Vanadium is a very hard metal which is light silvery in color, brittle, and stable in dry air at room temperature. It ranks seventeenth among the metals available in the earth’s crust but is considered to be rare as it is present in a dispersed form and its extraction and mining is very costly. Vanadium is not found in the elemental state but in a chemically combined form.
Vanadium compounds can be classified into the following segments: oxides, pentoxides, sulphates, and vanadates. They are present in various forms such as liquid, hydrous cake, and powder. Vanadium salts (potassium metavandate, ammonium polyvanadate, and sodium metavanadate) and solutions display highly selective catalytic features. Vanadium oxide, when doped with tungsten, has been examined for use as a “spectrally-selective” window coating to block infrared transmission and reduce the harm of building inner heat through windows. Vanadium pentoxide is used as a catalyst for sulphuric acid production, as a pigment, and in batteries.
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The vanadates include ammonium metavanadate, potassium metavanadate, and sodium metavanadate which find application in various fields. For instance, ammonium metavanadate is used as a synthetic catalyst for organic acids & in denitrification and as a corrosion inhibitor & a pigment. Potassium metavanadate is used as a corrosion inhibitor and a catalyst in desulfurization and denitrification. Sodium metavanadate is used as a pigment, catalyst in desulfurization, and corrosion inhibitor.
On the basis of application, the vanadium compounds market can be segmented into the following sectors: chemical catalysts, pharmaceuticals, pigments, and glaze. Vanadium compounds are used as catalysts for the oxidation of sulphur dioxide. Vanadium pentoxide is an excellent catalyst used in the contact process for the production of sulphuric acid – an important process in the chemical industry. Vanadium compounds are testified to exhibit insulin-enhancing properties when administered orally. Gastrointestinal absorption of vanadium is usually poor and depends on the chemical nature & solubility. These compounds are also employed in the pigments, ceramic, and paints industries. Ammonium metavanadate and sodium vanadate are responsible for the color of ceramic tiles and containers. Bismuth orthovanadate is a temperature-resistant yellow pigment employed in varnishes and plastics.
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The main driver for the vanadium compound market is the industrial catalytic sector. For instance, these compounds are used in the production of sulfuric acid using the contact process. The paints and ceramic industries also employ sodium vanadate and sodium metavanadate. Vanadium oxide is used for glass coatings, while vanadates offer protection to steel against corrosion and rust as well. All these factors drive the market.
Environmental and health hazards including eye, nose, and throat infections act as a barrier for the vanadium compound market. Other ill-effects include damage to nervous system and carcinogenic diseases. Vanadium compounds can cause inhibition to the enzymes in animals and in certain cases, lead to cancer.
The market for vanadium compounds is distributed over North America, Europe, Asia Pacific, and Middle East & Africa. The market of Asia Pacific is dominant, followed by Europe and North America. Demand for vanadium compounds is on rise in Asia Pacific due to the region’s burgeoning chemical industry. China possesses immense vanadium mines; therefore the vanadium compound market in this country is anticipated to expand. Brazil is another significant market due to the industrial activities in this country.
Key players in the vanadium market include Treibacher Industries AG, Shinko Chemical, V-PubChem, Yogi Dye Chem, Forbes Pharmaceuticals, and Oxkem Limited.