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Vanadium market expected to achieve 3.2% CAGR to 2027

JOHANNESBURG (miningweekly.com) – Diversified miner Bushveld Minerals expects the vanadium market to expand by a compound annual growth rate (CAGR) of 3.2% between 2017 and 2027, on the back of strong steel demand and a growing energy storage market, Bushveld Minerals CEO and cofounder Fortune Mojapelo said in a webcast on Thursday.

Mojapelo noted that vanadium was the best performing battery metal for 2017, growing by 72%, and that it had achieved “fivefold” growth since 2015.

He explained that, as steel production accounts for about 90% of vanadium consumption, and as China is increasing its enforcement of new high-strength rebar standards, this has a “positive correlation” for vanadium consumption in steel production.

Mojapelo added that the enforcement of new and existing rebar standards aimed at eliminating inferior steels in construction could result in Chinese vanadium demand increasing by about 30% or 10,000 t/y this year.

Further, he noted that steel production is expected to grow at a 2.24% CAGR between 2017 and 2027, largely as a consequence of increased steel consumption in emerging market economies – some of which will have to increase their vanadium consumption in order to meet global best practices for steel production.

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