An interesting view on the growth in the vanadium market over...

An interesting view on the growth in the vanadium market over the next 10 years.

See Below.

Rockville, March 13, 2023 (GLOBE NEWSWIRE) -- 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. Various government schemes for energy preservation along with the growing demand for the use and production of wires as well as different alloy types are also anticipated to fuel growth in the market.