There is a concentrated global supply, with China, South Africa and Russia making up 90% of this supply. Total supply in 2014 was 168,325kt.
Significant growth is expected in high- tech chemical and alloy applications, particularly Vanadium Redox Flow Batteries and Vanadium Master Alloys used in the production of aerospace grade titanium alloys and high-strength steels (emergence of China's commercial jet industry).
The main use of Vanadium is in specialty steel production in the form of ferro vanadium (FeV). However, the growth market is use in high-tech chemical applications (eg: VRFBs) and high strength aerospace alloys.