Vanadium

Vanadium market perspectives are determined by Chinese high strength rebar standards in the steel industry and the emerging need for large-scale electricity storage which makes vanadium redox-flow batteries (VRBs) major potential future use of vanadium.

Key applications:

  • Vanadium plays a critical role for the whole steel supply chain contributing to the strength and economic efficiency demanded in materials.
  • Vanadium redox flow batteries (VRFB) is a key component of the renewable energy trend. VRFBs are scalable energy storage batteries that use a vanadium electrolyte liquid solution to store and release large amounts of energy. Lifespan of 20+ years, are able to discharge 100% without any damage to the battery and provides users with a guaranteed uninterrupted power supply.
  • High purity vanadium is used in the production of Ti-Al-V master alloys demanded by the aerospace industry, providing fuel efficiency and superior resistance. These alloys cannot be substituted.

Future forecast:

  • Vanadium demand in the steel market is expected at a Compound Annual Growth Rate (“CAGR”) of approximately 2.7 % through to 2029
  • Global vanadium demand probably will reach approximately 138,000 tonnes by 2029
  • The demand for Vanadium Redox Flow Batteries (“VRFBs”) could increase vanadium demand by an additional 6 % per annum
  • The World Bank Group forecasts that by 2050 vanadium demand from energy storage alone could consume nearly twice the 2018 global vanadium production
  • The market deficit is forecast to return between 2021 and 2023, thereafter moving back into surplus, as new supply comes on stream.
  • Electricity’s share of global energy consumption is expected to account for about 45 % by 2050
  • Stationary energy storage is expected to exceed 100 GWh and become a US$50 billion market by 2027, rising to 2,800 GWh by 2040
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