The Latest Vanadium Industry Statistics Explained
Vanadium is the 20th most abundant element in the earth’s crust,
This statistic indicates that vanadium ranks as the 20th most prevalent element in the earth’s crust in terms of its abundance. This means that vanadium is relatively common in the earth’s outermost layer, which is composed of various minerals and materials. Being the 20th most abundant element suggests that vanadium is more plentiful than many other elements but is still not as abundant as others higher up on the list. This information is valuable in understanding the distribution and composition of elements in the earth’s crust and can be important for various scientific and industrial applications where vanadium plays a role.
China is the world’s largest producer of vanadium, accounting for about 60% of the total world production.
The statistic that China is the world’s largest producer of vanadium, accounting for about 60% of the total world production, indicates that China plays a dominant role in the global vanadium market. Vanadium is a critical element used in steel production and other industrial applications, making it a valuable commodity. By producing the majority of the world’s vanadium, China holds significant influence over its availability and pricing. This statistic highlights China’s strong position in the vanadium industry and underscores its importance in global supply chains and economic dynamics related to vanadium production and trade.
The global vanadium market size was valued at USD 2.65 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 5.5% from 2020 to 2027.
The statistic indicates that the global vanadium market was worth USD 2.65 billion in 2019 and is projected to experience a steady growth rate, with a compound annual growth rate (CAGR) of 5.5% forecasted from 2020 to 2027. This suggests that the market is expected to expand over the forecasted period, reaching a higher value by 2027. The CAGR of 5.5% provides insight into the rate at which the market is expected to grow annually, reflecting positive trends and potential investment opportunities in the vanadium industry. This data is essential for stakeholders, investors, and decision-makers in assessing the market’s potential and planning strategies for future business activities.
As of 2020, China held 43% of the global vanadium reserves.
The statistic ‘As of 2020, China held 43% of the global vanadium reserves’ indicates that China possessed nearly half of the world’s known vanadium reserves at that time. Vanadium is a critical metal predominantly used in the production of high-strength steel and as a component in various applications like batteries and aerospace alloys. The significant share of vanadium reserves held by China implies the country’s strategic advantage in terms of global vanadium supply and its potential influence on the vanadium market. This statistic serves as a valuable insight for policymakers, industry stakeholders, and investors seeking to understand the distribution of vanadium resources and the dynamics of the vanadium market landscape.
Vanadium import in the United States has grown by about 15% from 2015-2019.
The statistic ‘Vanadium import in the United States has grown by about 15% from 2015-2019’ indicates that the quantity of vanadium being imported into the United States increased by approximately 15% over the span of five years. This growth suggests an upward trend in the demand for vanadium in the US during the specified time frame. Vanadium is a versatile metal used in various industries such as steel production, energy storage, and aerospace, and the increase in its import could be driven by factors such as economic growth, technological advancements, or shifts in consumer preferences. This statistic provides valuable insights into the changing market dynamics and the potential opportunities or challenges in the vanadium industry within the US.
According to U.S. Geological Survey, the average price of Vanadium was $5.70 per pound in 2020.
The statistic states that the average price of Vanadium was $5.70 per pound in the year 2020, as reported by the U.S. Geological Survey. This information provides a general idea of the prevailing market value of Vanadium during that year, serving as a reference point for individuals or industries involved in trading or utilizing this metal. The average price indicates the typical cost at which Vanadium was being traded and can be useful for decision-making processes, such as budgeting, forecasting, or evaluating the economic impact of Vanadium-related activities.
Almost 90% of vanadium produced is used as an alloying agent in the manufacture of steel.
The statistic highlights that nearly 90% of the vanadium produced globally is utilized as an alloying agent in the steel manufacturing industry. Vanadium is a versatile metal known for its ability to strengthen and improve the properties of steel, making it an indispensable element in the production of high-strength and corrosion-resistant steel grades. By adding small amounts of vanadium to steel, manufacturers can substantially enhance its toughness, ductility, and overall performance, making it ideal for use in critical applications such as construction, automotive, aerospace, and infrastructure projects. This statistic underscores the crucial role that vanadium plays in enhancing the quality and performance of steel products across various sectors, emphasizing its significance in the modern industrial landscape.
The U.S imported about 7,100 metric tons of vanadium in 2019.
The statistic “The U.S imported about 7,100 metric tons of vanadium in 2019” indicates the total amount of vanadium, a metal primarily used as an alloy in steel production and renewable energy technologies, that was brought into the United States from foreign sources in the year 2019. This metric tonnage serves as a quantitative measure of the country’s reliance on imported vanadium for various industrial applications. By tracking the trends and volumes of vanadium imports, policymakers, economists, and industry stakeholders can gain insights into the market dynamics, trade relationships, and potential vulnerabilities related to the supply and demand of this essential metal.
The global vanadium consumption is expected to exceed 110,000 tons by 2024.
The statistic that the global vanadium consumption is expected to exceed 110,000 tons by 2024 indicates a projected increase in the demand for vanadium, a versatile metal known for its strength and durability. This projected growth suggests that vanadium is becoming increasingly important in various industries such as steel production, energy storage, and aerospace. Factors driving this expected consumption increase may include infrastructure development, renewable energy initiatives, and technological advancements requiring the use of vanadium-based products. As a vital component in strengthening steel and battery technologies, the rising demand for vanadium signifies its growing significance in diverse applications and industries, indicating promising opportunities for market growth and development in the coming years.
It is estimated that 98% of identified and recoverable vanadium is sourced from just three countries: South Africa, China, and Russia.
The statistic indicates that a large majority, specifically 98%, of the world’s identified and recoverable vanadium reserves are concentrated in three countries: South Africa, China, and Russia. This suggests significant geographic dependencies in the global vanadium supply chain, as the majority of this crucial metal used in various industries is sourced from just a few key producers. The heavy reliance on these countries for vanadium could have important implications for global markets, trade dynamics, and geopolitical considerations surrounding the supply and demand of vanadium-based products. Understanding and monitoring the dynamics of vanadium production and trade in these countries is therefore critical for stakeholders in industries relying on vanadium.
The production of vanadium in South Africa is forecasted to be around 8,400 metric tons in 2025.
The statistic “The production of vanadium in South Africa is forecasted to be around 8,400 metric tons in 2025” indicates that the amount of vanadium extracted and refined in South Africa is anticipated to reach approximately 8,400 metric tons in the year 2025. This forecast likely comes from industry experts or analysts who have assessed various factors such as demand, supply, market trends, and technological advancements to estimate this future production volume. Vanadium is an important metal used in various industrial applications, including in the production of steel and batteries, so this statistic provides valuable insight into the anticipated output of this critical resource in the South African market for the upcoming year.
As of 2020, global vanadium reserves were estimated to be approximately 63 million metric tons.
The statistic stating that as of 2020, global vanadium reserves were estimated to be approximately 63 million metric tons refers to the total amount of vanadium deposits that are known to exist in various locations around the world. Vanadium is a metallic element commonly used in the production of steel and other alloys due to its strength and heat resistance properties. The reported figure of 63 million metric tons represents the estimated quantity of vanadium that can be extracted and utilized for various industrial applications. This statistic is crucial for assessing the availability of vanadium resources for future use and understanding the global market dynamics for this essential metal.
Australia is home to the world’s largest vanadium project- The Australian Vanadium Project has a confirmed mineral resource of 208 million tons at 0.74% Vanadium Pentoxide (V2O5).
The statistic that Australia is home to the world’s largest vanadium project, the Australian Vanadium Project, indicates the significant presence of vanadium resources within the country. With a confirmed mineral resource of 208 million tons at 0.74% Vanadium Pentoxide (V2O5), the project highlights Australia’s vast potential in the production of vanadium, a critical element used in various industrial applications such as steel production and energy storage technologies. This statistic underscores Australia’s strategic position in the global vanadium market and emphasizes the country’s capacity to contribute substantially to the supply of this essential mineral resource.
In 2019, about 11% of the global vanadium consumption went to energy storage and other applications.
The statistic suggests that in 2019, approximately 11% of the total global vanadium consumption was directed towards energy storage and other related applications. This indicates a significant portion of vanadium usage being targeted at technologies such as vanadium redox flow batteries, which are utilized for large-scale energy storage systems. The growing interest in energy storage solutions to support renewable energy sources and improve grid resilience may have contributed to this notable allocation of vanadium resources. The specific applications of vanadium in energy storage highlight its importance as a critical material in the transition towards a more sustainable and efficient energy infrastructure globally.
References
0. – https://www.www.grandviewresearch.com
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2. – https://www.apnews.com
3. – https://www.www.vanitec.org
4. – https://www.www.statista.com
5. – https://www.www.usgs.gov
6. – https://www.www.australianvanadium.com.au
7. – https://www.www.indexbox.io
8. – https://www.mordorintelligence.com
