Technavio market research analysts forecast the global vanadium market to grow at a CAGR of more than 11% during the forecast period, according to their latest report.
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Technavio has published a new report on the global vanadium market from 2017-2021. (Graphic: Business Wire)
The report has further categorized the global vanadium market into two segments based on application (steel and titanium alloys) and geography (APAC, EMEA, and the Americas).
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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global vanadium market:
- Increasing demand from the construction industry
- Growing use of high strength steel
- Growing use of vanadium in the aerospace segment
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Increasing demand from the construction industry
The construction sector is the major consumer of steel products and vanadium. Vanadium is widely used in alloys to strengthen the steel used to construct buildings and bridges. It provides strength to reinforcing bars used in buildings, tunnels, and bridges. Vanadium is added to steel bars, concrete structures, and suspension ropes. In North America, rolled vanadium steel sections are widely used in frames and roofs of industrial buildings.
According to Mohammed Shakeel Iqbal, a lead analyst at Technavio for metals and minerals research, "Vanadium is used separately or in a mixture with other elements to form alloys. These alloys provide strength to steel plates, which are used in box girders and other types of bridges. Vanadium helps in resisting fire and provides resistance to the eroding effects of weather. Vanadium is also used in welded and seamless tubular high strength steel structures such as the columns in airports and large unsupported structures in sports stadiums and aircraft hangers."
Growing use of high strength steel
Vanadium is used in the processes of precipitation and grain refinement to strengthen high strength steel. The growing use of high strength steel is attributed to the cost-weight-strength of vanadium over other materials. For instance, there is an ongoing trend of using high-strength steel for automotive productions over lightweight alternatives such as a carbon fiber reinforced polymer (CFRP). Some of the other factors augmenting the consumption of high strength steels are the strategical positioning and branched out product portfolio of different steel manufacturers.
The increasing demand for high strength steel in the automobile industry is because of the performance of high strength steel which meets crucial standards such as stiffness, forming requirements, and crash performance. Additionally, it facilitates weight reduction in automobiles. High strength steel is also used in cross members, beams, and other structural components of vehicles. The demand for high strength steel will increase the consumption of vanadium during the forecast period.
Growing use of vanadium in the aerospace segment
In the aerospace sector, vanadium provides low density, high strength, and ability to maintain strength at high operating temperatures. It is essential that these properties are present in materials used in aero engine gas turbines and airframes. Titanium alloy contains 4% vanadium and 6% aluminum. They are widely used in blades, discs, and casting compressors in aero engine gas turbines. The heat treatment in high strength steel is possible due to the use of vanadium.
"Manufacturers are developing new methods to manufacture new and better titanium alloys by investing highly in R&D activities. The strength of titanium alloys depends on the percentage of vanadium used in manufacturing them. The higher the percentage, the greater is the strength. For instance,10% vanadium-based titanium alloy is used in the form of heat treated forgings in airframes particularly in the support structures of undercarriages. This product has been successfully used in Boeing 777. The increasing adoption of vanadium-based titanium alloy in the aerospace segment will drive the demand for vanadium during the forecast period," says Shakeel.
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