Global vanadium resource consumption has grown steadily, and has gradually concentrated on major steel-producing countries in terms of regional structure.
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Global vanadium resource consumption has grown steadily, and has gradually concentrated on major steel-producing countries in terms of regional structure.
According to Vanitec data, global vanadium consumption has increased year by year since 2017, exceeding 100,000 tons in 2019. In 2021, global vanadium consumption reached 120,400 tons, a year-on-year increase of 9.7%. Global vanadium resource consumption is gradually concentrated on major steel-producing countries. In 2020, China's vanadium consumption accounted for 60% of the world's total vanadium consumption, ranking first; Europe and North America accounted for 12% and 10% respectively. In 2020, vanadium consumption in other parts of the world was 44,200 tons, a year-on-year decrease of 8.9%. Affected by the epidemic, in 2020, vanadium consumption in regions other than China declined, and global vanadium consumption further concentrated in China.
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