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Niobium Market Overview
The niobium market size is forecast to reach US$1.7 billion by 2027 after growing at a CAGR of 5.1% during 2022-2027. Niobium is a gray, lustrous transition metal with robust properties of conductivity, resistance to corrosion, hardness, and high melting point. These superior properties determine their higher uses in several high-end applications such as the production of steel, superalloys, superconducting magnets, surgical implants, and many other applications. Niobium finds its extensive use in the production and refinement of steel. These steels are later used in several end-use industries such as construction, aerospace, and automobile. The construction industry is one of the largest markets that utilize steels produced using niobium in a wide variety of construction applications. This sector is exhibiting exceptional growth owing to the increasing investments and new project announcements and this is expected to drive the market’s growth during the forecast period. For instance, as per the report by India Brand Equity Foundation, FDIs received by India in the construction development sector (townships, housing, built up infrastructure and construction development projects) amounted to USD 26.14 billion between April 2000 and June 2021. Another major sector that is driving niobium’s higher uses is the aerospace and defense industry. Niobium contained in iron, cobalt, and nickel-based superalloys is utilized in high-temperature applications such as flying gas turbines, jet engine components, and rocket subassemblies. The aerospace and defense sector witnessing a massive boost globally with increasing demand for aircraft and space activities and this is expected to be another key factor in driving the market’s growth during the forecast period. For instance, as per Boeing’s Commercial Market Outlook 2021-2040 report, the commercial fleet in the world is projected to touch 49,000 airplanes by 2040. The complicated extraction process of niobium might hamper the market’s growth during the forecast period.
COVID-19 Impact
The niobium market got badly affected due to the COVID-19 pandemic as several challenges such as disruption in the supply chain and factory shutdown surfaced in the market. Market players were forced to adopt new work strategies to maintain a standard business operation during the pandemic. As per the April 2020 COVID-19 report by China Molybdenum Company Limited, the company established a team that coordinated efforts from every level of business units. The report also mentioned that all its operational sites are globally confronted with challenges due to the unprecedented circumstances amid the pandemic. The market witnessed decent growth towards the end with high expansion of various end-use industries. Going forward, the market is projected to witness robust demand with a massive boost in the construction and automobile industry globally.
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Niobium Market – By Application
The steel application segment dominated the niobium market in 2021 and is growing at a CAGR of 5.6% during the forecast period. Niobium finds its high uses in the production and refinement of steel and steel alloys globally to improve strength, toughness, corrosion resistance, and other properties. The demand for steel is increasing with the rise in production globally and this is projected to drive the growth of the market during the forecast period. For instance, as per the data by World Steel Association 2021 Stainless Steel Figures, in 2020, China, India, and Japan accounted for the top three major steel-producing countries with a crude steel production figure of 1064.8 MT, 100.3 MT, and 83.2 MT respectively. The European and the Middle East region registered high production figures with a production of 139.2 million tonnes and 45.4 million tonnes of crude steel respectively in 2020. Such increasing production of steel is expected to augment the higher uses of niobium, in turn driving the market’s growth during the forecast period.
Niobium Market – By End Use Industry
The construction industry dominated the niobium market in 2021. This industry is one of the most important markets for niobium. Steels produced with the use of niobium are used in high quantities in various structural applications in high-rise buildings, bridges, and other structures. The construction sector is on a progressive track as massive construction activities are carried out globally and this is expected to contribute to the market’s growth during the forecast period. For instance, as per the 2021 Statistical Report by European Construction Industry Federation, in 2020, Germany experienced a 1.5% growth in real terms in total investment in construction. Similarly, according to the stats by India Brand Equity Foundation, Foreign Direct Investment received between April 2000 and March 2021 in the construction development sector (built-up infrastructure, housing, and construction development projects) accounted for US$ 26.08 billion. This massive growth in the construction sector in the world is expected to increase the higher requirement of niobium, thereby driving the growth of the market during the forecast period.
Niobium Market – By Geography
The Asia-Pacific region held the largest market share in the niobium market in 2021, up to 34%. The high demand for niobium is attributed to the booming construction sector in the region. Niobium is utilized in structural steel and rebar steel which are consumed in high quantities in the region’s construction sector. The construction industry in the region is booming rapidly and this is expected to stimulate the higher utilization of niobium during the forecast period. For instance, as per the stats by trade.gov, the construction sector revenue value in China is projected to touch USD 1.1 trillion in 2021 which was USD 968 billion in 2019. Similarly, as per the report by India Brand Equity Foundation, India is projected to become the world’s third-largest construction market by 2022. This huge expansion in the region’s construction sector is anticipated to augment the high demand for niobium during the forecast period.
Niobium Market Drivers
Expanding aerospace and defense sector will drive the market’s growth
Niobium finds its high uses in the aerospace and defense sector. This metal is used in the production of superalloys (cobalt, iron, and nickel-based alloys) in the aerospace sector. These superalloys are later utilized in extreme temperature applications such as jet engine components, rocket subassemblies, and several other heat-resistant components. The aerospace and defense sector expanding globally with increasing demand for aircraft and rising space activities and this is projected to bolster the growth of the market during the forecast period. For instance, as per the May 2021 report by India Brand Equity Foundation, the Union Cabinet approved the draft legislation in 2020 that allowed the private sector to undertake or participate in a range of space activities such as providing launching services and developing rockets. Similarly, as per the November 2021 stats by Airbus, the company predicts demand for 39000 new passenger and freighter aircraft by 2040. Such expansion in the aerospace and defense sector is expected to increase the higher utilization of niobium, thereby driving the growth of the market during the forecast period.
Booming construction sector will drive the market’s growth
Niobium finds its extensive use in the construction sector globally. Niobium acts as a precipitation hardener and as a grain refiner in microalloyed and high-strength low-alloy steel. These steels are utilized in multiple structural applications in the construction sector. The construction industry is showing outstanding growth globally with increasing investments and new construction project announcements and this is expected to drive the growth of the market during the forecast period. For instance, according to the stats by Federal Reserve Economic Data (FRED), total residential construction spending in the US accounted for US$ 657,608 in September 2020 which was US$ 642,031 in August 2020. Similarly, according to the August 2021 data by Eurostat, the building construction sector in the Euro Union and European Area jumped by 3.8% and 3.1% respectively in June 2021. Such a high boost in the construction sector globally is projected to stimulate the high use of niobium, in turn driving the growth of the market during the forecast period.
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Niobium Market Challenges
The complicated extraction process of niobium might hamper the market’s growth
The extraction of niobium is a critical process which is a key challenge and this might hamper the market’s growth during the forecast period. The vast amount of unexplored niobium resources are present in undiscovered deposits in the world out of which some occur in covered or remote areas, making the extraction process more challenging and expensive. As per the August 2021 article by ResearchGate, many shortcomings and challenges exist in the extraction of niobium from its minerals. The niobium mineral ores contain various impurities such as refractory metallic oxides, radioactive materials, and certain amounts of rare earth elements which further makes the extraction and processing challenges. This complicated extraction of niobium might hamper the market’s growth during the forecast period.
Niobium Industry Outlook
Investment in R&D activities, acquisitions, product and technology launches are key strategies adopted by players in the market. Niobium major players include:
Acquisitions/Product Launches
In April 2021, NioCorp Developments Ltd announced that it has closed on the purchase of the land parcel on which the company’s Elk Creek Superalloy Materials Project operations will be located. This project will deal with the production of niobium, allowing the company to expand its niobium portfolio in the market.
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Key Takeaways:
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https://www.industryarc.com/Report/15967/niobium-capacitor-market.html
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