Vanadium Pentoxide Market Size, In-Depth Qualitative Insights, Explosive Growth Opportunity, Regional Analysis by Fortune Business Insights
The global vanadium pentoxide market size is expected to gain momentum owing to the rising product usage in various industrial applications during the forecast period. This information is published by Fortune Business Insights™ in an upcoming report, titled, “Vanadium Pentoxide Market, 2022-2029. The direct processing of their concentrates, vanadium slags derivation from spent catalysts, residue of hydrometallization processes, residues of oil combustion, and ores are the key market trends. The ability of the product to change its oxidation state increases its usage for its catalysing properties is likely to have a positive impact over the market. The product finds its maximum utility in the production of sulphuric acid, metal alloys, oxalic production, oxidation catalyst, and energy storage.
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Disruption in Manufacturing Processes to Hamper Growth
The vanadium pentoxide market system is a profitable marketplace hampered by the COVID-19 pandemic which further caused all types of restrictive manufacturing and complete industrial perturbation across the countries. Due to nationwide lockdowns, social distancing norms and, disruption in the global supply chain, most manufacturers witnessed a decline in the supply-demand of the significant materials which thereupon affected the market demand for vanadium pentoxide market.
Based on method, the vanadium pentoxide market bifurcates into dry and wet. Based on application, the market segregates into sulphuric acid preparation, metal alloys, oxalic production, oxidation catalyst, energy storage, and others. Finally, by geography, the market distributes into Asia Pacific, North America, Europe, Latin America, and Middle East & Africa.
What does the Report Offer?
The market research report for vanadium pentoxide offers integrated information on:
- Key drivers
- Opportunities driving industry growth
- Growth drivers
- Key players
- Challenges and restrictions
- Important industrial developments
Drivers & Restraints-
Increased Production of Oxalic Acid to Promote the Market
The vanadium pentoxide market growth is likely to broaden owing to its expanding usage in various industrial applications. The utilization of the product in the manufacturing of SO2 to SO3 with oxygen at increased temperatures, production of oxalic acid, polyamide, phthalic anhydride, and oxidation of ethanol to ethanale is likely to expand the overall market demand. However, the less awareness of the product regarding its usage and advantages may hinder the market.
High Product Usage in Sulphuric Acid Production to Elevate the Market in Asia Pacific
Asia Pacific is expected to hold the dominant vanadium pentoxide market due to the rising product utilization for the manufacturing of sulphuric acid.
Europe is likely to hold the second-largest market share. The growth is due to the growing acquisition of the wet vanadium pentoxide in metal alloy and oxalic production in the region.
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Higher Investments by Industrialists to Strengthen Positions
The major players driving the market are making vast investments in different regions to refine their benefactions. Acquisition of business strategies such as sales contracts, strategic alliances, product approvals, procurement of technical expertise, patents and events, collaborations, joint ventures, partnership agreements, capacity utilization, and technological advancements are anticipated to lead the global market for the vanadium pentoxide.
- August 2021: Largo delightfully announces the diversification of their company and rebranding of the logo. The company concentrates to integrate over sustainable and innovative vanadium centred energy on a global level.
List of Key Players Profiled in the Global Market for Vanadium Pentoxide Market:
- Aura Energy
- Australian Vanadium Limited
- Largo Resources Ltd.
- Bushveld Minerals
- Prophecy Development Corp.
- Premier Alloys & Chemicals Pvt. Ltd.
- FORBES PHARMACEUTICALS
- Central Drug House
- Parchem fine & specialty chemicals
- TODINI AND CO. S.P.A.
- Ferro-Alloy Resources Group
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