Dublin, Jan. 31, 2024 (GLOBE NEWSWIRE) -- The "Global Niobium Market 2024-2028" report has been added to ResearchAndMarkets.com's offering.
The worldwide niobium market is witnessing a robust growth trajectory, according to a newly released market analysis. Expected to expand by USD 481.34 million from 2023 to 2028, the market is experiencing a brisk acceleration, forecasted to achieve a compound annual growth rate (CAGR) of 5% over the forecast period.
This growth is significantly propelled by the burgeoning steel production sector, advancements in superalloy composition, and the continuous development of infrastructure and urbanization across the globe.
Niobium Market Drivers and Trends
The comprehensive report delves into a multitude of factors contributing to the market ascension. Key drivers include the sustained growth observed in the steel manufacturing sector, which remains a primary consumer of niobium due to its ability to enhance the strength and durability of steel products.
Additionally, advancements in aerospace and defense technologies bolster the demand for high-performance superalloys, where niobium plays a vital component. In the rapidly expanding urban landscapes, the construction, automotive, and transportation sectors are relying increasingly on niobium-infused materials for their projects, further fueling market expansion.
The rise of superconducting magnet applications, primarily in healthcare and scientific research, is also expected to significantly contribute to demand.
Market Segmentation:
- By End-user: Construction, Automotive and Transportation, Oil and Gas, Aerospace and Defense, Others
- By Application: Steel Manufacturing, Superalloys, Others
- By Geography: APAC, North America, Europe, South America, Middle East and Africa
The study anticipates that the advent of evolving electronics and optoelectronics will act as a prime catalyst for market expansion in the coming years. Moreover, a noted shift toward value-added niobium products is expected to stimulate the market further.
Vendor Landscape and Region-Specific Analysis
A detailed vendor analysis within the report highlights the competitive nature of the market, featuring a roster of key industry players. These key vendors are strategically improving market positions through innovation and service offerings, setting the stage for future growth opportunities.
Regional analysis projects that the Asia-Pacific region, followed by North America and Europe, is set to hold substantial market share owing to industrial growth and the escalating demand in industries such as aerospace, automotive, and construction.
The niobium market study offers a thorough industry analysis with emphasis on the key influencers shaping the market. As industries worldwide continue to embrace high-performance materials, the niobium market is poised to experience significant growth, offering valuable insights for companies looking to strategize and harness the potential of emerging market trends and opportunities.
Companies Profiled
- Accumet Materials Co.
- Admat Inc.
- ALL METAL SALES
- ARA-T Advance GmbH
- Aritech Chemazone Pvt. Ltd.
- China Molybdenum Co. Ltd.
- Companhia Brasileira de Metalurgia e Mineracao
- Edgetech Industries LLC
- Excel Metal and Engg Industries
- Global Advanced Metals Pty Ltd.
- Globe Metals and Mining Ltd.
- H.C. Starck Solutions
- JX Metals Corp.
- Magris Performance Materials Inc.
- Otto Chemie Pvt. Ltd.
- Plansee SE
- Shree Bajrang Sales (p) Ltd.
- Wagener Elektrische Antriebstechnik GmbH
- Grondmet GmbH
- Manhar Metal Supply Corp.
For more information about this report visit https://www.researchandmarkets.com/r/17xrwc
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