The market for niobium is expected to witness a CAGR of around 6% during the forecast period. Major factors driving the market are the increased consumption of niobium in structural steel and extensive utilization of niobium-based alloys in manufacturing aircraft engines. Niobium, being an abundant element with a small number of producers around the world, can hinder the growth of the market studied.
- The construction industry dominated the market and is expected to grow at a healthy rate during the forecast period as niobium-based alloys are exceptionally meeting the challenges regarding fire resistance and seismic requirement of modern artistic construction. - Increasing demand for high strength and lightweight steel in oil & gas pipelines is likely to act as an opportunity in the future. - Asia-Pacific dominated the market with the largest consumption from countries, such as China and Japan.
Key Market Trends Construction Sector to Dominate the Market
- As present day structures and buildings are becoming more and more complex and ambitious, the demand for performance-oriented construction materials is consistently increasing, in order to employ sustainable, elegant, and cost-effective methods or solutions. This, in turn, has increased the dependence on micro-alloying with niobium to produce high-quality steel to meet these present day requirements. - High-strength niobium microalloyed plate products are used in the construction of bridges, viaducts, high-rise buildings, etc. Heavy machinery, pressure vessels, etc. represent additional applications of microalloyed plates. Niobium materials, especially, are used in combination with steel in earthquake prone areas. - The increasing urbanization, rising standard of living, and the growth of the repair construction industry (due to replacement of old infrastructures) ensure a sustained increase in the demand for steel. In addition, the usage of high strength steel helps cut down raw material costs and the building’s overall weight. - The building and construction industry is currently a thriving industry in several emerging economies of the Asia-Pacific and European regions, and this is going to drive the demand for HSLA steel, which provides cost savings through reduction of weight in buildings, while also preventing infrastructure failures. - The factors driving the building and construction industry are ever-increasing population, rapid urbanization, and the rise in purchasing power. As a result of which, investments in infrastructure are being made and are in pipeline. - Adding to these, several vanity projects in the Middle East and building of commercial constructions, such as airports, etc. are expected to drive the market in future.
Asia-Pacific to Dominate the Market
- Asia-Pacific dominated the global market. With accelerating usage in structural steels and growing usage in the automobile and aerospace industry in countries, such as China, India, and Japan, the consumption of niobium is increasing in the region. - The consumption of niobium is very high in steel manufacturing in the form of ferroniobium, and the construction industry is thriving in several emerging economies, such as China and India, among others. - Currently, China is majorly focusing on increasing the production and sale of electric vehicles in the country. For this purpose, the country has planned to increase the production of electric vehicles (EVs) to 2 million a year by 2020, and 7 million a year by 2025. The target, if achieved will increase the share of electric vehicles to 20% of total new car production for China by 2025. This is, further likely to increase the production of vehicles in the country in the coming years. - Japan’s electrical and electronics industry is also one of the world’s leading industries. The country is a world leader in the production of video cameras, compact discs, computers, photocopiers, fax machines, cell phones, and various other key computer components. - Consumer electronics account for a third of Japan’s economic output. There has been a constant rise in the demand of consumer electronics from the country, due to its durability and quality. - Similarly, in Australia, the building and construction sector contributes around 8% of the GDP. The country is expected to recover, with non-residential building activity and engineering construction increasing in the next two years, owing to the upcoming major road and rail projects, which might further uplift the consumption of steel during the forecast period. - Thus rising demand from various countries is likely to propel the market studied
Competitive Landscape The global niobium market is dominated by CBMM accounting for 84% of the market, which holds a monopoly over niobium supply. The other prominent companies include China Molybdenum Co. Ltd (CMOC International), NIOBEC (Magris Resources Company), Alkane Resources Ltd, and Grandview Materials, among others.
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