Selbyville, Delaware, United States, October 13 2020 (Wiredrelease) Global Market Insights, Inc –:Continuous rise in construction sector across the world due to increasing industrialization and urban population will stimulate ammonium metavanadate market forecast over the next few years. The product is extensively utilized as a raw material to generate ceramic glazes and colorants along with being highly utilized in ceramic tiles & sanitaryware.
Significant economic expansion, suitable government policies, and substantial investments in telecommunication facilities will fuel the product consumption in the ceramic sector. A research report compiled by Global Market Insights, Inc., reveals that global ammonium metavanadate market size is anticipated to be worth more than USD 85 million with regard to annual valuation by 2025.
Described below are some factors likely to impact the market forecast in the coming years.
Extensive adoption in dye applications
Revenues for ammonium metavanadate from paints, ink and dye applications are anticipated to strike a CAGR of more than 6% through 2025 owing to higher need across textile products, resulting from changing consumer preferences and expanding disposable incomes. The compound is also available as a drying agent while producing dyes and pigments to accelerate the drying rate. Increased deployment of digital printing technology will significantly drive the demand for dyes and printing inks.
Consistent demand for use as a catalyst
Annual revenues from across the world for powder ammonium metavanadate segment are estimated to reach over USD 65 million by 2025 owing to use across catalyst applications, to minimize production costs and environmental emissions in electrical, electronics and automotive sectors. The compound is widely used as a catalyst due to the ability to improve and produce cost-efficient results and is apt for performing chemical reactions at room temperatures. Surging demand for plastics and rubber with a considerable expansion of chemical industries will lead to higher product deployment as catalysts.
Europe market to gain traction
UK, France, and Germany will lead the Europe ammonium metavanadate industry share, projected to contribute USD 24.5 million in yearly estimates in the coming years albeit the COVID-19 industrial crisis. There is an increased requirement for glass as a packaging material in the beverage sector in this region. The compound enhances the functionality of the glass by offering UV & infrared resistance as well as yellow coloration. Rising awareness of sustainable properties of packaged glasses and rising adoption of solar products for energy efficiency will bolster the regional industry forecast.
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Major suppliers of the product are keen on strategic acquisitions and mergers to broaden their product and customer base. For instance, U.S. Vanadium, in October 2019 acquired steel corporation that manufactures the world’s highest-purity vanadium pentoxide (“V2O5”) along with various other vanadium-based chemicals for customers.
Few of the other competitors also include ACS Chemicals, Motiv Metals, American Elements, Thermo Fisher Scientific, Strem Chemicals, and Merck, among others.
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