Vanadium consumption in the US, measured in Thousand Metric Tons, has exhibited a steady decline since 2013, with a marked decrease in recent years. As of 2023, vanadium consumption stood at 3.83 TMT, reflecting a year-on-year decline of 0.52%. Over the last five years, from 2018 to 2023, the compound annual growth rate (CAGR) was -0.53%.
Key observations from recent years include:
- 2013-2014: Small growth of 2.26%
- 2019-2020: Significant drop of 5.51%
- 2021: A rebound with 4.7% growth
- 2022-2023: Gradual decline at approximately 0.52% annually
Looking ahead, the forecast indicates a continuous decline in vanadium consumption, with a projected 2028 CAGR of -0.43%. This trend signals a need for stakeholders to monitor:
- Technological advancements and applications in vanadium-based industries
- Substitute materials and their potential market penetration
- Environmental regulations impacting vanadium extraction and usage
- Global economic conditions influencing industrial demand
