The global vanadium ore market will grow from $2.78 billion in 2022 to $2.97 billion in 2023 at a compound annual growth rate (CAGR) of 6.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The vanadium ore market is expected to grow from $3.76 billion in 2027 at a CAGR of 6.1%.
The vanadium market consists of sales of vanadium ores and concentrates .It includes industries that mine and beneficiate uranium-radium-vanadium ores.
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.
