Prices Rise 400% Over Past 24 Months Emerging Global Vanadium Boom Continues as Prices Rise 400% Over Past 24 Months
Date: Jun 21, 2018
Vanadium is used to produce high-strength steel and chemical catalysts, but much of the future demand excitement stems from its role in vanadium redox flow batteries (VRFBs) as industry experts believe there’s a revolution coming in vanadium redox flow batteries. Vanadium prices have risen by more than 400% over the past 24 months exceeding US$15 per pound V2O5. The global All Vanadium Redox Flow Battery market is valued at million US$ in 2017 and will reach million US$ by the end of 2025, growing at a CAGR of during 2018-2025. Steel applications also accounts for impressive percentages of total consumption as high-strength low-alloy (HSLA) steels are by far the largest market for vanadium and consumption in this application has benefited from increasingly stringent building requirements, particularly in China, which has resulted in the use of larger quantities of vanadium-bearing rebar