DUBLIN–(BUSINESS WIRE)–The “Vanadium Ore Global Market Report 2021: COVID-19 Impact and Recovery to 2030” report has been added to ResearchAndMarkets.com’s offering.
The global vanadium ore market is expected to grow from $1.49 billion in 2020 to $1.6 billion in 2021 at a compound annual growth rate (CAGR) of 7.4%. The market is expected to reach $2.36 billion in 2025 at a CAGR of 10.2%.
Major players in the vanadium market are AUROX RES., Atlantic, Treibacher Industrie AG., Essel Mining and Tremond Alloys & Metals Corp.
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…