Vanadium, nuclear number 23 and indicated by image ‘V’, is a compound component. Vanadium is shiny dim in shading, hard, flexible, and moldable progress metal. It is found normally in 65 minerals and petroleum derivative stores. Vanadium is an auxiliary result of uranium mining or created from steel smelter slag and pipe residue of overwhelming oil. It is uncommonly used to deliver steel composites, for example, fast device steels and furthermore goes about as an impetus in the formation of sulfuric acid.Vanadium is thermally protecting and electrically conductive. Vanadium has great protection from erosion and is synthetically steady against sulfuric and hydrochloric acids. Oxidization happens noticeable all around at 660 °C, and furthermore at room temperature a little layer is framed over the metal surface which goes about as a shield.
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Ferro vanadium is an alloy formed by mixing iron and vanadium, with vanadium content of 35%-85%. Ferro vanadium is widely used in the production of steel. Hardened steel can be used for a number of applications, such as, crankshafts, bicycle frames, axles, and other steel components. As vanadium reduces the overall weight of the system, it is widely used in the automobile industry and is also used to manufacture high speed tool steels and rust resistant springs.Vanadium is a supplement used as medicine for curing diabetics and pre-diabetes, low blood sugar, heart diseases, and also for improving athletic performance. Vanadium may act like an insulin, as there is evidence that it can increase the effect of insulin. Vanadium is unsafe if consumed in large amounts and for long time as it may cause serious effects, such as, kidney damage.
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The vanadium market can be segmented based on grade, production process, end-use, and region. Vanadium grades consist of FeV40, FeV50, FeV60, and FeV80. The production process comprises aluminothermic reduction technique and silicon reduction technique. Aluminothermic reduction is carbon-free extraction process of heavy reducible metals, such as, vanadium, chromium, titanium, and others through aluminum.Based on end-use, the vanadium market can be classified into automotive chemical, energy storage, and others. In automobile, vanadium is added to vehicle bodies to make them lighter and stronger, thereby making them more fuel efficient. Automobile companies are estimated to incorporate the use of vanadium alloy on a large scale. Vanadium’s corrosion-resistant properties make it suitable for carrying and storing various chemicals. In energy storage, vanadium redox battery is used to store energy. Vanadium redox battery uses vanadium ions in different oxidation states to store chemical potential energy. Other end-uses of vanadium consists of vanadium-titanium alloy for aerospace application, as titanium- vanadium alloy possesses the best strength to weight ratio.
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In terms of region, the global vanadium market can be segmented into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. Asia Pacific is projected to lead the market during the forecast period. China, India, and Japan are among the major producers of vanadium. There are number of vanadium mines in China and Japan. Japan is also a leading producer and consumer of vanadium and also has a highly developed steel industry. The vanadium market in North America is growing at rapidly, while demand for vanadium in Europe is estimated to increase in the next few years. Latin America and Middle East & Africa are expected to account for moderate share of the global vanadium market.
Major market players operating in the global vanadium market include Atlantic, Treibacher Industrie AG., Tremond Alloys & Metals Corp., Globe Specialty Metals, Inc., Bear Metallurgical Company, and AMG Advanced Metallurgical Group.