Market overview
The global vanadium market is worth USD 1.9 bn in 2026 and is forecast to reach USD 3.4 bn by 2036, growing at a 6.0% CAGR. China is the largest country market and Ferrovanadium is the largest by product segment.
| Scope | Vanadium produced as vanadium pentoxide, ferrovanadium and vanadium chemicals, sold to steelmakers, titanium alloy producers, chemical firms and vanadium flow battery makers. |
|---|---|
| Industry | Chemicals and Materials |
| Value 2025 | USD 1.8 bn |
| Value 2026 | USD 1.9 bn |
| Value 2036 | USD 3.4 bn |
| CAGR 2026-2036 | 6.0% |
| Volume 2026 | 103 thousand tonnes |
| Volume 2036 | 160 thousand tonnes |
| Average price 2026 | USD 18,270 per tonne |
| Report price | Starts from USD 1,999 |
| Published | November 2026 |
Request a free sample of this report
Vanadium market size and forecast, 2026-2036
Source: Compare Market Research analysis.
© 2026 Compare Market Research. All rights reserved.
| Year | Market value |
|---|---|
| 2026 | USD 1.9 bn |
| 2027 | USD 2.0 bn |
| 2028 | USD 2.1 bn |
| 2029 | USD 2.3 bn |
| 2030 | USD 2.4 bn |
| 2031 | USD 2.5 bn |
| 2032 | USD 2.7 bn |
| 2033 | USD 2.8 bn |
| 2034 | USD 3.0 bn |
| 2035 | USD 3.2 bn |
| 2036 | USD 3.4 bn |
Vanadium market segmentation
By product
Source: Compare Market Research analysis.
© 2026 Compare Market Research. All rights reserved.
| Segment | Share 2026 | Share 2036 | Value 2026 | CAGR 2026-36 |
|---|---|---|---|---|
| Ferrovanadium | 62.0% | 51.0% | USD 1.2 bn | 3.9% |
| Vanadium pentoxide | 24.0% | 21.7% | USD 454 mn | 4.9% |
| Vanadium electrolyte and chemicals | 8.0% | 22.2% | USD 151 mn | 17.4% |
| Vanadium-aluminium alloys | 6.0% | 5.2% | USD 113 mn | 4.4% |
By end use
Source: Compare Market Research analysis.
© 2026 Compare Market Research. All rights reserved.
| Segment | Share 2026 | Share 2036 | Value 2026 | CAGR 2026-36 |
|---|---|---|---|---|
| Steel and alloys | 84.0% | 71.8% | USD 1.6 bn | 4.3% |
| Titanium alloys (aerospace) | 6.0% | 6.2% | USD 113 mn | 6.3% |
| Energy storage | 6.0% | 18.8% | USD 113 mn | 18.8% |
| Chemicals and catalysts | 4.0% | 3.3% | USD 76 mn | 3.8% |
By source
| Segment | Share 2026 | Share 2036 | Value 2026 | CAGR 2026-36 |
|---|---|---|---|---|
| Steel slag | 28.0% | 24.0% | USD 529 mn | 4.4% |
| Primary ore | 36.0% | 36.0% | USD 680 mn | 6.0% |
| Fly ash and petroleum residue | 18.0% | 18.0% | USD 340 mn | 6.0% |
| Spent catalyst | 18.0% | 22.0% | USD 340 mn | 8.2% |
By purity
| Segment | Share 2026 | Share 2036 | Value 2026 | CAGR 2026-36 |
|---|---|---|---|---|
| Standard (80% V2O5) | 28.0% | 28.0% | USD 529 mn | 6.0% |
| Mid (98% V2O5) | 36.0% | 36.0% | USD 680 mn | 6.0% |
| High purity (99.5%+) | 36.0% | 36.0% | USD 680 mn | 6.0% |
By customer type
| Segment | Share 2026 | Share 2036 | Value 2026 | CAGR 2026-36 |
|---|---|---|---|---|
| Steel makers | 62.0% | 56.0% | USD 1.2 bn | 4.9% |
| Aerospace and alloy makers | 12.0% | 12.0% | USD 227 mn | 6.0% |
| Battery makers | 14.0% | 18.0% | USD 265 mn | 8.7% |
| Chemicals and catalyst makers | 12.0% | 14.0% | USD 227 mn | 7.7% |
Top 25 countries for vanadium by revenue
Countries are ranked by revenue earned from sales in the country, not by where the product is made. The ten largest hold 89.0% of 2026 revenue and the 25 countries below together hold 96.0%.
Source: Compare Market Research analysis.
© 2026 Compare Market Research. All rights reserved.
| # | Country | Value 2026 | Share 2026 | Value 2036 | CAGR 2026-36 |
|---|---|---|---|---|---|
| 1 | China | USD 1.1 bn | 56.0% | USD 1.9 bn | 6.3% |
| 2 | Japan | USD 94 mn | 5.0% | USD 142 mn | 4.2% |
| 3 | United States | USD 94 mn | 5.0% | USD 166 mn | 5.8% |
| 4 | Germany | USD 76 mn | 4.0% | USD 115 mn | 4.3% |
| 5 | South Korea | USD 76 mn | 4.0% | USD 125 mn | 5.2% |
| 6 | India | USD 76 mn | 4.0% | USD 166 mn | 8.2% |
| 7 | Russia | USD 76 mn | 4.0% | USD 108 mn | 3.7% |
| 8 | United Kingdom | USD 47 mn | 2.5% | USD 71 mn | 4.2% |
| 9 | Brazil | USD 47 mn | 2.5% | USD 81 mn | 5.6% |
| 10 | Canada | USD 38 mn | 2.0% | USD 64 mn | 5.5% |
| 11 | Austria | USD 21 mn | 1.1% | USD 41 mn | 6.9% |
| 12 | Sweden | USD 18 mn | 0.9% | USD 35 mn | 6.9% |
| 13 | Taiwan | USD 15 mn | 0.8% | USD 30 mn | 6.9% |
| 14 | Poland | USD 13 mn | 0.7% | USD 26 mn | 6.9% |
| 15 | Mexico | USD 11 mn | 0.6% | USD 22 mn | 6.8% |
| 16 | Czech Republic | USD 9.8 mn | 0.5% | USD 19 mn | 6.8% |
| 17 | Turkey | USD 8.5 mn | 0.5% | USD 16 mn | 6.7% |
| 18 | Netherlands | USD 7.2 mn | 0.4% | USD 14 mn | 7.1% |
| 19 | Australia | USD 6.2 mn | 0.3% | USD 12 mn | 6.9% |
| 20 | Italy | USD 5.3 mn | 0.3% | USD 10 mn | 7.1% |
| 21 | Finland | USD 4.5 mn | 0.2% | USD 8.8 mn | 6.8% |
| 22 | Vietnam | USD 4.0 mn | 0.2% | USD 8.5 mn | 7.9% |
| 23 | Saudi Arabia | USD 3.4 mn | 0.2% | USD 6.8 mn | 7.1% |
| 24 | South Africa | USD 2.8 mn | 0.1% | USD 5.8 mn | 7.3% |
| 25 | Belgium | USD 2.5 mn | 0.1% | USD 4.7 mn | 6.8% |
| Rest of world | USD 75 mn | 4.0% | USD 143 mn | 6.7% |
Source: Compare Market Research analysis.
© 2026 Compare Market Research. All rights reserved.
Competitive landscape
Group 1: Global leaders
- Pangang Group Vanadium & Titanium Resources
- HBIS Group
- Glencore
- Largo
- AMG Critical Materials
- Evraz
Group 2: Regional and specialist players
- Bushveld Minerals
- Treibacher Industrie
- Nippon Denko
- US Vanadium
- Vanchem Vanadium Products
- Atlantic Limited
Group 3: Emerging and niche players
- Australian Vanadium
- Energy Fuels
Research methodology
Every figure on this page comes from the research framework that we apply to all of the markets we cover. The 2025 base for the vanadium market is built from the volume sold and the price that buyers pay, and is cross-checked against the size of the wider industry the market belongs to. Where a market can be sized in more than one way, the routes are compared before a figure is set.
The forecast runs year by year from the 2025 base to 2036. Growth in each year reflects demand from the industries that buy the product, adoption of new technology, pricing, regulation and replacement cycles. Volume and price are modelled together, so revenue in each year equals volume multiplied by average price. The 2026 to 2036 compound annual growth rate of 6.0% is calculated from the resulting values.
The market is divided by product, by end use, by source, by purity, by customer type. The 25 largest countries are ranked by revenue earned from sales to buyers in each country, not by where the product is made. Segment values and country values add up to the market total in every year, and every report is checked for consistency before it is published.
Companies are placed in three groups: global leaders, regional and specialist players, and emerging and niche players. The groups describe how companies compete in the market. They are not a ranking and they are not market shares.
Our analysts also carry out primary research. Customized reports add interviews with key opinion leaders, such as senior executives, technical specialists and buyers, to test the assumptions behind the numbers for the question being asked.
Frequently asked questions
How big is the vanadium market?
The global vanadium market is estimated at USD 1.8 bn in 2025 and USD 1.9 bn in 2026.
How fast will the vanadium market grow?
It is forecast to reach USD 3.4 bn by 2036, a compound annual growth rate of 6.0% from 2026, an increase of USD 1.5 bn.
Which country is the largest market for vanadium?
China is the largest market by revenue at USD 1.1 bn in 2026, 56.0% of the global total. The three largest countries together hold 66.0%.
Which country is growing fastest?
Among the ten largest markets, India is growing fastest at 8.2% a year from 2026 to 2036.
Which vanadium segment is largest?
In the by product split, Ferrovanadium is the largest segment with 62.0% of 2026 revenue.
Who are the leading vanadium companies?
Global leaders include Pangang Group Vanadium & Titanium Resources, HBIS Group, Glencore, Largo.
Need the full report?
Request a sample to see the structure, tables and country detail.
Request a free sampleRelated markets in Chemicals and Materials
- Acetic AnhydrideUSD 1.9 bn · 3.6% CAGR
- Magnesium Carbonate MineralUSD 2.0 bn · 3.5% CAGR
- Eco-friendly Precious Metal Beneficiation ReagentsUSD 1.8 bn · 4.8% CAGR
- Bio-Based Surfactants for DetergentsUSD 1.8 bn · 7.5% CAGR
- Diamond PowderUSD 1.7 bn · 6.8% CAGR
- Green HydrogenUSD 2.1 bn · 28.0% CAGR
- PraseodymiumUSD 1.7 bn · 9.0% CAGR
- Titanium SpongeUSD 2.2 bn · 7.0% CAGR
← VOC Capture and Scrubbing Chemicals Vertical-Farming Optimized Liquid Nutrient →