Niobium Market

Niobium Market Highlights

The global niobium market is expected to cross a value of USD 3252.6 million by the end of 2032. The market was valued at USD 1986.2 million in 2023 and is expected to expand at a CAGR of 8.3% between 2024-2032.

• Over the mid-term, the accelerating use of structural steel is the primary factor anticipated to drive the global niobium market.
• The limited availability of niobium reserve is a major factor to challenge the market growth.
• The Asia Pacific niobium market is projected to dominate the global market.

Niobium Market Outlook

Niobium, with atomic number 41, is a chemical element that belongs to the group of transition metals in the periodic table. Also known as columbium, the chemical is a lustrous, gray, ductile metal that is often found in association with tantalum in minerals, such as columbite and tantalite.

Our researchers at KD Market Insights have analyzed that the growing use of structural steel is one of the major factors predicted to drive the market growth. Structural steel is mainly used as a reinforcement material in the construction industry and due to the ability of niobium to enhance the strength and corrosion resistance of steel, it finds extensive use in construction applications. As per our research analysts, the growing spending on construction, which is growing at about 8% and touched nearly USD 2 trillion in August 2023, the number of construction activities is growing massively, thereby generating opportunities for the demand for niobium. Anglo American plc, Global Advanced Metals, and CBMM are some of the significant parties in the global market for niobium.

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Niobium Market Drivers – Analyst’s Observation

According to the analysts at KD Market Insights, some key growth drivers for the global niobium market are:

• Rising Demand for Niobium from Automotive Sector: Niobium is a crucial alloying element in high-strength, low-alloy (HSLA) steels used in automotive manufacturing. Owing to the growing production of vehicles and the expanding automotive industry, the demand for niobium from the automotive sector is expected to grow. According to the statistics by the International Organization of Motor Vehicle Manufacturers (OICA), the production of vehicles in 2022 was 85016728 units.
• Expanding Demand for High-Performance Materials in Aerospace & Defense: Owing to the excellent mechanical properties of niobium, such as high-temperature resistance and lightweight, niobium alloys are used widely in the aerospace and defense sectors. With increasing global defense spending and the expansion of commercial aerospace activities, there is a rising demand for niobium-based materials for aircraft components, missile systems, and defense equipment. Such a factor is expected to drive the demand for niobium. According to our researchers, global military spending is projected crossed USD 2 trillion in 2022 with the United States registering the highest share of about 40% of this global spending.

Which Probable Factors Could Hamper the Growing Niobium Market Trend?

As per our KD Market Insights analysis, some of the challenges expected to limit the global market growth of niobium are:

• Limited Availability of Niobium Reserves: The reserves of Niobium are concentrated in a few countries, as a result of which, the production of these rare resources is a challenge.
• High Mining Cost of Niobium: The mining and process of niobium are capital-intensive, and hence require significant investment in equipment, infrastructure, and technology. As a result, the high mining costs associated with the chemical is expected to hinder the market growth.

How is the Global Niobium Market Segmented?

Our experts at KD Market Insights have segmented the global niobium market as:

What are the Probable Factors Influencing the Asia Pacific Niobium Market Forecast?

The Asia Pacific niobium market is majorly driven by the rising demand for niobium-containing steels in the construction, automotive, and manufacturing sectors, supported by rapid industrialization, urbanization, and infrastructure development. In addition to this, the presence of a strong automotive industry in the region, especially in countries, such as Japan, South Korea, China, and India, the demand for niobium in the automotive industry for the production of advanced high-strength steel, such as high-strength, low-alloy (HSLA) steels, is expected to increase.

As per our analysts at KD Market Insights, the following five players lead the Asia Pacific niobium market growth:

• CBMM (Companhia Brasileira de Metalurgia e Mineração)
• TISCO (Taiyuan Iron & Steel Group Co., Ltd.)
• JFE Steel Corporation
• China Molybdenum Co., Ltd.
• Sumitomo Corporation

Which Key Players Top the Global Niobium Market Share?

As per our analysts at KD Market Insights, the competitive landscape of global niobium market facilitates our readers in identifying their closest competitors. The manufacturers who are associated with niobium market are raising their focus on expanding their presence, as well as their market share. The market has also been witnessing an upward movement in the number of collaborations between research institutions and key players, aimed at introducing advanced technologies and innovation of new products. Here is a list of the key players who top the global niobium market share:

• Anglo American plc
• Global Advanced Metals
• CBMM
• Advanced Manufacturing Group
• Zhuzhou Orient Kylin Special Metal Materials Co., Ltd.
• Magris Resources Inc.
• Molycorp
• Alkane Resources Ltd.
• Grandview Materials Inc.
• NioCorp Development Ltd

What are the Recent Developments Observed in the Niobium Market?

Over the years, the experts at KD Market Insights have been observing the recent developments associated with global niobium market trends. Our expert’s market forecast analysis has recorded the market players adopting plentiful of key strategies including new product launches, mergers & acquisitions, and collaborations.

For instance, CBMM recently stated that it has invested USD 80 million for expanding its niobium oxide capacity from 500 tons to 3000 tons, expected to be functional by 2024.

Further, Kymera International shared that it has acquired Telex Metals, a company which is a global supplier of niobium particulates.