Vanadium production in South Africa has been on a consistent decline from 21.4 thousand metric tons in 2013 to 8.19 thousand metric tons in 2023. The year-on-year variation highlighted significant fluctuations with notable declines in 2015 (-35.13%), 2016 (-14.29%), and 2020 (-22.36%). The compound annual growth rate (CAGR) over the last five years stands at -6.8%, reflecting the ongoing reduction in production volumes.
Forecasted data from 2024 to 2028 continue to show a diminishing trend with production expected to drop to 4.72 thousand metric tons by 2028. The forecast 5-year CAGR is -8.74%, indicating a further decrease by approximately 36.7%. Trends of interest include:
- Continual technological advancements in extraction and processing.
- Shifts in global vanadium demand and supply chain adjustments.
- Potential regulatory changes impacting production costs and efficiency.
