Key Market Indicators
Korean demand for vanadium is expected to reach nearly 7 million kilograms in 2026, up 2.1% from 2021. The country has seen a 0.5% annual increase since 1993. South Korea was the second-largest consumer in 2021, with 6.1 million kilograms, behind the Czech Republic. The United States and India were third and fourth, respectively. Korean vanadium exports are projected to reach nearly 3.6 million kilograms by 2026, up 3.3% from 2021. Supply has risen 4.9% annually since 2000. South Africa was the leading exporter in 2021, with 2.9 million kilograms. Russia, China and South Africa were the next three largest exporters.