New York-based US Vanadium LLC has reached an agreement with Evraz Stratcor to procure the Hot Springs vanadium processing plant in Arkansas which will impel global battery market
Global: Evraz Stratcor, which owns and operates a high-purity vanadium oxide facility at Hot Springs, Arkansas. The facility has a nameplate capacity of 12 million pounds/year of vanadium pentoxide, a chemical used in titanium alloys for aerospace applications, oxidation catalysts, pollution control catalysts, and pigments, among other applications. The facility also produces downstream vanadium chemicals to customers in the catalyst, chemical, petrochemical, titanium, and energy storage industries.
Hot Springs produce large quantities of high-purity electrolytes at very competitive costs. VRB batteries are increasingly seen as the preferred technology for use in large-scale electrical grid energy storage, particularly as a means of supporting the greater deployment of intermittent generation technologies such as solar and wind energy.
According to BlueWeave Consulting, the global battery market is expected to witness tremendous growth rate during the forecast period. Owing to the benefits of the vanadium redox battery that it provides almost unrestricted energy capability simply by using larger electrolyte storage tanks. It can be left discharged for a long time with no ill effects. If the electrolytes are unintentionally mixed, the battery suffers no permanent loss; the electrolyte is aqueous and inherently safe and non-flammable. All such features and advantages will thrive in the battery market and generate the demand globally. Moreover, increasing awareness towards portable and stationary energy storage coupled with the government’s push towards solar and wind projects is expected to contribute to the growth of the battery market over the coming years. Furthermore, the adoption of electric vehicles and Manufacturing of Hybrid & Electric Vehicles (FAME) scheme as well as tax exemption on EVs are anticipated to provide the required boost to the market.
According to BlueWeave Consulting’s report titled “India Lithium-Ion Battery Market, By Type (Lithium Cobalt Oxide, Lithium Manganese Oxide, Lithium Iron Phosphate And Others), By Components (Cathode, Anode, Electrolytic Solution, Others) By Application(Consumer Electronics, Industrial And Automotive), By Region; Size And Forecast, 2014-2025” India Lithium-ion Battery market is expected to grow with a CAGR of over 23% during the forecast period 2018-2025. Increasing pollution concerns, rising adoption of electric vehicles, increasing income-levels and surging demand for quality and uninterrupted power are some of the key factors driving the growth of the Lithium-ion batteries market in India. Additionally, the growing consumer electronics market is complimenting the growth of the Lithium-ion batteries market in India owing to its light-weight, high energy, and power capacity features. However, the high cost and risk of fire in electronic devices may hinder the market growth in the coming years.
Global Electric Vehicle Battery Market, by Battery Type (Lithium-ion Battery, Lead Acid Battery, Nickel Metal Hydride Battery, and Others), By Vehicle Technology (BEV, PHEV and HEV),By Vehicle Type (Passenger Car, Commercial Car and Two Wheeler), by Region(North America, Asia Pacific, Europe, Latin America, and Middle East &Africa); Size and Forecast, 2014-2025. Global Electric Vehicle Battery market is expected to grow with a CAGR over 19% during the forecast period 2018-2025, owing to increasing demand for environment-friendly vehicles. Diseases caused by air and water pollution are epidemic among minorities. Rising public awareness of air quality and the burden of disease caused by air pollution is an essential step in reducing air pollution and improving public health which is accelerating market demand for the electric vehicles battery market.