- 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.
- 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