India Vanadium Market & Outlook, 2025-2033

India Vanadium Market Size, Share, Trends and Forecast by Application and Region, 2025-2033

Report Format: PDF+Excel | Report ID: SR112025A31127

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India Vanadium Market Overview:

The India vanadium market size reached 3.37 Thousand Tons in 2024. Looking forward, IMARC Group expects the market to reach 4.40 Thousand Tons by 2033, exhibiting a growth rate (CAGR) of 3.01% during 2025-2033. The market is being driven by increasing demand from the steel and alloy industries, growth in infrastructure and construction sectors, the push for high-strength low-alloy (HSLA) steels, rising interest in vanadium redox flow batteries for energy storage, and government support for domestic critical mineral exploration and self-reliance.

Report Attribute	Key Statistics
Base Year	2024
Forecast Years	2025-2033
Historical Years	2019-2024
Market Size in 2024	3.37 Thousand Tons
Market Forecast in 2033	4.40 Thousand Tons
Market Growth Rate 2025-2033	3.01%

India Vanadium Market Trends:

Strategic Focus on Domestic Vanadium Recovery from Secondary Sources:

India is increasingly prioritizing vanadium recovery from secondary sources like slag, spent catalysts, and fly ash, given its limited primary reserves. This aligns with national goals of circular economy and resource efficiency. Efforts are underway through pilot projects and investments in hydrometallurgical and solvent extraction technologies to enable scalable, economically viable recovery. A relevant example is Imergy Power Systems, a member of the India Energy Storage Alliance (IESA), which in November 2024 developed a method to utilize 98.5% purity recycled vanadium in flow batteries. This approach reduces battery production costs by bypassing reliance on high-purity, steel-industry-grade vanadium. Imergy’s proprietary electrolyte formulation tolerates impurities, enabling efficient use of vanadium recovered from industrial waste streams like slag and oil sludge for grid-scale applications.

India Vanadium Market Size

Integration of Vanadium Redox Flow Batteries in Renewable Energy Storage

India’s expanding renewable energy capacity is creating demand for scalable, long-duration energy storage systems, where vanadium redox flow batteries (VRFBs) are gaining prominence. Compared to lithium-ion batteries, VRFBs offer longer lifespans, non-flammability, and decoupled energy and power ratings, making them suitable for grid-scale storage. Several Indian energy storage pilot projects are exploring the integration of VRFBs with solar and wind power systems, particularly in remote and industrial zones. Supportive policies under the National Energy Storage Mission and incentives for energy transition technologies are further encouraging adoption. As energy storage gains priority in India's decarbonization roadmap, VRFB deployment is anticipated to increase, driving domestic demand for high-purity vanadium electrolyte production and fostering related R&D and manufacturing investments. For instance, in September 2024, Indian battery manufacturer Delectrick Systems launched a 10MWh vanadium flow battery-based energy storage system aimed at utility-scale applications. The 2MW/10MWh product will see its first large-scale deployment in India by mid-2025. Designed for scalability, it offers around 200MWh per acre. The firm manufactures vanadium redox flow batteries for residential, commercial, and grid-scale applications from its India facility.

Rising Use of Vanadium Microalloying in Indian Automotive and Construction Sectors

The Indian automotive and construction sectors are steadily adopting vanadium-based microalloying to enhance the strength-to-weight ratio of steel products. In automotive applications, vanadium microalloys help reduce vehicle weight, improving fuel efficiency and compliance with emission standards. For instance, in January 2025, India approved ₹163 billion (USD 1.88 Billion) to develop its critical minerals sector, aiming to reduce import dependence and support its energy transition. The funding, announced by the Union Cabinet, includes financial incentives for exploration and focuses on domestic and offshore resource development. An additional ₹180 billion in public sector investment is also expected. This initiative targets minerals like lithium and vanadium, essential for electric vehicles, batteries, and clean energy technologies, aligning with India's net-zero goals. In construction, vanadium-alloyed rebar supports high-tensile strength structures, aligning with updated seismic and building codes. Domestic steelmakers are increasingly incorporating vanadium in HSLA steels to meet evolving performance requirements while optimizing raw material costs. The government’s push for infrastructure modernization further accelerates the demand for advanced steel grades. This trend is prompting vanadium producers and steel firms to form strategic supply agreements, ensuring consistent availability of alloying-grade vanadium inputs for long-term applications.

India Vanadium Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the region/country level for 2025-2033. Our report has categorized the market based on application.

Application Insights:

Steel
Non-ferrous Alloys
Chemicals
Energy Storage

The report has provided a detailed breakup and analysis of the market based on the application. This includes steel, non-ferrous alloys, chemicals, and energy storage.

Regional Insights:

North India
South India
East India
West India

The report has also provided a comprehensive analysis of all the major regional markets, which include North, South, East, and West India.

Competitive Landscape:

The market research report has also provided a comprehensive analysis of the competitive landscape. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.

India Vanadium Market News:

In September 2024, Rays Power Infra secured India's largest Vanadium Redox Flow Battery (VRFB) tender from NTPC's R&D division, NTPC Energy Technology Research Alliance (NETRA), for a 600KW/3000KWh project. This achievement underscores Rays Power Infra's technical expertise and commitment to sustainable energy solutions.
In June 2024, NTPC, India’s largest power utility, issued a tender for a 600kW/3,000kWh vanadium redox flow battery (VRFB) to be installed at its research facility. The 5-hour duration system aims to support long-duration energy storage (LDES) applications and grid resilience. This initiative marks NTPC’s continued exploration of non-lithium alternatives for energy storage, aligning with India's broader push toward renewable integration and energy security. The tender underscores growing domestic interest in deploying vanadium-based technologies for sustainable, large-scale power infrastructure.

India Vanadium Market Report Coverage:

Report Features	Details
Base Year of the Analysis	2024
Historical Period	2019-2024
Forecast Period	2025-2033
Units	Thousand Tons
Scope of the Report	Exploration of Historical Trends and Market Outlook, Industry Catalysts and Challenges, Segment-Wise Historical and Future Market Assessment: Application Region
Applications Covered	Steel, Non-ferrous Alloys, Chemicals, Energy Storage
Regions Covered	North India, South India, East India, West India
Customization Scope	10% Free Customization
Post-Sale Analyst Support	10-12 Weeks
Delivery Format	PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

Key Questions Answered in This Report:

How has the India vanadium market performed so far and how will it perform in the coming years?
What is the breakup of the India vanadium market on the basis of application?
What are the various stages in the value chain of the India vanadium market?
What are the key driving factors and challenges in the India vanadium?
What is the structure of the India vanadium market and who are the key players?
What is the degree of competition in the India vanadium market?

Key Benefits for Stakeholders:

IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the India vanadium market from 2019-2033.
The research report provides the latest information on the market drivers, challenges, and opportunities in the India vanadium market.
Porter's Five Forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the India vanadium industry and its attractiveness.
Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.

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