Fact.MR, a market research and competitive intelligence provider, reveals in its recently published research report that the global vanadium market is estimated to advance at a CAGR of 8.5% and reach US$ 105.4 billion by the end of 2033. Growing use of vanadium as an important metal in VRFBs (vanadium redox flow batteries), which are used for large-scale storage, is expected to stimulate product sales.
The steel industry is one of the prominent industries contributing to the growth of the vanadium market. Some of the uses of vanadium include its utilization as a supplement for the production of medicines used to cure pre-diabetes, diabetes, and heart disease. Moreover, these medicines are also used to improve and maintain athletic movements.
Demand for vanadium in the automobile industry is also predicted to increase over the forecasted period.
Ferro-Alloy Resources Ltd (LON:FAR) is developing the giant Balasausqandiq vanadium deposit in Kyzylordinskaya oblast of southern Kazakhstan. The ore at this deposit is unlike that of nearly all other primary vanadium deposits and is capable of being treated by a much lower cost process.