. This comprehensive analysis not only highlights current price of vanadium but also provides insights into historical price trends, enabling stakeholders to understand past fluctuations and their underlying causes.

The report also delves into price forecast models, projecting future price movements based on a variety of indicators such as expected changes in supply chain dynamics, anticipated policy shifts, and emerging market trends. By examining these factors, the report equips industry participants with the necessary tools to make informed strategic decisions, manage risks, and capitalize on market opportunities. Furthermore, it includes a detailed vanadium demand analysis, breaking down regional variations and identifying key drivers specific to each geographic market, thus offering a nuanced understanding of the global pricing landscape.

Europe Vanadium Price

Europe's vanadium pricing trends are deeply affected by its stringent environmental regulations and the push towards sustainable and recycled materials. The automotive and aerospace industries in Europe, which demand high-quality specialty metals, further complicate the pricing landscape. Energy costs and the availability of renewable energy sources also significantly influence vanadium production costs. Additionally, the region's dependency on vanadium imports, coupled with fluctuating currency values, adds another layer of complexity to understanding price trends in this market.

Detailed price information for vanadium can also be provided for an extensive list of European countries.

North America Vanadium Price

In North America, vanadium prices are closely tied to technological advancements in extraction and processing techniques, which aim to reduce costs and enhance efficiency. The region's emphasis on defense and technology sectors, which require precise and high-grade metals, drives demand variability. Furthermore, trade policies, particularly those involving major trade partners like Canada and Mexico, heavily influence vanadium supply chains and pricing structures. The shift towards green energy and electric vehicles in North America also affects demand patterns for metals.

Specific vanadium historical data within the United States and Canada can also be provided.

Middle East and Africa Vanadium Price

The vanadium pricing trends in the Middle East and Africa are increasingly impacted by infrastructural developments and investments in the construction and transportation sectors. The region’s political climate and its effect on operational stability and security are also crucial in determining price trends. Additionally, the Middle East's strategic initiatives to diversify away from oil dependency and invest in mining and metal production capabilities are reshaping its market dynamics. In Africa, the availability of resources combined with foreign investment in mining projects heavily influences local and global vanadium supply and prices.

Region-wise data and information on specific countries within these regions can also be provided.

Asia Pacific Vanadium Price

In the Asia Pacific region, vanadium pricing dynamics are significantly influenced by robust industrial growth and expanding manufacturing sectors, particularly in China and India. The region's high demand for metals is driven by its active construction industry and increasing investments in infrastructure projects. However, supply disruptions due to geopolitical tensions and regulatory changes in mining practices also play a critical role in shaping price fluctuations. Additionally, trade policies and import-export tariffs continue to impact the cost structures and availability of vanadium, making the Asia Pacific market a complex environment for price trend analysis.

This vanadium price analysis can be expanded to include a comprehensive list of countries within the region.

Latin America Vanadium Price

Latin America's vanadium market is predominantly influenced by its rich natural reserves, particularly in countries like Chile and Brazil. However, political instability and inconsistent regulatory frameworks can lead to significant volatility in vanadium prices. Infrastructure challenges and logistical inefficiencies often impact the supply chain, affecting the region's ability to meet international demand consistently. Moreover, economic fluctuations and currency devaluation are critical factors that need to be considered when analyzing vanadium pricing trends in this region.

This comprehensive review can be extended to include specific countries within Latin America.

Report Coverage

Key Benefits for Stakeholders:

• IMARC’s report presents a detailed analysis of vanadium pricing, covering global and regional trends, spot prices at key ports, and a breakdown of ex-works, FOB, and CIF prices.
• The study examines factors affecting vanadium price trend, including supply-demand shifts and geopolitical impacts, offering insights for informed decision-making.
• The competitive landscape review equips stakeholders with crucial insights into the latest market news, regulatory changes, and technological advancements, ensuring a well-rounded, strategic overview for forecasting and planning.
• IMARC offers various subscription options, including monthly, quarterly, and biannual updates, allowing clients to stay informed with the latest market trends, ongoing developments, and comprehensive market insights. The vanadium price charts ensure our clients remain at the forefront of the industry.