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.

Click here to continue reading...

Subscribe to the RSD email list and get the latest resource stock activity directly to your inbox, for free.

Part of the Stock Digest family of websites

Small Cap Stock Digest

MARKET SUMMARY

INDICES

Name Last Change
DOW 24416.20 0.05%
S&P 500 2620.62 0.47%
NASDAQ 6972.41 0.69%
TSX 15153.51 0.53%
TSX-V 591.57 0.00%

Resource Commodities

Name Last Change
Gold 1285.50 0.08%
Silver 15.36 0.26%
Copper 2.69 0.050
Platinum 793.00 0.25%
Oil 52.57 2.34%
Natural Gas 3.04 14.54%
Uranium 28.90 0.00%
Zinc 1.18 0.00%

@RSDigest ON TWITTER