Major players in the vanadium market are AUROX RES., Atlantic, Treibacher Industrie AG., Essel Mining and Tremond Alloys & Metals Corp.
The global vanadium ore market is expected to grow from $1.49 billion in 2020 to $1.6 billion in 2021 at a compound annual growth rate (CAGR) of 7.4%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $2.36 billion in 2025 at a CAGR of 10.2%.
The vanadium mining market consists of sales of vanadium ores and concentrates and related services.
The use of vanadium redox flow batteries (VRFB’s) for energy storage is an emerging trend market.This trend will drive a structural change in the vanadium ore mining market dominated by steel manufacturers.
For example, in 2020, Nusaned Investment, a Saudi Arabia based investment company owned by SABIC, entered in joint venture with, Germany based technology group, SCHMID Group to focus on manufacturing and technology development in the field of Vanadium Redox Flow Batteries (VRFB).
The increasing use of Vanadium in automobile industry will drive the Vanadium ore mining market.Use of vanadium alloy for manufacturing automobile parts will reduce their weight and increases their fuel efficiency.
According to an investing firm (aheadoftheherd.com), around 85% of all automobiles will incorporate vanadium alloy to reduce their weight, thereby increasing their fuel efficiency by 2025.
The rate at which vanadium is being deposited into the environment is increasing, which can be attributed to global rise in discharges to the environment of vanadium rich industrial byproducts including steel slags, and ash from the expansion of waste incineration.Due to this major jurisdiction including the USA, and China are implementing environmental protection strategies/regulations to lessen the toxic effects of Vanadium, these regulations will hamper the Vanadium ore mining market.
For example, in the USA, vanadium is listed as Contaminant Candidate List 4 (CCL4) and is subject to more stringent monitoring in potable waters, on the other hand China is waging war on smog and promotion of environmentalism (by regulating iron ore blends to lower vanadium content raw material).
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