Authored By: Sarah
11 Jul 2024

 Niobium Market to grow by USD 481.34 million between 2024-2028

According to a research report “ Niobium Market” by End-user (Construction, Automotive and transportation, Oil and gas, Aerospace and defense, Others) Application (Steel manufacturing, Superalloys, Others) Geography (APAC, North America, Europe, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 481.34 million at a CAGR of  5% during the forecast period. The niobium market is thriving due to the surge in global steel production. As a vital alloying agent, niobium is essential for the manufacture of high-strength, low-alloy (HSLA) steels. The expanding automotive, construction, and infrastructure sectors, which heavily rely on HSLA steels for their superior mechanical properties, are fueling market growth. These steels offer advantages such as high tensile strength, superior formability, and corrosion resistance, making them indispensable for lightweight yet robust applications. Consequently, the demand for niobium in steel production is projected to escalate substantially during the forecast period..

Browse market data tables, figures, and in-depth TOC on “Niobium Market” by End-user (Construction, Automotive and transportation, Oil and gas, Aerospace and defense, Others) Application (Steel manufacturing, Superalloys, Others) Geography (APAC, North America, Europe, South America, Middle East and Africa) Global Forecast to 2028.

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By End-user, the Construction segment is projected to dominate the market size in 2024.

In the global niobium market, this rare transition metal is indispensable for the steel manufacturing industry. Niobium, which accounts for less than 0.01% to 0.1% of steel's weight, significantly enhances the production of high-strength, low-alloy (HSLA) steels. These steels are a business essential in sectors like automotive, construction, infrastructure, and energy due to their superior mechanical properties and corrosion resistance. By improving steel's strength, toughness, and weldability, niobium enables the creation of lighter, more fuel-efficient vehicles, robust structures, and safer energy-related equipment.

By Application, Steel manufacturing  segment is expected to hold the largest market size for the year 2024.

In the global construction industry, niobium, a valuable alloying element, significantly contributes to the market. Known as columbium, this element enhances steel's properties, resulting in stronger, more durable, and corrosion-resistant materials. HSLA steels, a primary application of niobium, are essential for infrastructure projects, buildings, and bridges due to their ability to withstand heavy loads and extreme weather conditions. Niobium's impact on steel's strength-to-weight ratio makes it indispensable for constructing lightweight structures without compromising durability. Thus, the niobium market holds substantial importance in the construction sector.

APAC is forecasted to hold the largest market size by region in 2024.

In the Asia-Pacific (APAC) region, the niobium market has experienced robust growth due to escalating infrastructure development and industrialization. As a crucial alloying agent in high-strength and low-alloy steels, niobium demand surges in response to the steel industry's expansion. Rapid urbanization and industrial growth in China and India, marked by substantial investments in infrastructure projects, are primary drivers of this market's expansion. Key sectors include construction, transportation, and energy, with projects such as bridges, highways, power plants, and buildings fueling the demand for niobium.

The Niobium Market t growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • Accumet Materials Co.
  • Admat Inc.
  • ALL METAL SALES, INC.
  • 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.
.

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Research Analysis Overview

The Niobium market encompasses various industries, including aerospace, energy, and technology. Key components in this market consist of rocket subassemblies, gas turbines, jet engine components, and high-performance batteries, all of which require the use of iron-based superalloys that contain Niobium. Additionally, particle accelerators, medical imaging, wind turbines, and Electric vehicles, particularly Passenger cars, utilize Niobium in their manufacturing processes. World consumption of Niobium is driven by the demand for steel in Non-residential construction, Railway tracks, Steel reinforcing bar, Pressure vessels, Heavy machinery, and Structural steel. The mining of Niobium primarily comes from sources such as ferronibium, which is derived from Niobium ore resources, including pegmatites, granites, carbonatites, and alkaline intrusive deposits. Tantalum, another essential element, is often found in the same deposits as Niobium, making their extraction economically viable. Mining for Niobium and Tantalum involves the processing of tantalite, a mineral containing both elements. The global market for Niobium and Tantalum is expected to grow significantly due to the increasing demand for Lithium-ion batteries and the potential for transportation disruptions.

Market Research Overview

The Niobium market is a significant segment of the global metals industry, with key applications in various sectors including renewable energy facilities, power generation facilities, and the automotive industry. Market insight reports indicate that the economic downturn and geopolitical tensions have led to production analysis and commodity price volatility. Major producers of Niobium include countries with substantial niobium ore resources, such as Brazil, Canada, and Russia. Niobium is a strategic metal used in high-performance engines, superconducting magnets, and other advanced technologies. Its alloys are essential in various industries, including automotive, aerospace, and infrastructure development. The price of Niobium, particularly in the form of ferroniobium, has seen significant spikes due to increased demand and supply disruptions. The mining of Niobium involves extracting it from minerals like pyrochlore and columbite, found in pegmatites, granites, carbonatites, and alkaline intrusive rocks. The market growth for Niobium is driven by the increasing demand for lightweight materials in the automotive sector, as well as the expansion of the electric vehicles and renewable energy industries. The Niobec underground mine in Canada is one of the world's largest sources of Niobium, supplying a significant portion of the world's consumption. Other significant producers include Telex Metals, Horwin Brasil, and various steel makers. The niobium market is subject to various regulatory changes and geopolitical events that can impact its pricing and accessibility.

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Technavio Research
Jesse Maida
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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