Insight
High-purity Vanadium market
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Report summary
High-purity vanadium (HPV ≥99.9%) and ultra-high purity vanadium (UHPV ≥99.99%) are vital for energy storage, aerospace, and chemical sectors. Despite rising interest, production remains limited due to high costs and niche demand. US leads UHPV supply, with US Vanadium’s Arkansas facility focused on VRFB-grade electrolyte. VRFBs are the largest demand driver, with UHPV’s share of HPV demand projected to grow from 11% in 2024 to 36% by 2050. UHPV commands a 130–400% premium over standard vanadium; HPV sees a 60–160% premium. Long-term contracts dominate UHPV procurement due to supply stability and refining complexity. Emerging technologies like quantum computing and medical imaging are expected to further boost demand. In this Insight, we cover the following: • How will VRFB adoption shape HPV demand? • What drives UHPV’s high price premium? • Which technologies will expand UHPV use? • What role will long-term contracts play?
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