Global Vanadium Oxide Market Size, Share, and COVID-19 Impact Analysis, By Type (Vanadium Pentoxide (V2O5), Vanadium Trioxide (V2O3), and Others), By Application (Steel & Metallurgy, Chemical Industry, Energy, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2025 - 2035

Global Vanadium Oxide Market Size Insights Forecasts to 2035

• The Global Vanadium Oxide Market Size Was Estimated at USD 128.8 Million in 2024
• The Market Size is Expected to Grow at a CAGR of around 10.45% from 2025 to 2035
• The Worldwide Vanadium Oxide Market Size is Expected to Reach USD 384.5 Million by 2035
• North America is expected to grow the fastest during the forecast period.

According to a Research Report Published by Spherical Insights and Consulting, The Global Vanadium Oxide Market Size was worth around USD 128.8 Million in 2024, Growing to USD 142.4 Million in 2025, and is predicted to Grow to around USD 384.5 Million by 2035 with a compound annual growth rate (CAGR) of 10.45% from 2025 to 2035. The market for vanadium oxide offers opportunities due to growing applications in electronics, renewable energy, and emerging green technologies that support sustainable industrial growth and innovation, as well as growing demand for energy storage systems, sophisticated battery technologies, and catalysts.    

Global Vanadium Oxide Market Forecast and Revenue Size

• 2024 Market Size: USD 128.8 Million
• 2025 Market Size: USD 142.4 Million
• 2035 Projected Market Size: USD 384.5 Million
• CAGR (2025-2035): 10.45%
• Asia Pacific: Largest market in 2024
• North America: Fastest growing market

Market Overview   

The global ecosystem that includes the extraction, processing, trade, and use of vanadium oxides, primarily vanadium pentoxide (V2O2) and vanadium trioxide (V2O3), is referred to as the vanadium oxide market. These substances are essential intermediates in the metallurgical, chemical, and energy industries. They are produced from ores that include vanadium, such as magnetite and titanomagnetite. Vanadium oxides support vanadium redox flow batteries (VRFBs) for scalable grid storage in developing sustainable energy paradigms, improve alloy strength for automotive and construction uses in steel production, and act as catalysts to enable the manufacture of sulfuric acid.  For Instance, in May 2025, Tyfast Energy Corp. and US Vanadium LLC have launched a joint development initiative to scale domestic production of ultra-fine-grain vanadium oxide, a critical material for Tyfast’s novel lithium vanadium oxide (LVO) anodes, advancing high-performance lithium-ion battery technology.  Numerous applications, including metallurgy, energy, chemical, and automotive, are driving considerable development opportunities in the global vanadium oxide market. The expansion of the vanadium oxide market is driven by rising investments in renewable energy and infrastructure. One of the main factors driving the market is the growing usage of high-performance steel in manufacturing, transportation, and construction.  

Key Market Insights

• Asia Pacific is expected to account for the largest share in the vanadium oxide market during the forecast period.    
• In terms of type, the vanadium pentoxide segment is projected to lead the vanadium oxide market throughout the forecast period  
• In terms of application, the steel & metallurgy segment captured the largest portion of the market      

Vanadium Oxide Market Trends

• Its primary application in high-performance steel for strength, flexibility, and corrosion resistance, particularly in infrastructure, transportation, and manufacturing, is driving growth.
• Storage and energy applications are a significant developing driver. The demand for vanadium oxide is increasing due to vanadium-based technologies, such as Vanadium Redox Flow Battery (VRFB) and other cutting-edge battery chemistries.
• Steel continues to be the mainstay, although use in specialty applications is expanding.
• In the domains of energy transition, battery storage, and strategic infrastructure, vanadium oxide and vanadium-based materials are increasingly regarded as "critical minerals.

Report Coverage

This research report categorizes the vanadium oxide market based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. The report analyzes the key growth drivers, opportunities, and challenges influencing the vanadium oxide market. Recent market developments and competitive strategies, such as expansion, Form launch, development, partnership, merger, and acquisition, have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyzes their core competencies in each sub-segment of the vanadium oxide market.    

Driving factors:

The need for lighter and stronger steel materials is being accelerated by the expansion of infrastructure in emerging economies and strict fuel efficiency regulations in the car industry. The product's acceptance in the upcoming years will probably be driven by the steel industry's growing need, as well as the growing necessity for energy storage solutions. Additionally, governments all over the world are enacting laws to support environmentally friendly technologies, which is increasing demand for vanadium oxide in a variety of industries. The market for vanadium oxide is being driven by significant investments in energy storage technologies as a result of the growing emphasis on renewable energy.

Restraining Factors:  

The market for vanadium oxide is restricted by high production costs, scarce raw materials, strict environmental restrictions, price volatility, and reliance on a small number of producing nations, all of which impede steady supply and market expansion.

Market Segmentation    

The global vanadium oxide market is divided into type and application.

Global Vanadium Oxide Market, By Type:    

Which industries utilize vanadium pentoxide (V2O5)?

The vanadium pentoxide segment led the vanadium oxide market, generating the largest revenue share. The vanadium pentoxide (V2O5) part is widely utilized in the chemical, energy, and metallurgical industries. Ferrovanadium production, a crucial component of low-alloy and high-strength steels, is its main use. In the energy industry, V2O3 is becoming more valuable, especially in vanadium redox flow batteries (VRFBs). It is a strategic substance in the global transition to cleaner energy solutions due to its growing importance in green technologies.    

The vanadium trioxide segment in the vanadium oxide market is expected to grow at the fastest CAGR over the forecast period. Vanadium trioxide (V2O3) is a specialty product that is valued for its distinct thermochromic and electrical characteristics. It is mostly utilized as an intermediary in the manufacturing of vanadium metal, in ceramic materials, and in optical coatings.  

Global Vanadium Oxide Market, By Application:  

What is a crucial function of the steel and metallurgy sector?  

The steel & metallurgy segment held the largest market share in the vanadium oxide market. The production of ferrovanadium alloys is a crucial function of the steel and metallurgy sector. Steel performance is greatly improved by a lower amount of vanadium, which makes it perfect for pipelines, tools, and infrastructure subjected to high stress and harsh temperatures. In the construction, automotive, oil and gas, and aerospace industries, these alloys improve the tensile strength, durability, and corrosion resistance of structural steels.  

The chemical industry segment in the vanadium oxide market is expected to grow at the fastest CAGR over the forecast period. Vanadium oxide is an important intermediate product and catalyst in a number of chemical industry processes. The most common use of vanadium pentoxide (V2O3) is in the production of sulfuric acid through the contact process, which is one of the world's largest-volume chemical processes.   

Regional Segment Analysis of the Global Vanadium Oxide Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

Asia Pacific Vanadium Oxide Market Trends

Which countries in the Asia Pacific are emerging as developing markets for vanadium oxide?

Large-scale metallurgy operations, government-led infrastructure projects, and abundant reserves sustain the Asia Pacific region. The demand for automobiles, the expansion of the building industry, and initiatives to diversify energy storage technologies have propelled India and Japan into developing markets. Strong industrial growth, the expansion of chemical manufacturing facilities, and the growing need for high-performance steels all contribute to the region's continued usage. China has commissioned the world’s largest vanadium flow battery facility in Jimusar, featuring a 200 MW/1 GWh capacity integrated with a 1 GW solar farm, significantly enhancing renewable energy integration, grid reliability, and storage efficiency.  

China Vanadium Oxide Market Trends

Which sectors contribute to the increasing demand for vanadium oxide in China?

China's market for vanadium oxide is growing rapidly as a result of the country's rapid industrialization, infrastructural development, and emphasis on the development of renewable energy sources. The growing demand for high-strength steel in the construction and automotive industries is driving up consumption. Furthermore, China's substantial investments in vanadium redox flow batteries (VRFBs) to improve grid stability and large-scale energy storage are driving market expansion. 

Japan Vanadium Oxide Market Trends

What are the primary applications driving vanadium oxide demand in Japan?

The market for vanadium oxide in Japan is expanding steadily, mostly due to its use in high-performance alloys, electronics, and innovative energy storage systems. Demand for vanadium-based batteries is rising as a result of Japan's focus on carbon neutrality and the sustainable energy transition, especially in applications involving renewable energy storage. The nation's strong technological foundation and advancements in material science further boost the use of vanadium oxide in catalysts and specialty chemicals.

North America Vanadium Oxide Market Trends

What role does the shift to renewable energy play in North America’s vanadium oxide market?

The market for vanadium oxide in North America is being pushed by the region's shift to renewable energy solutions and the expansion of industrial applications. Vanadium oxide, mainly in the form of vanadium pentoxide (V2O4), is widely used in the production of high-strength steel, which aids the automotive, aerospace, and construction industries by improving durability and corrosion resistance. The U.S. Vanadium LLC launched an expanded high-purity vanadium pentoxide flake portfolio, backed by U.S. Defense Logistics Agency funding, aiming to enhance titanium alloy production for defense and aerospace applications, strengthening national strategic material capabilities. The supply of vanadium oxide in the region is opening doors for local processing facilities.

U.S Vanadium Oxide Market Trends

Why does the United States maintain a consistent demand for vanadium oxide?

The United States continues to be a major customer, with consistent demand from the manufacturing of steel and aerospace-grade alloys. In the United States, vanadium pentoxide (V2O3) is used extensively in the manufacturing of titanium alloys, steel strengthening, and vanadium redox flow batteries (VRFBs) for grid-scale renewable energy storage. The market is further stimulated by government initiatives that encourage domestic critical materials, defense uses, and clean energy infrastructure. 

Canada Vanadium Oxide Market Trends

Which sector benefits from vanadium oxide in aerospace applications in Canada?

The market for vanadium oxide in Canada is steadily developing due to expanding industrial uses in chemical processing, steel production, and aerospace. With more federal and state investments in resilient infrastructure and clean technology, Canada's expanding mining industry may eventually play a bigger part in the regional supply environment. The expansion of domestic supply is supported by Canada's mining capabilities and the exploration of deposits rich in vanadium. 

Competitive Analysis:     

The report offers the appropriate analysis of the key organizations/companies involved within the global vanadium oxide market, along with a comparative evaluation primarily based on their Form of offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborate analysis focusing on the current news and developments of the companies, which includes Form development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

Worldwide Top Key Players in The Vanadium Oxide Market Include

• Largo Inc.
• TAIYO KOKO
• HBIS GROUP
• Merck KGaA
• Pfaltz & Bauer
• Hesteel Group
• AMG TITANIUM
• S. Vanadium LLC
• Goldmann Group
• Bushveld Minerals
• U.S. Vanadium LLC
• TAIYO KOKO Co., Ltd.
• Treibacher Industries AG
• China Ansteel Group Corporation Limited
• Others 

Recent Development

• In November 2024, HBIS Co., Ltd. has launched the first phase of its vanadium flow battery energy storage project, featuring a 100 MW production line, supporting China’s "Dual Carbon" strategy through a joint venture with Chengde Vanadium Titanium New Material and VRB Energy.  

• In September 2022, U.S. Vanadium announced the completion of a USD 5.8 million upgrade to its Hot Springs, Arkansas facility, including a new industrial belt filter plant, improving vanadium recovery rates, reducing operating costs, and enhancing recycling operations.

• In February 2022, U.S. Vanadium announced a significant expansion of its sales agreement with Austrian-based CellCube (Enerox GmbH), allowing up to 3 million liters per year of ultra-high-purity vanadium redox flow battery electrolyte under a new five-year contract.  

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Market Segment    

This study forecasts revenue at the global, regional, and country levels from 2020 to 2035. Spherical Insights has segmented the vanadium oxide market based on the following segments:

Global Vanadium Oxide Market, By Type

• Vanadium Pentoxide (V2O5)
• Vanadium Trioxide (V2O3)
• Others

Global Vanadium Oxide Market, By Application

• Steel & Metallurgy
• Chemical Industry
• Energy
• Others

Global Vanadium Oxide Market, By Regional Analysis

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