Currently, it is estimated that the VRFB market only accounts for 3%-5% of vanadium production but the continued shift to renewable energy solutions could trigger a surge in vanadium demand and account for 20% of vanadium consumption by 2030.Various supply-demand forecasts have vanadium in a supply deficit starting around 2025. Shift to Renewable Energy Could Trigger a Surge in Demand. Vanadium industry report: Powering the renewable energy revolution. Technology Metals company presentation Vanadium market newsĪn eResearch report we missed from December 16 wrote: Large scale global deployments of VRFB's are becoming more common ( source) Global VRFB forecast growth by region 2022-2031

Vanadium Resources courtesy TTP Squared Inc. Vanadium demand is projected to surge from 2021 to 2025 ( source) Furthermore, we expect the global (energy storage) market to grow 27-fold by 2030.

This brought the total energy storage market to more than 27 GWh.

Global energy storage deployment surged a remarkable 62% in 2020, with 5 GW/9 GWh of new capacity added. In 2017, Robert Friedland stated: 'We think there's a revolution coming in vanadium redox flow batteries.'Īn April 2021 Wood Mackenzie report stated : Vanadium spot price historyĮurope Vanadium Pentoxide Flake 98% 1 year chart - Price = USD 10.10/lb (China price not given)Ĭhina and Europe Ferrovanadium 80% prices - China = USD 45.00/kg, Europe = USD 40.25/kg Vanadium Pentoxide is used in VRFBs and Ferrovanadium is used in the steel industry. Also Vanadium Flow Batteries are becoming increasingly popular especially for commercial energy storage, most notably in China. Chinese rebar standards are requiring more vanadium. Vanadium is traditionally used to harden steel. Edgar Joel Ipanaque Maza/iStock via Getty Imagesįebruary saw rising vanadium prices and a busy month of news.

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