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, 2022-2029.” It has a light grey tint and a crystalline appearance. It’s found in minerals like columbite and pyrochlore, and in the earth’s crust. It has the ability to turn into superconductors at cryogenic temperatures and is used to provide high strength to low alloy steels. It also has wear resistance and toughness on the surface. It is used for gas pipelines, ship hulls, train tracks, and vehicle and truck bodies due to its excellent mechanical qualities. It’s also utilized to make superconducting magnets, alloys, optical modulators, and mobile phones.
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.
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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.
What does the Report Offer?
The report for niobium consists of an overview of the related technologies market. Identifying new market prospects and developing focused promotional programs. The research includes data on major drivers, restraints, and opportunities, and complete analysis of the market share.
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.
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 superalloys & capacitors applications is expected to drive the market.
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.
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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List of Key Players Profiled in the Global Market for Niobium:
- Anglo American
- Global Advanced Metals
- Advanced Metallurgical
- Magris Resources
- Alkane Resources
- Grandview Materials
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