Niobium Oxide market Rising Trends, Demands and Business Outlook 2022-2030
The global niobium oxide market is estimated to inflate on account of its extensive use in the electronic industry and construction industry, shares Fortune Business Insights™, in its report, titled, “Niobium Oxide Market, 2022-2030.”
Niobium oxide can be transformed in several forms, such as niobium pentoxide among others. It is primarily used to produce niobium metal, but special applications of lithium niobate exist as a component of optical glass. The construction industry is the biggest consumer of niobium across the globe. It is majorly used in steel production. Approximately 50% of all steel produced worldwide is used for construction purposes. Extensive niobium oxide ore reserves can be found in countries, such as Canada, Brazil, Nigeria, Zaire, and Russia.
Massive-strength niobium micro-alloyed plate products are used in the construction of sturdy bridges, viaducts, and skyscraper buildings, among many other such projects. Heavy machinery and pressure vessels represent further applications of micro-alloyed plates.
The surging demand for the LWV or lightweight weight vehicles and the substantial utilization of niobium in the automobile industry is estimated to fuel the demand for niobium oxide in the market. Moreover, the rising usage for the production of high-performance electro-ceramics is estimated to further promote the growth for the niobium oxide market.
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On the basis of type, the global niobium oxide market is classified into niobium monoxide, niobium dioxide, and niobium pentoxide.
Based on the application, the market is further categorized into metal extraction, electronics, optical glass manufacturing, and alloy manufacturing,
With a geographical stand-point, the global market is segregated into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
The outbreak of the COVID-19 pandemic has substantially affected the niobium oxide market. Metal processing units have shut down production as the lockdown has disrupted the transportation process. Various industries such as the mining, construction, automotive, and others are facing difficulties, such as delays in project work, on account of the unforeseen lockdown. Manufacturing process was also disturbed and the lack of skilled operators on the ground has impacted businesses.
Although all this commotion caused by the coronavirus has slowed the market, moderate growth was observed in the second half of 2020, with a high potential for progress foreseen in the future.
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Highlights of the Report
The report offers an integrated evaluation based on thorough research of the market. It further provides in-depth insights of the current market trends and future opportunities. The report sheds light on the market drivers and restraints. Moreover, key players and their business strategies are carefully studied and presented in the following report. Thorough analysis of regional insights is stated and its prominence on the global market is observed in the report.
Surging Utilization of the Chemical in Electronics to Propel Market Growth
Various forms of niobium oxide are vastly utilized in electronics and the electrical industry. Niobium is estimated to be found around 20 times more extensively in nature than that of tantalum, which is majorly used in the electronics industry. Niobium oxide is also used vastly as an alloying element in the steel production industry in large quantities, beating the usage in the electrical industry. These factors are estimated to work in favour of niobium oxide and further propel the market growth during the forecast period.
On the other hand, the adverse health impacts of niobium oxide are estimated to hamper the market growth. If the niobium oxide is inhaled, it employs primarily in the lungs, and secondarily in bones as it works like an activator of enzymes impeding with calcium.
Latin America to Top the Market Backed by Ample Niobium Oxide Reserves
Latin America is expected to hold the majority of the shares in the global niobium oxide market and maintain its leading position. This is owing to the natural niobium ores found in this region in abundance. In 2018, the mine production of niobium in Brazil approximately amounted to 100 thousand metric tons. This showcases a rise of approximately 19.70% when compared to 2017. This is the highest output reported in the mentioned period. The state of Minas Gerais was reported as the largest producer of niobium in the country.
North America is expected to hold the second-largest share in the market owing to the extensive niobium oxide reserves found in Canada. This is anticipated to bolster the market growth in this region.
Asia Pacific is estimated to witness considerable growth on account of the rising electronic industry and presence of giant electrical manufacturers in this region. This is expected to foster the market growth in this region during the forecast period.
Mergers and Acquisitions among Key Players to Boost Market Growth
Prominent players are always vigilant while planning any strategies to lead in the market and maintain their dominance in the global market. Launching products, signing partnership agreements, and acquiring other partner companies to make notable progress in the market are some effective strategies.
For instance, in January 2020, NioCorp Developments Ltd. secured legal agreements with various south-eastern Nebraska landowners, majorly to expand purchasing options of land parcels for the company. The purchased land is planned to be used for the proposed Elk Creek Superalloy Materials Project. This agreement covers a total of 226 acres of land. This is estimated to help NioCorp Development Ltd. enhance its brand name in the global market.
July 2019: Plansee, a major player in the market, strengthened its performance potentiality by making an investment of 210 million euros. This crucial investment is reckoned for making major automation upgrades in the production process and currently in action manufacturing plants.
List of Key Players Covered in the Niobium Oxide Market
- A&M Group
- Hebei Suoyi Chemicals Co., Ltd.
- Kurt J. Lesker
- Taizhou ATS Optical Material Co., Ltd
- Luoyang Tongrun Technology
- ESPI Metals
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