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Vanadium - Global Strategic Business Report

Global Industry Analysts, Inc, October 2008, Pages: 236

This report analyzes the worldwide markets for Vanadium in Metric Tons. The specific end-use segments analyzed are Steel (Carbon Steel, Stainless & Heat Resisting Steel, Full Alloy Steel, High-Strength Low-Alloy Steel & Tool Steel), Cast Irons, Super Alloys, Alloys, Chemical & Ceramic Uses (Catalysts & Pigments), and Miscellaneous. The report provides separate comprehensive analytics for the North America, Japan, Europe, Asia-Pacific, South Africa, and Rest of World. Annual forecasts are provided for each region for the period of 2001 through 2015. A ten-year historic analysis is also provided for these markets with annual market analytics. The report profiles 42 companies including many key and niche players worldwide such as Chengde Xinxin Vanadium & Titanium Co. Ltd., Evraz Group S.A, Highveld Steel & Vanadium Corp., Ltd.. Strategic Minerals Corporation. Stratcor, Inc., OAO Chusovoy Metallurgical Works, McKenzie Bay International Ltd., Nippon Denko Co., Ltd., Panzhihua Iron and Steel Group, Shieldalloy Metallurgical Corporation, Treibacher Industries AG, Vanadium Tula, Windimurra Vanadium Limited, and Xstrata Plc. Market data and analytics are derived from primary and secondary research. Company profiles are mostly extracted from URL research and reported select online sources.

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VANADIUM

A GLOBAL STRATEGIC BUSINESS REPORT

CONTENTS

I. INTRODUCTION, METHODOLOGY & PRODUCT DEFINITIONS

Study Reliability And Reporting Limitations I-1
Disclaimers I-2
Data Interpretation & Reporting Level I-2
Quantitative Techniques & Analytics I-3
Product Definitions And Scope Of Study I-3

II. Executive Summary

1. Market Overview II-1
Current & Future Analysis II-1
By Geographic Region/Country II-1
By End-Use Segment II-1
Global Resources and Capacity Utilization II-1
Table 1: Global Vanadium Market (2004-2007): Mine Production
in Metric Tons by Region/ Country – South Africa, China,
Russia and Others (includes corresponding Graph/Chart) II-2
Production Scenario II-2
Vanadium Production Stays Upbeat II-2
Table 2: Global Vanadium Market (2004-2007): Mine Production
in Metric Tons by Region/Country – South Africa, China,
Russia and Others (includes corresponding Graph/Chart) II-3

Table 3: Worldwide Vanadium Production (2006): Percentage
Breakdown By Leading Producers - Vanchem/Highveld,
Rhovan/Xstrata, Vametco/Strategic Mineral Corp and Others
(includes corresponding Graph/Chart) II-3

Table 4: Worldwide Ferrovanadium Exports (2004 & 2005):
Percentage Breakdown by Region - South Africa, Russia,
China, Czech Republic and Others (In Terms of Volume)
(includes corresponding Graph/Chart) II-3
Factors Impacting the Market II-4
Threat from Substitutes II-4
Toxicity of Vanadium Oxides Investigated II-4
Recycling II-4

2. Product Overview II-5
Vanadium Profile II-5
Historical Perspective II-5
Chemical and Physical Properties II-5
The Human Facet II-6
Presence II-6
Sources II-6
Primary Sources II-6
By-Product Sources II-7
Secondary Sources II-7
Recovery Process II-7

3. Manufacturing Process II-8
Highveld’s Unique Production Method II-8
Cost-Effective Production Process Developed by Nalco/Exxon II-8
Advent of the MVP Technology II-8
By a Process of Sludge Dissolution II-8

4. End-Use Industries II-9
Steel Industry: Largest End-Use Sector II-9
Carbon Steel II-9
Low-Carbon Steel II-9
Stainless & Heat Resisting Steel II-9
Alloy Steel II-9
High Strength Low Alloy (HSLA) Steel II-9
Tool Steel II-10
Average Vanadium Content II-10
Cast Iron II-10
Superalloys II-10
Alloys II-10
Catalysts II-10
‘Vanadium Traps’ II-11
Chemical and Ceramic Uses II-11
Other Applications II-11
Cells for Defibrillators II-11
Production of Metal Hydride Batteries II-11
Production of Digital Video Disks II-11
Vanadium Electrolyte Battery Cell for Power Storage II-11
Vanadium Dioxide in Window Glass Coating Film II-12
Vanadium Coated Glass Fibers in Filtration II-12
Vanadium’s Increasing Role in the Next Generation Applications II-12

5. Overview of Regional Markets II-13
North America II-13
Japan II-13
South Africa II-13
China II-13
A Major Force to Reckon II-13
Latin America II-14
Venezuela II-14

6. Recent Industry Activity II-15
De Grey and Emergent Resources Join Hands II-15
Highveld Divests Vertically Integrated Vanadium Assets II-15
Stina Resources to Acquire Remaining 50% Stake in Bisoni McKay
Property II-15
Largo Inks Off-Take Agreement With Glencore II-15
Novawest Acquires Vanadium-Titanium-Iron Project in Canada II-15
Denison’s White Mesa Mill Starts Processing Conventional Ore II-16
SMMC Acquires Major Stake in Vanadium-Tula II-16
American Elements Expands Vanadium Capacity II-16
Chengde Forms Joint Venture with Sichuan Zhuyu II-16
Precious Metals Australia Becomes Windimurra Vanadium Ltd. II-16
Bluerock to Acquire Cone Mountain Vanadium and Uranium deposit II-16
Utah Uranium to Acquire Two Vanadium/Uranium Mines in Colorado II-17
Chengde Xinxin and Panzhihua New Steel Set Up Distribution JV II-17
Panzhihua New Steel to Acquire Chongqing Titanium and Sichuan
Changcheng II-17
Sichuan Hongda to Set Up Vanadium and Titanium Facilities in
Panzhihua City II-17
Panzhihua Iron and Steel to Set Up a Vanadium-Titanium
Facility in Xichang II-17
China Holdings to Acquire Tong Ren Kai Yu Minerals II-17
Xinxin Vanadium and Chengde Tianfu to Establish Pellet Facility II-18
Fuding Enters into an Agreement to Acquire 70% Stake in JSP
Vanadium Mine II-18
Aurora Global Acquires Stake in Kansan Development II-18
Largo Resources Inks Agreement to Acquire Companhia de Maracas II-18
Xstrata Divests Stake in Rhovan II-19
Evraz Group Acquires Majority Stake in Highveld II-19
Precious Metals Australia Finalizes Equipment Deal for
Windimurra Project II-19
Precious Metals Signs Marketing Deal with Noble Resources II-19
Adriana Inks Mineral Property Option Agreement with Akkerman
Exploration II-19
Evraz Acquires Majority Stake in Strategic Minerals Corp. II-19
Grace Purchases Catalyst Plant from Basell II-19
Energy Fuels to Resume Two Vanadium Mines II-20
Evraz Acquires Stake in Highveld Steel and Vanadium Corp, Ltd II-20
Vulcan Acquires a Major Vanadium Deposit in Finland II-20

7. Focus on Select Global Players II-21
Chengde Xinxin Vanadium and Titanium Co., Ltd. (China) II-21
Evraz Group S.A (Russia) II-21
Highveld Steel and Vanadium Corp., Ltd. (South Africa) II-21
Strategic Minerals Corporation (USA) II-22
Stratcor, Inc. (USA) II-22
OAO Chusovoy Metallurgical Works (Russia) II-22
McKenzie Bay International Ltd. (USA) II-23
Nippon Denko Co., Ltd. (Japan) II-23
Panzhihua Iron and Steel Group (China) II-23
Shieldalloy Metallurgical Corporation (USA) II-23
Treibacher Industries AG (Germany) II-23
Vanadium Tula (Russia) II-24
Windimurra Vanadium Limited (Australia) II-24
Xstrata Plc (Switzerland) II-24

8. Global Market Perspective II-25
Table 5: World Recent Past, Current & Future Analysis for
Vanadium by Geographic Region/Country – North America, Japan,
Europe, Asia-Pacific (excluding Japan), South Africa, and Rest
of World Markets Independently Analyzed with Annual Sales
Figures in Metric Tons for Years 2001 through 2010 (includes
corresponding Graph/Chart) II-25

Table 6: World Long-term Projections for Vanadium by
Geographic Region/Country – North America, Japan, Europe,
Asia-Pacific (excluding Japan), South Africa, and Rest of
World Markets Independently Analyzed with Annual Sales Figures
in Metric Tons for Years 2011 through 2015 (includes
corresponding Graph/Chart) II-26

Table 7: World Historic Review for Vanadium by Geographic
Region/Country – North America, Japan, Europe, Asia-Pacific
(excluding Japan), South Africa, and Rest of World Markets
Independently Analyzed with Annual Sales Figures in Metric
Tons for Years 1991 through 2000 (includes corresponding
Graph/Chart) II-27

Table 8: World 15-Year Perspective for Vanadium by Geographic
Region/Country – Percentage Breakdown of Volume Sales for
North America, Japan, Europe, Asia-Pacific (excluding Japan),
South Africa, and Rest of World Markets for Years 1998, 2008 &
2012 (includes corresponding Graph/Chart) II-28

Table 9: World Recent Past, Current & Future Analysis for
Vanadium in Steel by Geographic Region/Country – North
America, Japan, Europe, Asia-Pacific (excluding Japan), South
Africa, and Rest of World Markets Independently Analyzed with
Annual Sales Figures in Metric Tons for Years 2001 through
2010 (includes corresponding Graph/Chart) II-29

Table 10: World Long-term Projections for Vanadium in Steel by
Geographic Region/Country – North America, Japan, Europe,
Asia-Pacific (excluding Japan), South Africa, and Rest of
World Markets Independently Analyzed with Annual Sales Figures
in Metric Tons for Years 2011 through 2015 (includes
corresponding Graph/Chart) II-30

Table 11: World Historic Review for Vanadium in Steel by
Geographic Region/Country – North America, Japan, Europe,
Asia-Pacific (excluding Japan), South Africa, and Rest of
World Markets Independently Analyzed with Annual Sales Figures
in Metric Tons for Years 1991 through 2000 (includes
corresponding Graph/Chart) II-31

Table 12: World 15-Year Perspective for Vanadium in Steel by
Geographic Region/Country – Percentage Breakdown of Volume
Sales for North America, Japan, Europe, Asia- Pacific
(excluding Japan), South Africa, and Rest of World Markets
for Years 1998, 2008 & 2012 (includes corresponding
Graph/Chart) II-32

Table 13: World Recent Past, Current & Future Analysis for
Vanadium in Steel by End-Use Segment – Carbon Steel, Stainless
& Heat Resisting Steel, Full Alloy Steel, High-Strength
Low-Alloy Steel, and Tool Steel Markets Independently Analyzed
with Annual Sales Figures in Metric Tons for Years 2001
through 2010 (includes corresponding Graph/Chart) II-33

Table 14: World Long-term Projections for Vanadium in Steel
by End-Use Segment – Carbon Steel, Stainless & Heat Resisting
Steel, Full Alloy Steel, High-Strength Low-Alloy Steel, and
Tool Steel Markets Independently Analyzed with Annual Sales
Figures in Metric Tons for Years 2011 through 2015 (includes
corresponding Graph/Chart) II-33

Table 15: World Historic Review for Vanadium in Steel by
End-Use Segment – Carbon Steel, Stainless & Heat Resisting
Steel, Full Alloy Steel, High-Strength Low-Alloy Steel, and
Tool Steel Markets Independently Analyzed with Annual Sales
Figures in Metric Tons for Years 1991 through 2000 (includes
corresponding Graph/Chart) II-34

Table 16: World 15-Year Perspective for Vanadium in Steel by
End-Use Segment – Percentage Breakdown of Volume Sales for
Carbon Steel, Stainless & Heat Resisting Steel,Full Alloy
Steel, High-Strength Low-Alloy Steel, and Tool Steel Markets
for Years 1998, 2008 & 2012 (includes corresponding
Graph/Chart) II-34

Table 17: World Recent Past, Current & Future Analysis for
Vanadium in Carbon Steel by Geographic Region/Country – North
America, Japan, Europe, Asia-Pacific (excluding Japan), South
Africa, and Rest of World Markets Independently Analyzed with
Annual Sales Figures in Metric Tons for Years 2001 through
2010 (includes corresponding Graph/Chart) II-35

Table 18: World Long-term Projections for Vanadium in Carbon
Steel by Geographic Region/Country – North America, Japan,
Europe, Asia-Pacific (excluding Japan), South Africa, and Rest
of World Markets Independently Analyzed with Annual Sales
Figures in Metric Tons for Years 2011 through 2015 (includes
corresponding Graph/Chart) II-36

Table 19: World Historic Review for Vanadium in Carbon Steel
by Geographic Region/Country – North America, Japan, Europe,
Asia-Pacific (excluding Japan),,South Africa, and Rest of
World Markets Independently Analyzed with Annual Sales Figures
in Metric Tons for Years 1991 through 2000 (includes
corresponding Graph/Chart) II-37

Table 20: World 15-Year Perspective for Vanadium in Carbon
Steel by Geographic Region/Country – Percentage Breakdown of
Volume Sales for North America, Japan, Europe, Asia-Pacific
(excluding Japan), South Africa, and Rest of World Markets
for Years 1998, 2008 & 2012 (includes corresponding
Graph/Chart) II-38

Table 21: World Recent Past, Current & Future Analysis for
Vanadium in Stainless & Heat Resisting Steel by Geographic
Region/Country – North America, Japan, Europe, Asia-Pacific
(excluding Japan), South Africa, and Rest of World Markets
Independently Analyzed with Annual Sales Figures in Metric
Tons for Years 2001 through 2010 (includes corresponding
Graph/Chart) II-39

Table 22: World Long-term Projections for Vanadium in
Stainless & Heat Resisting Steel by Geographic Region/ Country
–North America, Japan, Europe, Asia-Pacific (excluding Japan),
South Africa, and Rest of World Markets Independently Analyzed
with Annual Sales Figures in Metric Tons for Years 2011
through 2015 (includes corresponding Graph/Chart) II-40

Table 23: World Historic Review for Vanadium in Stainless &
Heat Resisting Steel by Geographic Region/Country – North
America, Japan, Europe, Asia-Pacific (excluding Japan), South
Africa, and Rest of World Markets Independently Analyzed with
Annual Sales Figures in Metric Tons for Years 1991 through
2000 (includes corresponding Graph/Chart) II-41

Table 24: World 15-Year Perspective for Vanadium in Stainless
& Heat Resisting Steel by Geographic Region/Country –
Percentage Breakdown of Volume Sales for North America, Japan,
Europe, Asia-Pacific (excluding Japan), South Africa, and Rest
of World Markets for Years 1998, 2008 & 2012 (includes
corresponding Graph/Chart) II-42

Table 25: World Recent Past, Current & Future Analysis for
Vanadium in Full Alloy Steel by Geographic Region/Country –
North America, Japan, Europe, Asia-Pacific (excluding Japan),
South Africa, and Rest of World Markets Independently Analyzed
with Annual Sales Figures in Metric Tons for Years 2001
through 2010 (includes corresponding Graph/Chart) II-43

Table 26: World Long-term Projections for Vanadium in Full
Alloy Steel by Geographic Region/Country – North America,
Japan, Europe, Asia-Pacific (excluding Japan), South Africa,
and Rest of World Markets Independently Analyzed with Annual
Sales Figures in Metric Tons for Years 2011 through 2015
(includes corresponding Graph/Chart) II-44

Table 27: World Historic Review for Vanadium in Full Alloy
Steel by Geographic Region/Country – North America, Japan,
Europe, Asia-Pacific (excluding Japan), South Africa, and Rest
of World Markets Independently Analyzed with Annual Sales
Figures in Metric Tons for Years 1991 through 2000 (includes
corresponding Graph/Chart) II-45

Table 28: World 15-Year Perspective for Vanadium in Full Alloy
Steel by Geographic Region/Country – Percentage Breakdown of
Volume Sales for North America, Japan, Europe, Asia-Pacific
(excluding Japan), South Africa, and Rest of World Markets for
Years 1998, 2008 & 2012 (includes corresponding Graph/Chart) II-46

Table 29: World Recent Past, Current & Future Analysis for
Vanadium in High-Strength Low-Alloy Steel by Geographic
Region/Country – North America, Japan, Europe,Asia-Pacific
(excluding Japan), South Africa, and Rest of World Markets
Independently Analyzed withAnnual Sales Figures in Metric Tons
for Years 2001 through 2010 (includes corresponding
Graph/Chart) II-47

Table 30: World Long-term Projections for Vanadium in
High-Strength Low-Alloy Steel by Geographic Region/Country –
North America, Japan, Europe, Asia-Pacific (excluding Japan),
South Africa, and Rest of World Markets Independently Analyzed
with Annual Sales Figures in Metric Tons for Years 2011
through 2015 (includes corresponding Graph/Chart) II-48

Table 31: World Historic Review for Vanadium in High-Strength
Low-Alloy Steel by Geographic Region/Country – North America,
Japan, Europe, Asia-Pacific (excluding Japan), South Africa,
and Rest of World Markets Independently Analyzed with Annual
Sales Figures in Metric Tons for Years 1991 through 2000
(includes corresponding Graph/Chart) II-49

Table 32: World 15-Year Perspective for Vanadium in
High-Strength Low-Alloy Steel by Geographic Region/Country –
Percentage Breakdown of Volume Sales for North America, Japan,
Europe, Asia-Pacific (excluding Japan), South Africa, and Rest
of World Markets for Years 1998, 2008 & 2012 (includes
corresponding Graph/Chart) II-50

Table 33: World Recent Past, Current & Future Analysis for
Vanadium in Tool Steel by Geographic Region/Country – North
America, Japan, Europe, Asia-Pacific (excluding Japan), South
Africa, and Rest of World Markets Independently Analyzed with
Annual Sales Figures in Metric Tons for Years 2001 through
2010 (includes corresponding Graph/Chart) II-51

Table 34: World Long-term Projections for Vanadium in Tool
Steel by Geographic Region/Country – North America, Japan,
Europe, Asia-Pacific (excluding Japan), South Africa, and Rest
of World Markets Independently Analyzed with Annual Sales
Figures in Metric Tons for Years 2011 through 2015 (includes
corresponding Graph/Chart) II-52

Table 35: World Historic Review for Vanadium in Tool Steel by
Geographic Region/Country – North America, Japan, Europe,
Asia-Pacific (excluding Japan), South Africa, and Rest of
World Markets Independently Analyzed with Annual Sales Figures
in Metric Tons for Years 1991 through 2000 (includes
corresponding Graph/Chart) II-53

Table 36: World 15-Year Perspective for Vanadium in Tool Steel
by Geographic Region/Country – Percentage Breakdown of Volume
Sales for North America, Japan, Europe, Asia-Pacific
(excluding Japan), South Africa, and Rest of World Markets for
Years 1998, 2008 & 2012 (includes corresponding Graph/Chart) II-54

Table 37: World Recent Past, Current & Future Analysis for
Vanadium in Cast Irons by Geographic Region/Country – North
America, Japan, Europe, Asia-Pacific (excluding Japan), South
Africa, and Rest of World Markets Independently Analyzed with
Annual Sales Figures in Metric Tons for Years 2001 through
2010 (includes corresponding Graph/Chart) II-55

Table 38: World Long-term Projections for Vanadium in Cast
Irons by Geographic Region/Country – North America, Japan,
Europe, Asia-Pacific (excluding Japan), South Africa, and Rest
of World Markets Independently Analyzed with Annual Sales
Figures in Metric Tons for Years 2011 through 2015 (includes
corresponding Graph/Chart) II-56

Table 39: World Historic Review for Vanadium in Cast Irons by
Geographic Region/Country – North America, Japan, Europe,
Asia-Pacific (excluding Japan), South Africa, and Rest of
World Markets Independently Analyzed with Annual Sales Figures
in Metric Tons for Years 1991 through 2000 (includes
corresponding Graph/Chart) II-57

Table 40: World 15-Year Perspective for Vanadium in Cast Irons
by Geographic Region/Country – Percentage Breakdown of Volume
Sales for North America, Japan, Europe, Asia- Pacific
(excluding Japan), South Africa, and Rest of World Markets
for Years 1998, 2008 & 2012 (includes corresponding
Graph/Chart) II-58

Table 41: World Recent Past, Current & Future Analysis for
Vanadium in Super Alloys by Geographic Region/Country – North
America, Japan, Europe, Asia-Pacific (excluding Japan), South
Africa, and Rest of World Markets Independently Analyzed with
Annual Sales Figures in Metric Tons for Years 2001 through
2010 (includes corresponding Graph/Chart) II-59

Table 42: World Long-term Projections for Vanadium in Super
Alloys by Geographic Region/Country – North America, Japan,
Europe, Asia-Pacific (excluding Japan), South Africa, and Rest
of World Markets Independently Analyzed with Annual Sales
Figures in Metric Tons for Years 2011 through 2015 (includes
corresponding Graph/Chart) II-60

Table 43: World Historic Review for Vanadium in Super Alloys
by Geographic Region/Country – North America, Japan, Europe,
Asia-Pacific (excluding Japan), South Africa, and Rest of
World Markets Independently Analyzed with Annual Sales
Figures in Metric Tons for Years 1991 through 2000 (includes
corresponding Graph/Chart) II-61

Table 44: World 15-Year Perspective for Vanadium in Super
Alloys by Geographic Region/Country – Percentage Breakdown of
Volume Sales for North America, Japan, Europe, Asia-Pacific
(excluding Japan), South Africa, and Rest of World Markets
for Years 1998, 2008 & 2012(includes corresponding
Graph/Chart) II-62

Table 45: World Recent Past, Current & Future Analysis for
Vanadium in Alloys by Geographic Region/Country – North
America, Japan, Europe, Asia-Pacific (excluding Japan), South
Africa, and Rest of World Markets Independently Analyzed with
Annual Sales Figures in Metric Tons for Years 2001 through
2010 (includes corresponding Graph/Chart) II-63

Table 46: World Long-term Projections for Vanadium in Alloys
by Geographic Region/Country – North America, Japan, Europe,
Asia-Pacific (excluding Japan), South Africa, and Rest of
World Markets Independently Analyzed with Annual Sales Figures
in Metric Tons for Years 2011 through 2015 (includes
corresponding Graph/Chart) II-64

Table 47: World Historic Review for Vanadium in Alloys by
Geographic Region/Country – North America, Japan, Europe,
Asia-Pacific (excluding Japan), South Africa, and Rest of
World Markets Independently Analyzed with Annual Sales Figures
in Metric Tons for Years 1991 through 2000 (includes
corresponding Graph/Chart) II-65

Table 48: World 15-Year Perspective for Vanadium in Alloys by
Geographic Region/Country – Percentage Breakdown of Volume
Sales for North America, Japan, Europe, Asia-Pacific
(excluding Japan), South Africa, and Rest of World Markets for
Years 1998, 2008 & 2012 (includes corresponding Graph/Chart) II-66

Table 49: World Recent Past, Current & Future Analysis for
Vanadium in Chemical & Ceramic Uses by Geographic
Region/Country – North America, Japan, Europe, Asia-Pacific
(excluding Japan), South Africa, and Rest of World Markets
Independently Analyzed with Annual Sales Figures in Metric
Tons for Years 2001 through 2010 (includes corresponding
Graph/Chart) II-67

Table 50: World Long-term Projections for Vanadium in Chemical
& Ceramic Uses by Geographic Region/Country – North America,
Japan, Europe, Asia-Pacific (excluding Japan), South Africa,
and Rest of World Markets Independently Analyzed with Annual
Sales Figures in Metric Tons for Years 2011 through 2015
(includes corresponding Graph/Chart) II-68

Table 51: World Historic Review for Vanadium in Chemical &
Ceramic Uses by Geographic Region/Country – North America,
Japan, Europe, Asia-Pacific (excluding Japan),South Africa,
and Rest of World Markets Independently Analyzed with Annual
Sales Figures in Metric Tons for Years 1991 through 2000
(includes corresponding Graph/Chart) II-69

Table 52: World 15-Year Perspective for Vanadium in Chemical &
Ceramic Uses by Geographic Region/Country – Percentage
Breakdown of Volume Sales for North America, Japan, Europe,
Asia-Pacific (excluding Japan), South Africa, and Rest of
World Markets for Years 1998, 2008 & 2012 II-70

Table 53: World Recent Past, Current & Future Analysis for
Vanadium in Chemical & Ceramic Uses by End-Use Segment –
Catalysts and Pigments Independently Analyzed with Annual
Sales Figures in Metric Tons for Years 2001 through 2010
(includes corresponding Graph/Chart) II-71

Table 54: World Long-term Projections for Vanadium in Chemical
& Ceramic Uses by End-Use Segment – Catalysts and Pigments
Independently Analyzed with Annual Sales Figures in Metric
Tons for Years 2011 through 2015 (includes corresponding
Graph/Chart) II-71

Table 55: World Historic Review for Vanadium in Chemical &
Ceramic Uses by End-Use Segment – Catalysts and Pigments
Independently Analyzed with Annual Sales Figures in Metric
Tons for Years 1991 through 2000 (includes corresponding
Graph/Chart) II-72

Table 56: World 15-Year Perspective for Vanadium in Chemical &
Ceramic Uses by End-Use Segment – Percentage Breakdown of
Volume Sales for Catalysts and Pigments for Years 1998, 2008
& 2012) II-72

Table 57: World Recent Past, Current & Future Analysis for
Vanadium in Catalysts by Geographic Region/Country – North
America, Japan, Europe, Asia-Pacific (excluding Japan), South
Africa, and Rest of World Markets Independently Analyzed with
Annual Sales Figures in Metric Tons for Years 2001 through
2010 (includes corresponding Graph/Chart) II-73

Table 58: World Long-term Projections for Vanadium in
Catalysts by Geographic Region/Country – North America,
Japan, Europe, Asia-Pacific (excluding Japan), South Africa,
and Rest of World Markets Independently Analyzed with Annual
Sales Figures in Metric Tons for Years 2011 through 2015
(includes corresponding Graph/Chart) II-74

Table 59: World Historic Review for Vanadium in Catalysts by
Geographic Region/Country – North America, Japan, Europe,
Asia-Pacific (excluding Japan), South Africa, and Rest of
World Markets Independently Analyzed with Annual Sales
Figures in Metric Tons for Years 1991 through 2000 (includes
corresponding Graph/Chart) II-75

Table 60: World 15-Year Perspective for Vanadium in Catalysts
by Geographic Region/Country – Percentage Breakdown of Volume
Sales for North America, Japan, Europe, Asia-Pacific
(excluding Japan), South Africa, and Rest of World Markets
for Years 1998, 2008 & 2012 (includes corresponding
Graph/Chart) II-76

Table 61: World Recent Past, Current & Future Analysis for
Vanadium in Pigments by Geographic Region/Country – North
America, Japan, Europe, Asia-Pacific (excluding Japan), South
Africa, and Rest of World Markets Independently Analyzed with
Annual Sales Figures in Metric Tons for Years 2001 through
2010 (includes corresponding Graph/Chart) II-77

Table 62: World Long-term Projections for Vanadium in Pigments
by Geographic Region/Country – North America, Japan, Europe,
Asia-Pacific (excluding Japan), South Africa, and Rest of
World Markets Independently Analyzed with Annual Sales Figures
in Metric Tons for Years 2011 through 2015 (includes
corresponding Graph/Chart) II-78

Table 63: World Historic Review for Vanadium in Pigments by
Geographic Region/Country – North America, Japan, Europe,
Asia-Pacific (excluding Japan), South Africa, and Rest of
World Markets Independently Analyzed with Annual Sales Figures
in Metric Tons for Years 1991 through 2000 (includes
corresponding Graph/Chart) II-79

Table 64: World 15-Year Perspective for Vanadium in Pigments
by Geographic Region/Country – Percentage Breakdown of Volume
Sales for North America, Japan, Europe,
Asia-Pacific(excluding Japan), South Africa, and Rest of World
Markets for Years 1998, 2008 & 2012 (includes corresponding
Graph/Chart) II-80

Table 65: World Recent Past, Current & Future Analysis for
Vanadium in Miscellaneous Applications by Geographic
Region/Country – North America, Japan, Europe, Asia-Pacific
(excluding Japan), South Africa, and Rest of World Markets
Independently Analyzed with Annual Sales Figures in Metric
Tons for Years 2001 through 2010 II-81

Table 66: World Long-term Projections for Vanadium in
Miscellaneous Applications by Geographic Region/Country –
North America, Japan, Europe, Asia-Pacific (excluding Japan),
South Africa, and Rest of World Markets Independently
Analyzed with Annual Sales Figures in Metric Tons for Years
2011 through 2015 II-82

Table 67: World Historic Review for Vanadium in Miscellaneous
Applications by Geographic Region/Country – North America,
Japan, Europe, Asia-Pacific (excluding Japan), South Africa,
and Rest of World Markets Independently Analyzed with Annual
Sales Figures in Metric Tons for Years 1991 through 2000 II-83

Table 68: World 15-Year Perspective for Vanadium in
Miscellaneous Applications by Geographic Region/ Country –
Percentage Breakdown of Volume Sales for North America,
Japan, Europe, Asia-Pacific (excluding Japan), South Africa,
and Rest of World Markets for Years 1998, 2008 & 2012 II-84

III. MARKET

1. North America III-1
A.Market Analysis III-1
Current & Future Analysis III-1
United States III-1
Exports and Imports III-1
Table 69: US Imports of Vanadium (2006 & 2007): Volume
Imports by Type - Ash, Ore, Residues, Slag
Vanadium
Pentoxide, Anhydride
Ferrovanadium
Oxides, and
Hydroxides, Others
and Aluminum- Vanadium Master Alloys
(Gross Weight) (Volume In Metric Tons) (includes
corresponding Graph/Chart) III-1

Table 70: US Vanadium Market (2006 & 2007): Imports and
Exports of Ferrovanadium in (in ‘000 US$) III-1

Table 71: US Ferrovanadium Market (2007): Percentage
Breakdown of Value Exports by Region – Canada,
Netherlands, Mexico and Others (includes corresponding
Graph/Chart) III-2

Table 72: US Ferrovanadium Market (2006 & 2007):
Percentage Breakdown of Value Imports by Region – South
Korea, Czech Republic, Canada, Austria and Others
(includes corresponding Graph/Chart) III-2
Table 73: US Vanadium Market (2006 & 2007): Imports and
Exports of Vanadium Oxide And Hydroxides in US$ Thousands III-2
Table 74: US Vanadium Oxide and Hydroxides Market (2007):
Percentage Breakdown of Value Exports by Region – Russia,
Canada, Germany, Italy and Others (includes corresponding
Graph/Chart) III-3

Table 75: US Vanadium Oxide and Hydroxides Market (2006 &
2007): Percentage Breakdown of Value Imports by Region –
South Africa, China, Russia and Others (includes
corresponding Graph/Chart) III-3
Canada III-4
Exports and Imports III-4
Table 76: Canadian Vanadium Market (2006 & 2007): Imports
and Exports of Ferrovanadium in US$ Thousands III-4
Table 77: Canadian Ferrovanadium Market (2006 & 2007):
Percentage Breakdown of Value Imports by Region –South
Africa, United States, Russia and Others (includes
corresponding Graph/Chart) III-4

Table 78: Canadian Vanadium Market (2006 & 2007): Imports
and Exports of Vanadium Oxide and Hydroxides in US$
Thousands III-4

Table 79: Canadian Vanadium Oxide and Hydroxides Market
(2006 & 2007): Percentage Breakdown of Value Imports by
Region –South Africa, China, Russia, United States and
Others (includes corresponding Graph/Chart) III-5
Strategic Corporate Developments III-5
Focus on Select Players III-7
B.Market Analytics III-8
Table 80: North American Recent Past, Current & Future
Analysis for Vanadium by End-Use Segment –Steel (Carbon
Steel, Stainless & Heat Resisting Steel, Full Alloy Steel,
High-Strength Low-Alloy Steel, Tool Steel,and Others), Cast
Irons, Super alloys, Alloys, Chemical & Ceramic Uses
(Catalysts and Pigments) and Miscellaneous Applications
Independently Analyzed with Annual Sales Figures in Metric
Tons for Years 2001 through 2010 (includes corresponding
Graph/Chart) III-8

Table 81: North American Long-term Projections for Vanadium
by End-Use Segment – Steel (Carbon Steel, Stainless & Heat
Resisting Steel, Full Alloy Steel, High-Strength Low-Alloy
Steel, and Tool Steel), Cast Irons, Super alloys, Alloys,
Chemical & Ceramic Uses (Catalysts and Pigments) and
Miscellaneous Applications Independently Analyzed with
Annual Sales Figures in Metric Tons for Years 2011 through
2015 (includes corresponding Graph/Chart) III-9

Table 82: North American Historic Review for Vanadium by
End-Use Segment – Steel (Carbon Steel, Stainless & Heat
Resisting Steel, Full Alloy Steel, High-Strength Low-Alloy
Steel, and Tool Steel), Cast Irons, Super alloys, Alloys,
Chemical & Ceramic Uses (Catalysts and Pigments) and
Miscellaneous Applications Independently Analyzed with
Annual Sales Figures in Metric Tons for Years 1991 through
2000 (includes corresponding Graph/Chart) III-10

Table 83: North American 15-Year Perspective for Vanadium by
End-Use Segment – Percentage Breakdown of Volume Sales for
Steel (Carbon Steel, Stainless & Heat Resisting Steel, Full
Alloy Steel, High-Strength Low-Alloy Steel, and Tool Steel),
Cast Irons, Super alloys, Alloys, Chemical & Ceramic Uses
(Catalysts and Pigments) and Miscellaneous Applications for
Years 1998, 2008 & 2012 (includes corresponding Graph/Chart) III-11

2. Japan III-12
A.Market Analysis III-12
Current & Future Analysis III-12
Nippon Denko Co., Ltd – A Major Player III-12
B.Market Analytics III-13
Table 84: Japanese Recent Past, Current & Future Analysis
for Vanadium by End-Use Segment – Steel (Carbon Steel,
Stainless & Heat Resisting Steel, Full Alloy Steel,
High-Strength Low-Alloy Steel, and Tool Steel), Cast Irons,
Super alloys, Alloys, Chemical & Ceramic Uses (Catalysts and
Pigments) and Miscellaneous Applications Independently
Analyzed with Annual Sales Figures in Metric Tons for Years
2001 through 2010 (includes corresponding Graph/Chart) III-13

Table 85: Japanese Long-term Projections for Vanadium by
End-Use Segment – Steel (Carbon Steel, Stainless & Heat
Resisting Steel, Full Alloy Steel, High-Strength Low-Alloy
Steel, and Tool Steel), Cast Irons, Super alloys, Alloys,
Chemical & Ceramic Uses (Catalysts and Pigments) and
Miscellaneous Applications Independently Analyzed with
Annual Sales Figures in Metric Tons for Years 2011 through
2015 (includes corresponding Graph/Chart) III-14

Table 86: Japanese Historic Review for Vanadium by End-Use
Segment – Steel (Carbon Steel, Stainless & Heat Resisting
Steel, Full Alloy Steel, High-Strength Low-Alloy Steel, and
Tool Steel), Cast Irons, Super alloys, lloys, Chemical &
Ceramic Uses (Catalysts and Pigments) and Miscellaneous
Applications Independently Analyzed with Annual Sales
Figures in Metric Tons for Years 1991 through 2000 (includes
corresponding Graph/Chart) III-15

Table 87: Japanese 15-Year Perspective for Vanadium by
End-Use Segment – Percentage Breakdown of Volume Sales for
Steel (Carbon Steel, Stainless & Heat Resisting Steel, Full
Alloy Steel, High-Strength Low-Alloy Steel, and Tool Steel),
Cast Irons, Super alloys, Alloys, Chemical & Ceramic Uses
(Catalysts and Pigments) and Miscellaneous Applications for
Years 1998, 2008 & 2012 (includes corresponding Graph/Chart) III-16

3. Europe III-17
A.Market Analysis III-17
Current & Future Analysis III-17
B.Market Analytics III-17
Table 88: European Recent Past, Current & Future Analysis
for Vanadium by Geographic Region/Country – France, Germany,
Italy, UK, Spain, Russia, and Rest of Europe Markets
Independently Analyzed with Annual Sales Figures in Metric
Tons for Years 2001 through 2010 (includes corresponding
Graph/Chart) III-17

Table 89: European Long-term Projections for Vanadium by
Geographic Region/Country – France, Germany, Italy, UK,
Spain, Russia, and Rest of Europe Markets Independently
Analyzed with Annual Sales Figures in Metric Tons for Years
2011 through 2015 (includes corresponding Graph/Chart) III-18

Table 90: European Historic Review for Vanadium by
Geographic Region/Country – France, Germany, Italy, UK,
Spain, Russia, and Rest of Europe Markets Independently
Analyzed with Annual Sales Figures in Metric Tons for Years
1991 through 2000 (includes corresponding Graph/Chart) III-18

Table 91: European 15-Year Perspective for Vanadium by
Geographic Region/Country – Percentage Breakdown of Volume
Sales for France, Germany, Italy, UK, Spain, Russia, and
Rest of Europe Markets for Years 1998, 2008 & 2012
(includes corresponding Graph/Chart) III-19

Table 92: European Recent Past, Current & Future Analysis
for Vanadium by End-Use Segment – Steel (Carbon Steel,
Stainless & Heat Resisting Steel, Full Alloy Steel,
High-Strength Low-Alloy Steel, Tool Steel, and Others), Cast
Irons, Super alloys, Alloys, Chemical & Ceramic Uses
(Catalysts and Pigments) and Miscellaneous Applications
Independently Analyzed with Annual Sales Figures in Metric
Tons for Years 2001 through 2010 (includes corresponding
Graph/Chart) III-20

Table 93: European Long-term Projections for Vanadium by
End-Use Segment – Steel (Carbon Steel, Stainless & Heat
Resisting Steel, Full Alloy Steel, High-Strength Low-Alloy
Steel, and Tool Steel), Cast Irons, Super alloys, Alloys,
Chemical & Ceramic Uses (Catalysts and Pigments) and
Miscellaneous Applications Independently Analyzed with
Annual Sales Figures in Metric Tons for Years 2011 through
2015 (includes corresponding Graph/Chart) III-21

Table 94: European Historic Review for Vanadium by End-Use
Segment – Steel (Carbon Steel, Stainless & Heat Resisting
Steel, Full Alloy Steel, High-Strength Low-Alloy Steel, and
Tool Steel), Cast Irons, Super alloys, Alloys, Chemical &
Ceramic Uses (Catalysts and Pigments) and Miscellaneous
Applications Independently Analyzed with Annual Sales
Figures in Metric Tons for Years 1991 through 2000 (includes
corresponding Graph/Chart) III-22

Table 95: European 15-Year Perspective for Vanadium by
End-Use Segment – Percentage Breakdown of Volume Sales for
Steel (Carbon Steel, Stainless & Heat Resisting Steel, Full
Alloy Steel, High-Strength Low-Alloy Steel, and Tool Steel),
Cast Irons, Super alloys, Alloys, Chemical & Ceramic Uses
(Catalysts and Pigments) and Miscellaneous Applications for
Years 1998, 2008 & 2012 (includes corresponding Graph/Chart) III-23

3a. France III-24
Market Analysis III-24
Table 96: French Recent Past, Current & Future Analysis for
Vanadium by End-Use Segment – Steel (Carbon Steel, Stainless
& Heat Resisting Steel, Full Alloy Steel, High-Strength
Low-Alloy Steel, Tool Steel, and Others), Cast Irons, Super
alloys, Alloys, Chemical & Ceramic Uses (Catalysts and
Pigments) and Miscellaneous Applications Independently
Analyzed with Annual Sales Figures in Metric Tons for Years
2001 through 2010 (includes corresponding Graph/Chart) III-24

Table 97: French Long-term Projections for Vanadium by
End-Use Segment – Steel (Carbon Steel, Stainless & Heat
Resisting Steel, Full Alloy Steel, High-Strength Low-Alloy
Steel, and Tool Steel), Cast Irons, Super alloys, Alloys,
Chemical & Ceramic Uses (Catalysts and Pigments) and
Miscellaneous Applications Independently Analyzed with
Annual Sales Figures in Metric Tons for Years 2011 through
2015 (includes corresponding Graph/Chart) III-25

Table 98: French Historic Review for Vanadium by End- Use
Segment – Steel (Carbon Steel, Stainless & Heat Resisting
Steel, Full Alloy Steel, High-Strength Low-Alloy Steel, and
Tool Steel), Cast Irons, Super alloys, Alloys, Chemical &
Ceramic Uses (Catalysts and Pigments) and Miscellaneous
Applications Independently Analyzed with Annual Sales
Figures in Metric Tons for Years 1991 through 2000 (includes
corresponding Graph/Chart) III-26

Table 99: French 15-Year Perspective for Vanadium by End-Use
Segment – Percentage Breakdown of Volume Sales for Steel
(Carbon Steel, Stainless & Heat Resisting Steel, Full Alloy
Steel, High-Strength Low-Alloy Steel, and Tool Steel), Cast
Irons, Super alloys, Alloys, Chemical & Ceramic Uses
(Catalysts and Pigments) and Miscellaneous Applications for
Years 1998, 2008 & 2012 (includes corresponding Graph/Chart) III-27

3b. Germany III-28
A.Market Analysis III-28
Current & Future Analysis III-28
Treibacher Industries AG – A Major Player III-28
B.Market Analytics III-29
Table 100: German Recent Past, Current & Future Analysis for
Vanadium by End-Use Segment – Steel (Carbon Steel, Stainless
& Heat Resisting Steel, Full Alloy Steel, High-Strength
Low-Alloy Steel, and Tool Steel), Cast Irons, Super alloys,
Alloys, Chemical & Ceramic Uses (Catalysts and Pigments) and
Miscellaneous Applications Independently Analyzed with
Annual Sales Figures in Metric Tons for Years 2001 through
2010 (includes corresponding Graph/Chart) III-29

Table 101: German Long-term Projections for Vanadium by
End-Use Segment – Steel (Carbon Steel, Stainless & Heat
Resisting Steel, Full Alloy Steel, High-Strength Low-Alloy
Steel, and Tool Steel), Cast Irons, Super alloys, Alloys,
Chemical & Ceramic Uses (Catalysts and Pigments) and
Miscellaneous Applications Independently Analyzed with
Annual Sales Figures in Metric Tons for Years 2011 through
2015 (includes corresponding Graph/Chart) III-30

Table 102: German Historic Review for Vanadium by End-Use
Segment – Steel (Carbon Steel, Stainless & Heat Resisting
Steel, Full Alloy Steel, High-Strength Low-Alloy Steel, and
Tool Steel), Cast Irons, Super alloys, Alloys, Chemical &
Ceramic Uses (Catalysts and Pigments) and Miscellaneous
Applications Independently Analyzed with Annual Sales
Figures in Metric Tons for Years 1991 through 2000 (includes
corresponding Graph/Chart) III-31

Table 103: German 15-Year Perspective for Vanadium by
End-Use Segment – Percentage Breakdown of Volume Sales for
Steel (Carbon Steel, Stainless & Heat Resisting Steel, Full
Alloy Steel, High-Strength Low-Alloy Steel, and Tool
Steel), Cast Irons, Super alloys, Alloys, Chemical & Ceramic
Uses (Catalysts and Pigments) and Miscellaneous Applications
for Years 1998, 2008 & 2012 (includes corresponding
Graph/Chart) III-32

3c. Italy III-33
Market Analysis III-33
Table 104: Italian Recent Past, Current & Future Analysis
for Vanadium by End-Use Segment – Steel (Carbon Steel,
Stainless & Heat Resisting Steel, Full Alloy Steel,
High-Strength Low-Alloy Steel, and Tool Steel), Cast Irons,
Super alloys, Alloys, Chemical & Ceramic Uses (Catalysts and
Pigments) and Miscellaneous Applications Independently
Analyzed with Annual Sales Figures in Metric Tons for Years
2001 through 2010 (includes corresponding Graph/Chart) III-33

Table 105: Italian Long-term Projections for Vanadium by
End-Use Segment – Steel (Carbon Steel, Stainless & Heat
Resisting Steel, Full Alloy Steel, High-Strength Low-Alloy
Steel, and Tool Steel), Cast Irons, Super alloys, Alloys,
Chemical & Ceramic Uses (Catalysts and Pigments) and
Miscellaneous Applications Independently Analyzed with
Annual Sales Figures in Metric Tons for Years 2011 through
2015 (includes corresponding Graph/Chart) III-34

Table 106: Italian Historic Review for Vanadium by End-Use
Segment – Steel (Carbon Steel, Stainless & Heat Resisting
Steel, Full Alloy Steel, High-Strength Low-Alloy Steel, and
Tool Steel), Cast Irons, Super alloys, Alloys, Chemical &
Ceramic Uses (Catalysts and Pigments) and Miscellaneous
Applications Independently Analyzed with Annual Sales
Figures in Metric Tons for Years 1991 through 2000 (includes
corresponding Graph/Chart) III-35

Table 107: Italian 15-Year Perspective for Vanadium by End-
Use Segment – Percentage Breakdown of Volume Sales for Steel
(Carbon Steel, Stainless & Heat Resisting Steel, Full Alloy
Steel, High-Strength Low-Alloy Steel, and Tool Steel), Cast
Irons, Super alloys, Alloys, Chemical & Ceramic Uses
(Catalysts and Pigments) and Miscellaneous Applications for
Years 1998, 2008 & 2012 (includes corresponding Graph/Chart) III-36

3d. The United Kingdom III-37
Market Analysis III-37
Table 108: UK Recent Past, Current & Future Analysis for
Vanadium by End-Use Segment – Steel (Carbon Steel, Stainless
& Heat Resisting Steel, Full Alloy Steel, High-Strength
Low-Alloy Steel, and Tool Steel), Cast Irons, Super alloys,
Alloys, Chemical & Ceramic Uses (Catalysts and Pigments) and
Miscellaneous Applications Independently Analyzed with
Annual Sales Figures in Metric Tons for Years 2001 through
2010 (includes corresponding Graph/Chart) III-37

Table 109: UK Long-term Projections for Vanadium by End-Use
Segment – Steel (Carbon Steel, Stainless & Heat Resisting
Steel, Full Alloy Steel, High-Strength Low-Alloy Steel, and
Tool Steel), Cast Irons, Super alloys, Alloys, Chemical &
Ceramic Uses (Catalysts and Pigments) and Miscellaneous
Applications Independently Analyzed with Annual Sales
Figures in Metric Tons for Years 2011 through 2015 (includes
corresponding Graph/Chart) III-38

Table 110: UK Historic Review for Vanadium by End-Use
Segment – Steel (Carbon Steel, Stainless & Heat Resisting
Steel, Full Alloy Steel, High-Strength Low-Alloy Steel, and
Tool Steel), Cast Irons, Super alloys, Alloys,Chemical &
Ceramic Uses (Catalysts and Pigments) and Miscellaneous
Applications Independently Analyzed with Annual Sales
Figures in Metric Tons for Years 1991 through 2000 (includes
corresponding Graph/Chart) III-39

Table 111: UK 15-Year Perspective for Vanadium by End-Use
Segment – Percentage Breakdown of Volume Sales for Steel
(Carbon Steel, Stainless & Heat Resisting Steel, Full Alloy
Steel, High-Strength Low-Alloy Steel, and Tool Steel), Cast
Irons, Super alloys, Alloys, Chemical & Ceramic Uses
(Catalysts and Pigments) and Miscellaneous Applications for
Years 1998, 2008 & 2012 (includes corresponding Graph/Chart) III-40

3e. Spain III-41
Market Analysis III-41
Table 112: Spanish Recent Past, Current & Future Analysis
for Vanadium by End-Use Segment – Steel (Carbon Steel,
Stainless & Heat Resisting Steel, Full Alloy Steel,
High-Strength Low-Alloy Steel, and Tool Steel), Cast Irons,
Super alloys, Alloys, Chemical & Ceramic Uses (Catalysts and
Pigments) and Miscellaneous Applications Independently
Analyzed with Annual Sales Figures in Metric Tons for Years
2001 through 2010 (includes corresponding Graph/Chart) III-41

Table 113: Spanish Long-term Projections for Vanadium by
End-Use Segment – Steel (Carbon Steel, Stainless & Heat
Resisting Steel, Full Alloy Steel, High-Strength Low-Alloy
Steel, and Tool Steel), Cast Irons, Super alloys, Alloys,
Chemical & Ceramic Uses (Catalysts and Pigments) and
Miscellaneous Applications Independently Analyzed with
Annual Sales Figures in Metric Tons for Years 2011 through
2015 (includes corresponding Graph/Chart) III-42

Table 114: Spanish Historic Review for Vanadium by End-Use
Segment – Steel (Carbon Steel, Stainless & Heat Resisting
Steel, Full Alloy Steel, High-Strength Low-Alloy Steel, and
Tool Steel), Cast Irons, Super alloys, Alloys, Chemical &
Ceramic Uses (Catalysts and Pigments) and Miscellaneous
Applications Independently Analyzed with Annual Sales
Figures in Metric Tons for Years 1991 through 2000 (includes
corresponding Graph/Chart) III-43

Table 115: Spanish 15-Year Perspective for Vanadium by
End-Use Segment – Percentage Breakdown of Volume Sales for
Steel (Carbon Steel, Stainless & Heat Resisting Steel, Full
Alloy Steel, High-Strength Low-Alloy Steel, and Tool Steel),
Cast Irons, Super alloys, Alloys, Chemical & Ceramic Uses
(Catalysts and Pigments) and Miscellaneous Applications for
Years 1998, 2008 & 2012 (includes orresponding
Graph/Chart) III-44

3f. Russia III-45
A.Market Analysis III-45
Current & Future Analysis III-45
Key Statistics III-45
Table 116: Russian Vanadium Production (2003-2007): Mine
Production in Metric Tons (includes corresponding
Graph/Chart) III-45

Table 117: Russian Ferrovanadium Exports (2005): Percentage
Breakdown by Region – Netherlands, Ukraine, Sweden and
Others (includes corresponding Graph/Chart) III-45
Focus on Select Players III-46
Evraz Group S.A. III-46
Vanadium Tula III-46
OAO Chusovoy Metallurgical Works III-47
B.Market Analytics III-47
Table 118: Russian Recent Past, Current & Future Analysis
for Vanadium by End-Use Segment – Steel (Carbon Steel,
Stainless & Heat Resisting Steel, Full Alloy Steel,
High-Strength Low-Alloy Steel, and Tool Steel), Cast Irons,
Super alloys, Alloys, Chemical & Ceramic Uses (Catalysts and
Pigments) and Miscellaneous Applications Independently
Analyzed with Annual Sales Figures in Metric Tons for Years
2001 through 2010 (includes corresponding Graph/Chart) III-47

Table 119: Russian Long-term Projections for Vanadium by
End-Use Segment – Steel (Carbon Steel, Stainless & Heat
Resisting Steel, Full Alloy Steel, High-Strength Low-Alloy
Steel, and Tool Steel), Cast Irons, Super alloys, Alloys,
Chemical & Ceramic Uses (Catalysts and Pigments) and
Miscellaneous Applications Independently Analyzed with
Annual Sales Figures in Metric Tons for Years 2011 through
2015 (includes corresponding Graph/Chart) III-48

Table 120: Russian Historic Review for Vanadium by End-Use
Segment – Steel (Carbon Steel, Stainless & Heat Resisting
Steel, Full Alloy Steel, High-Strength Low-Alloy Steel, and
Tool Steel), Cast Irons, Super alloys, Alloys, Chemical &
Ceramic Uses (Catalysts and Pigments) and Miscellaneous
Applications Independently Analyzed with Annual Sales
Figures in Metric Tons for Years 1992 through 2000 (includes
corresponding Graph/Chart) III-49

Table 121: Russian 15-Year Perspective for Vanadium by
End-Use Segment – Percentage Breakdown of Volume Sales for
Steel (Carbon Steel, Stainless & Heat Resisting Steel, Full
Alloy Steel, High-Strength Low-Alloy Steel, and Tool Steel),
Cast Irons, Super alloys, lloys, Chemical & Ceramic Uses
(Catalysts and Pigments) and Miscellaneous Applications for
Years 1998, 2008 & 2012 (includes corresponding Graph/Chart) III-50

3g. Rest of Europe III-51
A.Market Analysis III-51
Current & Future Analysis III-51
Strategic Corporate Developments III-51
Xstrata Plc (Switzerland) – A Major Player III-51
B.Market Analytics III-52
Table 122: Rest of Europe Recent Past, Current & Future
Analysis for Vanadium by End-Use Segment – Steel (Carbon
Steel, Stainless & Heat Resisting Steel, Full Alloy Steel,
High-Strength Low-Alloy Steel, and Tool Steel), Cast Irons,
Super alloys, Alloys, Chemical & Ceramic Uses (Catalysts
and Pigments) and Miscellaneous Applications Independently
Analyzed with Annual Sales Figures in Metric Tons for Years
2001 through 2010 (includes corresponding Graph/Chart) III-52

Table 123: Rest of Europe Long-term Projections for Vanadium
by End-Use Segment – Steel (Carbon Steel, Stainless & Heat
Resisting Steel, Full Alloy Steel, High-Strength Low-Alloy
Steel, and Tool Steel), Cast Irons, Super alloys, Alloys,
Chemical & Ceramic Uses (Catalysts Sand Pigments) and
Miscellaneous Applications Independently Analyzed with
Annual Sales Figures in Metric Tons for Years 2011 through
2015 (includes corresponding Graph/Chart) III-53

Table 124: Rest of Europe Historic Review for Vanadium by
End-Use Segment – Steel (Carbon Steel, Stainless & Heat
Resisting Steel, Full Alloy Steel, High-Strength Low-Alloy
Steel, and Tool Steel), Cast Irons, Super alloys, Alloys,
Chemical & Ceramic Uses (Catalysts and Pigments) and
Miscellaneous Applications Independently Analyzed with
Annual Sales Figures in Metric Tons for Years 1991 through
2000 (includes corresponding Graph/Chart) III-54

Table 125: Rest of Europe 15-Year Perspective for Vanadium
by End-Use Segment – Percentage Breakdown of Volume Sales
for Steel (Carbon Steel, Stainless & Heat Resisting Steel,
Full Alloy Steel, High-Strength Low-Alloy Steel, and Tool
Steel), Cast Irons, Super alloys, Alloys, Chemical & Ceramic
Uses (Catalysts and Pigments) and Miscellaneous Applications
for Years 1998, 2008 & 2012 (includes corresponding
Graph/Chart) III-55

4. Asia-Pacific III-56
A.Market Analysis III-56
Current & Future Analysis III-56
Table 126: Chinese Vanadium Production (2003-2007): Mine
Production in Metric Tons (includes corresponding
Graph/Chart) III-56
Strategic Corporate Developments III-56
Focus on Select Players III-58
Chengde Xinxin Vanadium and Titanium Co., Ltd. (China) III-58
Panzhihua Iron and Steel Group (China) III-59
Precious Metals Australia (Australia) III-59
B.Market Analytics III-60
Table 127: Asia-Pacific Recent Past, Current & Future
Analysis for Vanadium by End-Use Segment – Steel (Carbon
Steel, Stainless & Heat Resisting Steel, Full Alloy Steel,
High-Strength Low-Alloy Steel, and Tool Steel), Cast Irons,
Super alloys, Alloys, Chemical & Ceramic Uses (Catalysts and
Pigments) and Miscellaneous Applications Independently
Analyzed with Annual Sales Figures in Metric Tons for Years
2001 through 2010 (includes corresponding Graph/Chart) III-60

Table 128: Asia-Pacific Long-term Projections for Vanadium
by End-Use Segment – Steel (Carbon Steel, Stainless & Heat
Resisting Steel, Full Alloy Steel, High-Strength Low-Alloy
Steel, and Tool Steel), Cast Irons, Super alloys, Alloys,
Chemical &Ceramic Uses (Catalysts and Pigments) and
Miscellaneous Applications Independently Analyzed with
Annual Sales Figures in Metric Tons for Years 2011 through
2015 (includes corresponding Graph/Chart) III-61

Table 129: Asia-Pacific Historic Review for Vanadium by
End-Use Segment – Steel (Carbon Steel, Stainless & Heat
Resisting Steel, Full Alloy Steel, High-Strength Low- Alloy
Steel, and Tool Steel), Cast Irons, Super alloys, Alloys,
Chemical & Ceramic Uses (Catalysts and Pigments) and
Miscellaneous Applications Independently Analyzed with
Annual Sales Figures in Metric Tons for Years 1991 through
2000 (includes corresponding Graph/Chart) III-62

Table 130: Asia-Pacific 15-Year Perspective for Vanadium by
End-Use Segment – Percentage Breakdown of Volume Sales for
Steel (Carbon Steel, Stainless & Heat Resisting Steel, Full
Alloy Steel, High-Strength Low-Alloy Steel, and Tool Steel),
Cast Irons, Super alloys, Alloys, Chemical & Ceramic Uses
(Catalysts and Pigments) and Miscellaneous Applications for
Years 1998, 2008 & 2012 (includes corresponding Graph/Chart) III-63

5. South Africa III-64
A.Market Analysis III-64
Current & Future Analysis III-64
Table 131: South African Vanadium Production (2003-2007):
Mine Production in Metric Tons (includes corresponding
Graph/Chart) III-64
Strategic Corporate Developments III-64
Highveld Steel and Vanadium Corp., Ltd. – A Major Player III-65
B.Market Analytics III-66
Table 132: South African Recent Past, Current & Future
Analysis for Vanadium by End-Use Segment –Steel (Carbon
Steel, Stainless & Heat Resisting Steel, Full Alloy Steel,
High-Strength Low-Alloy Steel, and Tool Steel), Cast Irons,
Super alloys, Alloys, Chemical & Ceramic Uses (Catalysts and
Pigments) and Miscellaneous Applications Independently
Analyzed with Annual Sales Figures in Metric Tons for Years
2001 through 2010 (includes corresponding Graph/Chart) III-66

Table 133: South African Long-term Projections for Vanadium
by End-Use Segment – Steel (Carbon Steel, Stainless & Heat
Resisting Steel, Full Alloy Steel, High-Strength Low-Alloy
Steel, and Tool Steel), Cast Irons, Super alloys, Alloys,
Chemical & Ceramic Uses Catalysts and Pigments) and
Miscellaneous Applications Independently Analyzed with
Annual Sales Figures in Metric Tons for Years 2011 through
2015 (includes corresponding Graph/Chart) III-67

Table 134: South African Historic Review for Vanadium by
End-Use Segment – Steel (Carbon Steel, Stainless & Heat
Resisting Steel, Full Alloy Steel, High-Strength Low-Alloy
Steel, and Tool Steel), Cast Irons, Super alloys, Alloys,
Chemical & Ceramic Uses (Catalysts and Pigments) and
Miscellaneous Applications Independently Analyzed with
Annual Sales Figures in Metric Tons for Years 1991 through
2000 (includes corresponding Graph/Chart) III-68

Table 135: South African 15-Year Perspective for Vanadium by
End-Use Segment – Percentage Breakdown of Volume Sales for
Steel (Carbon Steel, Stainless & Heat Resisting Steel, Full
Alloy Steel, High-Strength Low-Alloy Steel, and Tool Steel),
Cast Irons, Super alloys, Alloys, Chemical & Ceramic Uses
(Catalysts and Pigments) and Miscellaneous Applications for
Years 1998, 2008 & 2012 (includes corresponding Graph/Chart) III-69

6. Rest of World III-70
A.Market Analysis III-70
Current & Future Analysis III-70
Brazil III-70
Table 136: Brazilian Vanadium Market (2004-2006): Imports
by Category in Tons (includes corresponding Graph/Chart) III-70
Strategic Corporate Developments III-71
B.Market Analytics III-71
Table 137: Rest of World Recent Past, Current & Future
Analysis for Vanadium by End-Use Segment - Steel (Carbon
Steel, Stainless & Heat Resisting Steel, Full Alloy Steel,
High-Strength Low-Alloy Steel, Tool Steel, and Others), Cast
Irons, Super alloys, Alloys, Chemical & Ceramic Uses
(Catalysts and Pigments) and Miscellaneous Applications
Independently Analyzed with Annual Sales Figures in Metric
Tons for Years 2001 through 2010 (includes corresponding
Graph/Chart) III-71

Table 138: Rest of World Long-term Projections for Vanadium
by End-Use Segment - Steel (Carbon Steel, Stainless & Heat
Resisting Steel, Full Alloy Steel, High-Strength Low-Alloy
Steel, and Tool Steel), Cast Irons, Super alloys, Alloys,
Chemical & Ceramic Uses (Catalysts and Pigments) and
Miscellaneous Applications Independently Analyzed with
Annual Sales Figures in Metric Tons for Years 2011 through
2015 (includes corresponding Graph/Chart) III-72

Table 139: Rest of World Historic Review for Vanadium by
End-Use Segment - Steel (Carbon Steel, Stainless & Heat
Resisting Steel, Full Alloy Steel, High-Strength Low-Alloy
Steel, and Tool Steel), Cast Irons, Super alloys, Alloys,
Chemical & Ceramic Uses (Catalysts and Pigments) and
Miscellaneous Applications Independently Analyzed with
Annual Sales Figures in Metric Tons for Years 1991 through
2000 (includes corresponding Graph/Chart) III-73

Table 140: Rest of World 15-Year Perspective for Vanadium by
End-Use Segment - Percentage Breakdown of Volume Sales for
Steel (Carbon Steel, Stainless & Heat Resisting Steel, Full
Alloy Steel, High-Strength Low-Alloy Steel, and Tool Steel),
Cast Irons, Super alloys, Alloys, Chemical & Ceramic Uses
(Catalysts and Pigments) and Miscellaneous Applications for
Years 1998, 2008 & 2012 (includes corresponding Graph/Chart) III-74

IV. COMPETITIVE LANDSCAPE

- Akzo Nobel Chemicals Bv (The Netherlands)
- Chengde Xinxin Vanadium & Titanium (China)
- Eastlink Ferro Alloys (UK)
- Glencore International Ag (Switzerland)
- Gulf Chemical & Metallurgical Corporation (USA)
- Highveld Steel And Vanadium Corporation Ltd. (South Africa)
- Kerr-Mcgee Chemical Corporation (USA)
- Mckenzie Bay Interational Ltd. (USA)
- Metallurg, Inc. (USA)
- Nichia Corporation (Japan)
- Nippon Denko Company Ltd. (Japan)
- Panzhihua Iron And Steel Group (China)
- Precious Metals Australia Ltd. (Australia)
- Shinko Chemical Co., Ltd. (Japan)
- Strategic Minerals Corporation (USA)
- Thyssen Krupp Automotive Ag (Germany)
- Treibacher Industrie Ag (Austria)
- Tulachermet Ips (Russia)
- Uralredmet Jsc (Russian Federation)
- Xstrata Plc (Switzerland)

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