Niobium Market 2024 – Market Size & Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Forecast 2030

The global market value of Niobium Market was valued at USD 1.9 million in 2022, and CAGR of 5.6% is expected during the forecast period. Rising demand for steel in various applications during forecast period is driving growth in the market significantly. Product is primarily used to provide strength to low-alloy steels. It also offers wear resistance, and surface hardness properties. Increasing demand for the production of superconducting magnets, alloys, mobile phones, and glasses are driving growth in the market significantly. Increasing demand for steel in automotive, pipeline, and other industries is driving growth in the market significantly.

Growth Drivers

Niobium is primarily used in steel industry and infrastructure development

Niobium is primarily used as a micro-alloy in steel production to enhance strength toughness, and resistance to heat. The rising demand for high strength, low alloy steel in the construction, automotive and energy sectors is a significant driver. Large scale infrastructure projects especially in emerging economies, are increasing the demand for niobium containing steel. Niobium is crucial for aerospace, and defense sector, particularly in jet engines, and rocket parts.

Niobium’s superconductor properties make it valuable in electronics, and other advanced technologies, including MRI scanners, and particle accelerator. Increasing demand for the products for energy storage, and nuclear reactors are driving growth in the market significantly. Niobium is relatively scarce, with limited production primarily concentrated in Brazil. As industry’s aim to reduce carbon footprint, and comply with environment regulation, Niobium’s ability to improve efficiency, and durability of materials make it an attractive option.

Segmentation

By Type

·         Ferroniobium

·         Niobium Oxide

·         Niobium Metals

·         Vacuum Grade Niobium Alloys

By Application

·         Steel

·         Super Alloys

·         Capacitors

·         Glass

·         Others

By End-Use

·         Construction

·         Automotive

·         Aerospace

·         Oil and Gas

·         Defense

·         Other

Regional Outlook

·         Asia Pacific

·         North America

·         Latin America

·         Europe

·         Middle East and Africa

Niobium Market by Application Segmentation

On the basis of the applications, the Niobium market is segmented into steel, superalloys, capacitors, glass, and others. Steel is the leading segment in the market due to rapidly growing demand in construction, aerospace, and defense sector. Steel segment is expected to dominate during the forecast period as well. Niobium is primarily used in the production of High-strength low alloy steels, which are valued for their superior strength and toughness. Adding small amounts of niobium significantly enhances these properties making the steel more durable and resistant to wear. These steels are widely used in construction industry, particularly for large infrastructure projects like bridges, skyscrapers, and pipelines.

Automotive industry is focused on reducing vehicle weight to improve fuel efficiency, and reduced emission. Stringent safety standards in automotive industry also drive the demand for stronger and more reliable materials, further boosting the need of niobium in steel production. Energy sector particularly in oil and gas relies heavily on pipelines made from niobium enhanced steel. Increasing demand for niobium alloyed steels in power generation equipment, such as turbines and boilers, where high temperature and pressure resistance are essential. Rapid industrialization in emerging markets has driven demand for steel in automotive, construction, and infrastructure projects.

Global trend towards urbanization has increased the need for high strength construction materials, further boosting the demand for niobium alloyed steel. Niobium alloyed steels are often used in applications, that require energy efficiency, such as in wind turbine, and other renewable energy technologies. Sheer volume of steel production globally ensures that it remains the dominant segment in niobium market. Value added by niobium in enhancing steel properties makes it a critical component.

Regional Outlook

On the basis of the regions, the Niobium market is segmented into 5 regions: Asia Pacific, North America, Latin America, Middle East and Africa, and Europe. Asia Pacific is the leading region in the market due to increasing demand for niobium in China, Japan, South Korea, and India. Region’s growth sis driven by its expanding construction, automotive, and infrastructure industries, which requires niobium as an alloying element to improve the strength and durability of steel and other materials.

Increasing urbanization, rapidly increasing population, and industrialization is driving growth in the market significantly. North American market is also witnessing significant growth due to rapidly growing construction sector. Industrialization in North America is at the boom, and the need for niobium as an alloy is driving growth in the market. United States has a strong aerospace, and defense industry, which require niobium alloys for manufacturing high performance jet engines, rockets, and other critical components. Niobium’s ability to withstand extreme temperature and its strength to weight ratio make it deal for these applications the automotive sector in United States, and Canada uses Niobium to produce high-strength low-weight steels.

Increasing demand to improve vehicle safety, fuel efficiency is driving growth in the North American market significantly. Presence of key players in North America, and Europe are driving growth in the market. Sheer volume of steel production globally ensures that it remains the dominant segment in the niobium market. Value added by niobium in enhancing steel properties makes it a critical component, ensuring sustained demand. Middle East and Africa, and Latin America is witnessing moderate growth during the forecast period due to increasing industrialization, and urbanization. Increasing value addition by niobium in enhancing steel properties is making it a critical component, ensuring sustained demand for the steel.

Key Players

·         CBMM, Advance Metallurgical

·         Magris Resources

·         China Molybdenum Co. Ltd.

·         Anglo American plc

·         Global Advanced Metals

·         SDMS, Molycorp

·         Titanex GmbH

·         Niocorps Development Ltd.

·         Alkane Resources Ltd

·         Corevale Ltd

·         Other Players