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Vanadium pentoxide appears as a brown or yellow colour solid, and when it is freshly precipitated from aqueous solution, it turns into a deep orange. It is an inorganic compound with the chemicals formula of V2O5. The raw material including titanomagnetite ores is used in the production of vanadium pentoxide. Also, their concentrates which are processed directly, vanadium slags derived from spent catalysts, hydrometallization process residues, oil combustion residues, and ores. Additionally, the vanadium pentoxide has the ability to change the oxidation state, thereby increase its consumption as a catalyst in various applications. The product finds its use in sulfuric acid preparation metal alloys, oxalic production, oxidation catalyst, and energy storage.
The rising demand for vanadium pentoxide in various applications will fuel market growth. The product finds its use as a catalyst in various industrial processes. In the contact process, the vanadium pentoxide is utilized for the production of SO2 to SO3 with oxygen at high temperatures. Moreover, the product is used in the production of oxalic acid, polyamide, and phthalic anhydride. The vanadium pentoxide also helps in the oxidation of ethanol to ethanale. Hence, the increasing demand for vanadium pentoxide in these applications will contribute to boosting the market growth during the review period.
However, the less awareness amongst the people regarding the use and benefits of vanadium pentoxide is restricting its adoption in various applications. Hence, this is anticipated to hamper the market growth.
Key Market Driver -
The rising demand for vanadium pentoxide in various application to drive the market growth.
Key Market Restraint -
Less awareness of the vanadium pentoxide to restrict the market growth
Based on method, the vanadium pentoxide market is segmented into dry and wet. Based on application, the market is segmented into sulfuric acid preparation metal alloys, oxalic production, oxidation catalyst, energy storage, and others. From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
The key players in the vanadium pentoxide market include 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, and Ferro-Alloy Resources Group.
Asia Pacific is anticipated to witness the highest growth in the vanadium pentoxide market. The growth is attributed to the rising demand for the product in the sulphuric acid preparation. In Europe, the growth is due to the rising adoption of the wet vanadium pentoxide in metal alloy and oxalic production. The rising use of the product in the energy storage will fuel the market growth in North America, in which the US and Canada are the leading countries. The Middle East & Africa is anticipated to witness significant growth, owing to the adoption of the product as an oxidation catalyst.
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