Aug 25, 2021 (The Expresswire) -- Global "Niobium Market" research report research focuses on important aspects such as in-depth analysis of the latest developments, market size, status, upcoming technologies, industry drivers, challenges, regulatory policies, with key company profiles and strategies of players. Furthermore, global Niobium market research report offers product classification, important concepts, and other industry-specific parameters. This report also includes the key factors according to present business strategies and events such as alliances, mergers and acquisitions, and new product launches.
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Niobium Market competition is assessed by top manufacturers, with production, price, revenue (value), and market share for each manufacturer. It offers a complete evaluation of every area including the volume of the global Niobium market in that area in the estimated duration. This well-drafted report entails the existing market status, historical data, and projection outlook. A detailed segmentation analysis of the market is done on regions, types, and applications in the report. The report tracks primary trends that decide future growth prospects in the global market.
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About Niobium Market:
The Niobium Market is expected to expand at a healthy CAGR of over 6.88% during 2018-2023 (the forecast period). Niobium, a rare-earth element, is used mostly in the form of ferroniobium by the steel industry. It is employed as niobium alloys and metal by the aerospace industry.
Accelerating Usage in Structural Steels
Niobium, when added to steel, increases strength and durability. This makes the present day structural or construction projects more efficient and safer than ever. In addition, lean structures ensure fast construction and less operational costs, which, in turn, makes niobium the best option to be employed in infrastructural projects, such as artistic buildings, bridges, and airports. Moreover, utilizing advanced niobium technology reduces raw material consumption, such as conventional steels and concrete, which, in turn, makes such structures eco-friendly.
Aerospace and Defense â the Fastest Growing Segments based on Usage
The amount of niobium used in the aerospace industry is expected to reach a volume of 18,000.34 metric ton by 2023, registering a CAGR of about 7.57% over the forecast period. Niobium is likely to be used majorly in the aerospace and defense industries as a super alloy, to offer creep strength. Major end-use distribution of reported niobium consumption is as follows: steels, about 76%, super alloys as 24% followed by superconducting magnets, capacitors and glass.
Regional Players in the Niobium Market
The biggest demand for niobium comes from North America, Europe, and countries, like China. China is home to the worldâs fastest-growing market for niobium, which is reflected in the size of its steel industry and the rapid rate of expansion in output over the recent years. Currently, different companies are aiming to produce niobium in Australia, with current and new mining areas and projects that are undergoing continuous exploration and feasibility tests.
Notable Developments in Market
March 2018: World's leading supplier of niobium, CBMM funded research into key steel alloying element in SAARLAND University and Steinbeis Material Engineering Center Saarland (MECS) using their 3D analytical techniques.
April 2016: Anglo American sold niobium and phosphates businesses to China Molybdenum for USD 1.5 billion.
The impact of end-user applications on the market
Various perspectives of the market with the help of Porterâs five forces analysis
Countries expected to witness the fastest growth rates during the forecast period
