The Global Vanadium Market was valued at USD 2,612 Million in 2025 and is projected to reach USD 4,249 Million by 2034, growing at a Compound Annual Growth Rate (CAGR) of 7.6% during the forecast period. This substantial growth is primarily fueled by the expanding demand for high-strength steel alloys in infrastructure and automotive sectors, alongside the accelerating adoption of Vanadium Redox Flow Batteries (VRFBs) for large-scale renewable energy storage.

As global industries prioritize sustainability and material performance, vanadium is emerging as a critical strategic metal. Its unique properties enhance strength, corrosion resistance, and heat tolerance, making it indispensable for advanced applications. In this blog, we profile the Top 10 Companies in the Vanadium Industry—a diverse group of mining giants, alloy producers, and energy technology pioneers who are shaping the future of this essential market.

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🔟 1. Pangang Group Vanadium and Titanium Resources Co., Ltd.

Headquarters: Panzhihua, Sichuan, China
Key Offering: Vanadium Slag, Vanadium Pentoxide (V₂O₅), Vanadium Iron Alloy (FeV)

Pangang Group is one of the world’s largest integrated vanadium producers, leveraging its vast titanomagnetite resources in the Panzhihua region. The company controls a significant portion of the global vanadium supply chain, from mining to high-purity vanadium products, serving steelmakers and emerging battery markets.

Strategic Initiatives:

• Vertical integration from mine to high-value vanadium products

• Expansion of VRFB electrolyte production capacity

• Focus on technological innovation to improve extraction yields and purity

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9️⃣ 2. Evraz

Headquarters: London, United Kingdom
Key Offering: Vanadium Slag, Nitrovan®, FeV Alloys

Evraz is a leading vertically integrated steelmaking and mining company with substantial vanadium operations, primarily through its subsidiary Evraz Vanadium. The company is renowned for its proprietary Nitrovan® technology, a vanadium-nitrogen alloy that enhances the strength of steel more efficiently than traditional ferrovanadium.

Strategic Initiatives:

• Leadership in high-value vanadium alloy technologies

• Strategic focus on steel and mining asset optimization

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8️⃣ 3. Hesteel Group

Headquarters: Shijiazhuang, Hebei, China
Key Offering: Vanadium-bearing Steel Slag, Vanadium Pentoxide, FeV

Formerly known as Hebei Iron and Steel Group, Hesteel Group is a Chinese state-owned steel giant with significant captive vanadium production. The company utilizes vanadium-titanium magnetite resources to produce vanadium products primarily for its own steel production, with growing external sales.

Strategic Initiatives:

• Integration of vanadium production with massive steelmaking operations

• Investment in vanadium extraction technology from steel slag

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7️⃣ 4. Beijing Jianlong Heavy Industry Group Co., Ltd.

Headquarters: Beijing, China
Key Offering: Vanadium Slag, V₂O₅, Ferrovanadium

Beijing Jianlong Heavy Industry Group is a major player in China’s vanadium and steel sector. The company has expanded its footprint through acquisitions and has a strong presence in vanadium processing, supplying key materials to domestic and international markets.

Strategic Initiatives:

• Aggressive expansion through mergers and acquisitions in the mining sector

• Diversification of vanadium product portfolio for different industrial applications

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6️⃣ 5. Treibacher Industrie AG

Headquarters: Treibach, Austria
Key Offering: High-Purity Vanadium Powders, Vanadium Oxides, Vanadium-based Chemicals

Treibacher Industrie is a globally recognized Austrian company specializing in high-purity materials and metal alloys. Its vanadium segment focuses on producing ultra-high-purity vanadium products for demanding applications in the aerospace, chemical catalyst, and specialty alloys industries.

Strategic Initiatives:

• Specialization in high-margin, high-purity vanadium products

• Strong R&D focus on advanced material applications beyond traditional steel

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5️⃣ 6. Glencore

Headquarters: Baar, Switzerland
Key Offering: Vanadium Pentoxide, Vanadium from secondary sources

Glencore, one of the world’s largest diversified natural resource companies, is a significant marketer and producer of vanadium. The company sources vanadium primarily as a by-product from its other mining operations and through its marketing network, supplying global industrial customers.

Strategic Initiatives:

• Leveraging global marketing and logistics network for vanadium distribution

• Focus on sustainable and responsible sourcing practices

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4️⃣ 7. Desheng Group

Headquarters: Chengde, Hebei, China
Key Offering: Vanadium Pentoxide Flake, Ammonium Metavanadate, Vanadium Alloys

Desheng Group is a specialized Chinese vanadium chemical and alloy producer. The company has established itself as a key supplier of high-purity vanadium chemicals used in catalysts and as a precursor for VRFB electrolytes, in addition to producing standard ferrovanadium.

Strategic Initiatives:

• Leading position in the vanadium chemical segment

• Strategic positioning to supply the growing VRFB market with electrolyte precursors

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3️⃣ 8. Largo Inc.

Headquarters: Toronto, Canada
Key Offering: High-Purity Vanadium Pentoxide (V₂O₅), Vanadium Electrolyte for VRFBs

Largo Inc. is a strategic North American-based vanadium company, operating the Maracás Menchen Mine in Brazil, one of the highest-grade vanadium deposits globally. The company is uniquely positioned with a dedicated focus on supplying both the steel and the rapidly growing energy storage markets.

Strategic Initiatives:

• Dual-strategy targeting traditional steel and emerging VRFB markets

• Commissioning of vanadium electrolyte production facilities

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2️⃣ 9. Bushveld Minerals

Headquarters: London, United Kingdom
Key Offering: Vanadium Pentoxide, Vanadium Electrolyte, FeV

Bushveld Minerals is a leading integrated primary vanadium producer, with operations in South Africa. The company owns high-grade vanadium assets and is actively developing the downstream vanadium electrolyte market through its subsidiary, Bushveld Energy, aiming to become a key player in the African and global energy storage landscape.

Strategic Initiatives:

• Vertical integration from mining to VRFB electrolyte manufacturing

• Development of vanadium-based energy storage projects in Africa

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1️⃣ 10. U.S. Vanadium

Headquarters: Hot Springs, Arkansas, USA
Key Offering: Ultra-High-Purity Vanadium Electrolyte, Vanadium Pentoxide

U.S. Vanadium is a critical supplier of high-purity vanadium products in North America. The company produces Ultra-High-Purity Vanadium Electrolyte specifically for the VRFB market, positioning itself as a strategic supplier for energy independence and grid-scale storage solutions in the Western Hemisphere.

Strategic Initiatives:

• Focus on securing the North American VRFB supply chain

• Production of specialty high-purity vanadium products for high-tech applications

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🌍 Outlook: The Future of Vanadium is High-Strength and High-Tech

The vanadium market is undergoing a significant transformation. While the steel industry remains the dominant consumer, accounting for over 90% of current demand, the market’s future is increasingly tied to the energy transition. The emergence of Vanadium Redox Flow Batteries (VRFBs) represents a powerful new demand driver, promising long-duration energy storage for renewable power sources like solar and wind.

📈 Key Trends Shaping the Market:

• Energy Storage Boom: Exponential growth in VRFB deployments for grid stabilization and renewable integration.

• Supply Chain Diversification: Efforts by North America and Europe to reduce reliance on dominant Chinese production.

• Technological Advancements: Development of new extraction methods and recycling technologies to improve sustainability.

• High-Purity Demand: Increasing need for ultra-high-purity vanadium in aerospace, defense, and nuclear applications.

The companies profiled above are not just suppliers of a bulk commodity; they are critical enablers of smarter infrastructure and a cleaner energy future. Their strategic moves will dictate the pace and direction of the global vanadium market for years to come.

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