Need For Lightweight Fuel Efficient Automotive To Propel Thumping Growth In Global Vanadium Market
Based on oxidation properties of vanadium it is paired with oxygen to obtain complex vanadium oxides such as vanadium monoxide, vanadium dioxide, and vanadium pentoxide. Owing to its diverse chemical and physical properties, vanadium oxide is readily adopted as an apt catalyst across a myriad chemical and industrial applications. Several applications such as laser composition as well as manufacturing of specific ceramics and alloys. Industrial applications such as steel and its various downstream applications in automotive and construction are poised to usher magnanimous growth in global vanadium market.
Considered one of the most sparsely available metals, vanadium is vehemently consumed in steel production. The trend is also likely to soar high with fast-paced fossil fuel depletion. Need for uninterrupted energy is believed to enhance demand drive in vanadium market.
Vanadium lends extreme stability, sturdiness, and high efficiency, besides efficient weight management. Vanadium additives employed in steel and aluminum have fetched superlative, lightweight, resilient alloys. Ever since vanadium’s first application in the Ford car, the automotive industry is one of the forerunners in the adoption of vanadium.
Automotive and Aviation Advances across Emerging Economies to Lend Optimistic Growth Roadmap in Vanadium Market
Stringency in emission norms picking momentum globally, car manufacturers are all the more inclined to incorporate novel building blocks such as vanadium to ensure lightweight built-in automotive for optimum fuel efficiency. Besides automotive, vanadium coupled with titanium is also a top preference across aircraft and aerospace industry. According to industry experts, vanadium is a highly revered industrial component in the aerospace industry. Need for low density, robust built and surged strength to withstand massive temperature extremes to suit diverse multifunction such as airframes and gas turbines is optimally met by vanadium.
The aviation industry is high-profit fetching sector globally. However, promising propellants across emerging economies are further poised to support onward growth trail on the back several macro and microeconomic determinants such as growing middle-class demographics, improved passenger and goods freight, improved lifestyle, promising industrialization and the like. These factors are expected to steer the aviation industry in emerging countries such as India, thereby necessitating the adoption of high-end aircraft and aerospace vessels which consequently are likely to benefit optimistic growth outlook in the global vanadium market
Growing demand and supply disparities have contributed towards sky-high pricing on the back of pricing limitations. In a recent event, vanadium producer, TMA (Technology Metals Australia) has affirmed extensive investments in developing high-quality vanadium with superlative purity targeting as high as 99.5% to cater to diverse end-use applications in aeronautical as well chemical verticals. Additionally, vanadium is likely to witness prominent inclusion in logistics and transportation, especially if chemicals, owing to its stellar corrosion resistance capabilities.
Vanadium is one of the most robust components in the construction industry. With ambitious commercial, residential, as well as workspaces projects shaping up across regions, vanadium consumption is bound to witness exorbitant adoption owing to its economic pricing as well as chemical properties. Expansion in the road and bridges projects besides buildings is a dominant growth trigger in the vanadium market. These developments are optimally backed by ambitious infrastructure development projects in developing economies such as India. As per government initiatives, India is set to receive over 300 new highways with the total investments hovering around 2.25 billion to improve road infrastructure in the country.
Such infrastructure developments are likely to further encourage adoption of superlative building components such as vanadium to propel fast paced infrastructure. High-risk probabilities in energy storage batteries have paved way for modifies redox flow battery to optimally execute flawless energy storage such as Vanadium Redox Flow Battery (VRFB) to exclude chances of fire breakouts across energy storage facilities. Mindful adoption of novel and efficient energy solutions to combat environmental implications has been gaining tremendous momentum in recent years. This novel trend in sustainable energy consumption patterns is therefore expected to etch magnanimous growth potential in global vanadium market, backed by massive adoption across energy storage batteries.
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