Australia’s domestic vanadium investments https://www.investorsobserver.com/news/qm-news/4532059652236292
Australia’s domestic vanadium investments to support renewable energy battery sector
Excerpt
Vanadium is fast becoming an important commodity for Australia’s green manufacturing objectives and its vision of a sustainable economy….
Global picture and demand projections
The government’s decision to push vanadium production, processing and electrolyte manufacture is a response to a combination of intensifying uncertainties in the global supply chain and significantly higher projected demand for the metal.
China and Russia are the two largest producers with outputs of 70,000 MT and 17,000 MT per annum, respectively.
The bulk of Chinese production is funnelled into its giant domestic steel industry.
Currently, South Africa and Brazil occupy the third and fourth spots with production of 9,100 MT and 6,200 MT in 2022, respectively.
At peak, the Australian project is designed to produce 11,200 tonnes per annum of vanadium pentoxide.
A 2023 report projects that the US$ 42 bn industry will grow to US$81.8 Billion by 2030 at a CAGR of 8.5%.
Demand from iron and steel manufacturing is projected to record a growth of 8.9% CAGR, while the energy storage segment is expected to increase at 9.6% CAGR until the end of the decade.