New York, May 06, 2021 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Vanadium Ore Global Market Report 2021: COVID 19 Impact and Recovery to 2030” – https://www.reportlinker.com/p06067871/?utm_source=GNW
49 billion in 2020 to $1.6 billion in 2021 at a compound annual growth rate (CAGR) of 7.4%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $2.36 billion in 2025 at a CAGR of 10.2%.
The vanadium mining market consists of sales of vanadium ores and concentrates and related services.
The use of vanadium redox flow batteries (VRFB’s) for energy storage is an emerging trend market.This trend will drive a structural change in the vanadium ore mining market dominated by steel manufacturers.
For example, in 2020, Nusaned Investment, a Saudi Arabia based investment company owned by SABIC, entered in joint venture with, Germany based technology group, SCHMID Group to focus on manufacturing and technology development in the field of Vanadium Redox Flow Batteries (VRFB).
The increasing use of Vanadium in automobile industry will drive the Vanadium ore mining market.Use of vanadium alloy for manufacturing automobile parts will reduce their weight and increases their fuel…