Niobium Market Size to Grow USD 1907.8 Million by 2030 at a CAGR of 3.6% | Valuates Reports
BANGALORE, India, Feb. 8, 2024 /PRNewswire/ -- Niobium Market is Segmented by Type (Ferroniobium, Niobium Oxide Picture, Niobium Metal Picture), by Application (Structure Steels, Automotive Steel, Pipeline Steels, Stainless Steels).
The Global Market for Niobium was estimated to be worth USD 1485 Million in 2023 and is forecast to a readjusted size of USD 1907.8 Million by 2030 with a CAGR of 3.6% during the forecast period 2024-2030.
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Major Factors Driving the Growth of Niobium Market:
The need for high-strength, low-alloy steel in the infrastructure and automotive sectors—where niobium is an essential alloying element—as well as the metal's growing applications in additive manufacturing, electronics, aerospace, and energy production are the main drivers of the niobium market's growth. Furthermore, the increasing focus on environmental responsibility and sustainability is pushing businesses to look for recyclable, strong, and lightweight materials like niobium, which is propelling the market's expansion.
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TRENDS INFLUENCING THE GROWTH OF NIOBIUM MARKET:
Niobium is an essential alloying element in high-strength, low-alloy steel, which is one of the main factors propelling the niobium market. Steels that include niobium have remarkable strength, durability, and resistance to corrosion, which makes them perfect for demanding applications in the building, automotive, and infrastructure sectors. Global urbanization and infrastructure development are accelerating, which is driving up demand for steel strengthened with niobium and expanding the market. Niobium is heavily used in the automotive sector, especially in the production of lightweight, fuel-efficient automobiles. Steels containing niobium help lighten vehicles without sacrificing their crashworthiness or structural integrity. Niobium demand in automotive applications is steadily rising as a result of manufacturers adopting innovative materials in response to pollution laws and strict fuel economy requirements.
Because of its special qualities such as its strength at high temperatures, low weight, and compatibility with aerospace alloys niobium is used extensively in the aircraft industry. Aircraft engines, airframes, and structural parts all employ niobium alloys to improve performance, longevity, and fuel economy. The aircraft sector is predicted to focus on efficiency and innovation, which will drive growth in air travel and thus increase demand for niobium in aerospace applications. Because of its special qualities such as its strength at high temperatures, low weight, and compatibility with aerospace alloys niobium is used extensively in the aircraft industry. Aircraft engines, airframes, and structural parts all employ niobium alloys to improve performance, longevity, and fuel economy. The aircraft sector is predicted to focus on efficiency and innovation, which will drive growth in air travel and thus increase demand for niobium in aerospace applications.
In energy generation and storage technologies, niobium is essential, especially in superalloys used in nuclear reactors and gas turbines. The increasing need for energy and the world's transition to renewable energy sources like solar and wind power are pushing investments in energy infrastructure. The energy sector's niobium market is expanding due to the fact that niobium-enhanced materials prolong the lifespan, dependability, and efficiency of energy systems. Niobium is finding use in additive manufacturing, or 3D printing, which presents possibilities for lightweight, complicated geometries in the automotive, aerospace, and medical sectors. In additive manufacturing procedures, niobium powders are utilized to create objects with improved mechanical qualities and resistance to corrosion.
The market for niobium-enhanced materials is being pushed by global infrastructure development projects, which are being propelled by factors such as urbanization, population expansion, and the necessity for sustainable infrastructure. Steels containing niobium help to create transportation infrastructure, buildings, and bridges with better strength, durability, and resistance to seismic pressures and corrosion. The demand for niobium is expected to rise in tandem with global infrastructure investments from both the public and private sectors, hence bolstering market expansion.
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NIOBIUM MARKET SHARE ANALYSIS
Key participants in the global niobium market include CBMM and Niobec. With a share of almost 85%, the top two producers worldwide.
With a share of over 85%, Brazil is the largest market, followed by Canada with a share of over 10%.
With a market share of more than 85%, the largest product sector is crystal oscillators.
In terms of use, structural steels have the greatest use, followed by automotive, pipeline, stainless, and other steel applications.
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Key Companies:
- CMBB
- Niobec
- Anglo American
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