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Niobium appears as a light grey color crystalline metal. It could be found in the earth's crust and in the minerals like columbite and pyrochlore. The niobium has the ability to transforms into a superconductor at cryogenic temperature. Additionally, the product is majorly utilized to provide high strength to low alloy steels, it also offers wear resistance and surface hardness properties. It also has good mechanical properties, due to that it applied for gas pipelines, ships hulls, railroad tracks, and car & truck bodies. Niobium is also used for the production of superconducting magnets, alloys, optical modulators, mobile telephones, glasses, and surface acoustic wave devices.
The increasing demand for steel in various applications will aid to boost the consumption of niobium. The product is utilized in steel as ferroniobium for the production of high strength, and low alloy steel for the pipeline, construction, and automotive industries. It is mainly used in stainless steel. The addition of niobium in the steel not only makes it stronger but also helps to reduce the requirement of steel, thereby decreases the overall cost. The increasing use of lightweight steel in the automotive industry coupled with enhancement in steel manufacturing will help to surge the product demand. Hence, rising product demand will fuel the niobium market growth during the forecast timeline.
However, the rare availability of niobium causes limited in supply and restrict its adoption in various application. Hence, this іѕ anticipated hindering the market growth.
Key Market Driver -
The rising demand for steel in various application will help to surge the product demand.
Key Market Restraint -
Lack of availability to restrict the market growth
Based on type, the niobium market is segmented into ferroniobium, niobium oxide, niobium metal, and vacuum grade niobium alloys. Based on application, the market is segmented into steel, superalloys, superconducting magnets, capacitors, glass, and other. Based on end-use, the market is segmented into construction, automotive, aerospace and defence, oil and gas, and other. From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
The key players in the niobium market include Anglo American, Global Advanced Metals, CBMM, Advanced Metallurgical, and Magris Resources. Other players include SDMS, Molycorp, Alkane Resources Ltd., Grandview Materials Inc., Corevale Limited, NioCorp Developments Ltd., Taseko Mines Ltd., and Titanex GmbH.
Asia Pacific is anticipated to witness the highest growth in the niobium market. The growth is attributed to the rising adoption of the product in the construction industry. Further, the rising adoption of the product in steel manufacturing will fuel the market growth in this region. The increasing use of niobium in the automotive and aerospace & defense industry will fuel the market growth in Europe. In North America, the growth is due to the adoption of the product superalloys & capacitors applications. The Middle East & Africa is anticipated to witness significant growth, owing to the adoption of the product in the oil & gas industry.
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