Pune, India, April 25, 2023 (GLOBE NEWSWIRE) -- The global niobium market size is expected to gain momentum owing to the rising demand for steel in various applications during the forecast period. This information is published by Fortune Business Insights™ in an upcoming report, titled, “Niobium Market, 2021-2028.”
Niobium is a chemical element with the symbol Nb and atomic number 41. It is a soft, gray, ductile metal that is often used as an alloying element in steel and other materials. Niobium has a high melting point and is resistant to corrosion and oxidation, making it useful in many industrial applications. Niobium is found in minerals such as columbite and pyrochlore, and is typically extracted through a series of complex processes involving acid leaching, solvent extraction, and precipitation. It is used in a variety of applications, including the production of superconducting magnets, capacitors, and electronic components
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List of Key Players Profiled in the Niobium Market Report:
- Anglo American
- Global Advanced Metals
- CBMM
- Advanced Metallurgical
- Magris Resources
- SDMS
- Molycorp
- Alkane Resources
- Grandview Materials
Report Scope & Segmentation:
| Report Attributes | Details |
| Forecast Period | 2023-2030 |
| Historical Data | 2019-2021 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
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| Regions Covered |
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| Niobium Market Growth Drivers | Increasing Demand in Steel to Stimulate Growth |
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Segments-
By type, the market is segmented into ferroniobium, niobium oxide, niobium metal, vacuum grade niobium alloys. On the basis of application, the market is segregated into steel, superalloys, superconducting magnets, capacitors, glass, and others. On the basis of end-use, the market is fragmented into construction, automotive, aerospace & defense, oil & gas, and others. Finally, by geography, the market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Geographic Segment Analyzed in the Report:
- North America (USA and Canada)
- Latin America (Brazil, Mexico, and the rest of Latin America)
- Europe (UK, Germany, France and the rest of Europe)
- Asia Pacific (China, Japan, India, and the rest of the Asia Pacific region)
- Middle East and Africa (GCC and rest of the Middle East and Africa)
COVID-19 Impact-
Detrimental Impact of Covid-19 on Chemical Industry
COVID-19 had a negative impact on the market due to the pandemic, several countries throughout the world went into lockdown, resulting in a drop in niobium demand from various end-user industries, as all manufacturing and building activities were halted.
Drivers & Restraints-
Increasing Demand in Steel to Stimulate Growth
The global niobium market growth is expected to grow due to the increasing demand in steel during the projected period. The rising demand for steel in a variety of applications will help to increase the usage. The product is used in steel as ferroniobium in the pipeline, construction, and automotive industries to make high strength and low alloy steel. Stainless steel is the most common application. The usage in steel not only makes it stronger, but it also helps to minimize the amount of steel required, lowering the overall cost. Increased usage of light-weight steel in the automobile industry, improvements in steel manufacturing, will help to ensure product demand.
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REGIONAL INSIGHTS
Increasing Demand in Construction Industry to Promote Growth in Asia Pacific
Asia Pacific is expected to hold the largest global niobium market share during the forecast period. The rising adoption in the construction industry, and increasing application in the steel industry are expected to drive the market in the region.
North America is expected to have a sizable market. This is due to rising adoption of the product in super alloys & capacitors applications is expected to drive the market.
Competitive Landscape-
Increasing Number of Mergers to Create Opportunities for Prominent Players
Product launches, product approvals, and other organic growth tactics such as patents and events are being prioritized by a number of companies. Mergers, expansions, acquisitions, and partnerships, and new product development, are highlighted as strategic techniques used by prominent corporations. These efforts have paved the road for market players to expand their business and client base.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Key Developments: Capacity Expansions, Acquisitions, Partnerships, etc.
- Latest Technological Advancement
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
- Qualitative Insights on Impact of COVID-19 on Global Niobium Market
- Supply Chain Analysis & Challenges due to Covid-19
- Steps taken by Government / Companies to Overcome this Impact
- Potential Challenges and Opportunities due to COVID-19 Outbreak
TOC Continued...!
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Industry Development-
January 2020: NioCorp Developments Ltd signed legal agreements with numerous landowners in southeastern Nebraska, mostly to expand the company's land acquisition options. These are expected to be used in the Elk Creek Superalloy Materials Project. This deal encompasses 226 acres of land in total.
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