Insight
Noble alloys under an accelerated energy transition
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Report summary
To limit global warming to 1.5 °C, in line with the Paris Agreement, the energy transition must accelerate. The world has the means, motive and opportunity to do so. Although demand for the noble steel alloys is overwhelmingly dominated by steel applications, they will also play a role in such a transition. This insight provides a comparative analysis of the noble steel alloys market under Wood Mackenzie’s accelerated energy transition scenario (AET-1.5) and the base case scenario (WM ETO).
Table of contents
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Key takeaways
- Demand: energy storage, lightweighting, superalloys, wind turbines, battery anode and cathodes are significant growth areas
- Supply: deficiencies will appear across vanadium, molybdenum and niobium markets
- Capital requirements: additional investment to fulfil demand requirements, with ESG and supply security an additional consideration
- Prices: additional supply requirements under a 1.5 °C scenario would support prices
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