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Niobium is a light grey coloured crystalline element which was formerly known as columbium. It has high ductility and slowly oxidizes in the earth’s atmosphere. Niobium has oxidation states +5, +4, +3 and +2 of which +2 is rarely observed to form niobates. The pentoxide form is the most versatile and is the precursor of most of the niobium compounds and alloys.
Niobium monoxide is a superconducting material with transition temperature of 1.38 K. It is used in capacitors as dielectric. The increasing demand for niobium capacitors from electrical and electronics sector is likely to boost the market for niobium oxide. Additionally, niobium dioxide is a strong reducing agent which is used in industrial processes of producing niobium metal. Lithium niobate, a compound produced from niobium pentaoxide is used in making of optical glass. This is expected to foster the market growth.
However, the compounds derived from niobium oxide can be toxic in nature. On inhalation of these compounds, they are retained in lungs and secondly in bones. The health issue that arise due to the exposure of niobium oxide and derivatives is expected to hamper the market growth.
Key Market Driver -
Increasing demand from electronic sector.
Key Market Restraint -
Toxicity of niobium oxide derivatives.
Based on type, the market is segmented into niobium oxide, niobium dioxide, niobium pentaoxide and others. Based on application, the market is segmented into, metal extraction, optical glass manufacturing, electronics, alloy manufacturing, and others.
From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
The global niobium oxide market consists of global & regional players operating. Some of the key players in the market include AandM Group, Hebei Suoyi Chemicals Co., Ltd, Plansee, Kurt J.Lesker, Taizhou ATS Optical Material Co., Ltd, Luoyang Tongrun Technology, ESPI Metals, and Others.
The market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Latin America is expected to dominate the market attributed to the high reserves of niobium in Brazil. In 2013, almost 80% of the global production of niobium ores was shared by Brazil. North America is expected to hold the second largest share attributed to the reserves in Canada. Asia Pacific is expected to show considerable growth attributed to the growing demand from electronic industries on southeast Asian countries. Europe and Middle East and Africa are expected to show considerable growth by the end of the forecast period.
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