The Niobium Market is estimated at USD 2.84 billion in 2023. Further, the market is expected to grow from USD 2.93 billion in 2024 to USD 3.93 billion in 2031 at a CAGR of 4.3%.
Niobium Market Market Overview
Niobium Nb (Columbium) is a highly strategic mineral with a high melting point, low density, and superconductor properties; Brazil holds almost all the niobium world's reserves, followed by Canada. The primary mineral from which niobium is obtained is known as pyrochlore. It is also found in small quantities in many other minerals, such as tantalite, euxenite, and xenocthulite. The reserves are enough to supply current global demand for about 500 years, about 460 million tonnes.
Niobium has an important role in steel alloys for the aerospace industry and future potential for the industry's superconductors. Niobium consumption is dominated by its use as an additive to high strength low, alloy steel and stainless steel for oil and gas pipelines, car and truck bodies, architectural requirements, tool steels, ship hulls, and railroad tracks. The steel business utilizes almost 80% of the world's delivered niobium to make high-grade structural steel. The second largest application for niobium is nickel-based superalloys. Most of the niobium produced each year is used in the production of alloys. These alloys are used in various applications, including aircraft engines, pipelines, chemical processing equipment, and welding rod coatings.
Latest Trends in the Niobium Market
Increasing Production & Usage of Niobium in Emerging Economies:
In the U.S., in 2022, the niobium consumption was estimated to be 7,600 tons, a 4% increase from that in 2021. Brazil continued to be the world's leading niobium producer, accounting for nearly 89% of global production, followed by Canada with about 8%. Brazil's total exports were 56,700 tons from January through August 2022, 6% less than during the same period in 2021. Most of Brazil's exports were sent to China, followed by the Netherlands and Singapore. In 2022, a leading niobium producer in Brazil announced plans to invest $1.7 billion in its production assets to double its sales volume by 2030.
The company completed its most recent facility upgrades in late 2021, increasing its total production capacity of ferroniobium to 150,000 metric tons per year (approximately 98,000 tons per year of niobium content). The completion of those projects would provide a significant increase in production in Brazil over the next decade.
Driving Factors
Increasing Application Areas of Niobium in Different End-User Industries:
Niobium is at the forefront of numerous new-age technologies, including gas and wind turbines, medical imaging, particle accelerators, space travel, and the manufacture of high-performance and ultra-safe ultra-rapid rechargeable batteries for electric vehicles. Niobium is used in nickel, cobalt, and iron-based superalloys for jet engine components, gas turbines, rocket subassemblies, turbocharger systems, heat-resisting, and combustion equipment. The use of niobium in rechargeable batteries is an exciting development for niobium. Toshiba’s next-generation rechargeable battery for electric vehicles features a niobium anode, allowing for higher performance, longer life, quicker charging, and safer batteries, and it is expected to become the industry standard.
Continuous advancements in manufacturing technologies have led to the development of new applications for niobium. Additive manufacturing techniques such as 3D printing have opened new opportunities for niobium-based alloys in various industries.
Market Challenges
High Installation, Equipment, and Operating Costs:
Niobium is typically used in structural steel, chemical, or super and master alloy industries. Niobium prices range from $45 per kilogram ($45,000 per tonne) for standard ferroniobium metal to over $50 per kilogram for niobium pentoxide (Nb2O5). Higher purity and more specialized products realize higher prices. The volatility of niobium prices is extremely low, one key factor in customer supply-chain certainty. Niobium is a relatively rare element, and most global production is concentrated in a few countries, such as Brazil and Canada. Limited availability of niobium reserves and production capacity can create market supply constraints and price volatility. The demand for niobium is closely linked to the performance of steel, construction, and automotive industries. Economic downturns, fluctuations in these industries, or shifts in global economic conditions can impact the demand for niobium.
Companies Mentioned
Anglo American plc
AMG Critical Materials NV
Ningxia Orient Tantalum Industry Co., Ltd.
CBMM
|
Global Molten Salt Thermal Energy Storage- Market Scope, |
|
|
Report Scope |
Details |
|
Market Value, 2023 |
USD 2.84 billion |
|
Market Growth (Value), (2024-2031)- % |
4.3 |
|
Leading Region |
XX |
|
Base Year |
2023 |
|
Forecast Period |
2024 to 2031 |
|
Segments Covered |
By End User, By Type, and By Application |
|
Geography Covered |
North America, Europe, Asia-Pacific, South and Central America, and Middle East & Africa |
Market Segmentation
|
|
|
|
By Type |
|
|
By End-User |
|
|
By Application |
|
|
By Geography |
|
TABLE OF CONTENTS
1. GLOBALNIOBIUMINDUSTRY
1.1. Market Scope and Definition
1.2. Study Assumptions
2. NIOBIUM MARKET LATEST TRENDS, DRIVERS AND CHALLENGES, 2023-2031
2.1. Niobium Market Latest Trends
2.1.1. Increasing Production & Usage of Niobium in Emerging Economies:
2.1.2. Niobium Emerging as a Battery Industry Game Changer:
2.1.3. Development of High-Performance Electro Ceramics:
2.1.4. Growing Renewable Energy Sector:
2.1.5. Increasing R&D on Niobium for New Applications:
2.2. Niobium Market Insights, 2023-2031
2.2.1. Leading Niobium Types, 2023-2031
2.2.2. Dominant Niobium Application, 2023-2031
2.2.3. Leading Niobium End-User, 2023-2031
2.2.4. Fast-Growing Geographies for Niobium, 2023-2031
2.3. Niobium Demand Drivers to 2031
2.3.1. Increasing Application Areas of Niobium in Different End-User Industries:
2.3.2. Increased Usage of Niobium in Structural Steel & Lightweight Steel:
2.3.3. Expanding Aerospace & Defense Sector:
2.3.4. Growing Demand for Niobium in Construction Industry:
2.4. Niobium Challenges to 2031
2.4.1. High Installation, Equipment, and Operating Costs:
2.4.2. Limited Supply & High Pricing:
2.4.3. Competition from Substitutes:
2.4.4. Complicated Extraction Process of Niobium:
2.5. Niobium Market-Five Forces Analysis
3. GLOBAL NIOBIUM MARKET VALUE, MARKET SHARE, AND FORECAST TO 2031
3.1. Global Niobium Market Overview, 2023
3.2. Global Niobium Market Size and Share Outlook, By Type, 2023-2031
3.2.1. Ferroniobium
3.2.2. Niobium Oxide
3.2.3. Niobium Metal
3.2.4. Other Types
3.3. Global Niobium Market Size and Share Outlook, By Application, 2023-2031
3.3.1. Steel
3.3.2. Super Alloys
3.3.3. Others
3.4. Global Niobium Market Size and Share Outlook, By End-User, 2023-2031
3.4.1. Construction
3.4.2. Automotive
3.4.3. Aerospace & Defense
3.4.4. Oil and Gas
3.4.5. Other End-Users
3.5. Global Niobium Market Size and Share Outlook by Region, 2023-2031
4. NORTH AMERICA NIOBIUM MARKET VALUE, MARKET SHARE, AND FORECAST TO 2031
4.1. North America Niobium Market Overview, 2023
4.2. North America Niobium Market Size and Share Outlook by Type, 2023-2031
4.3. North America Niobium Market Size and Share Outlook, By Application, 2023-2031
4.4. North America Niobium Market Size and Share Outlook By End-User, 2023-2031
4.5. North America Niobium Market Size and Share Outlook by Country, 2023-2031
4.5.1. United States
4.5.2. Canada
4.5.3. Mexico
5. EUROPE NIOBIUM MARKET VALUE, MARKET SHARE, AND FORECAST TO 2031
5.1. Europe Niobium Market Overview, 2023
5.2. Europe Niobium Market Size and Share Outlook by Type, 2023-2031
5.3. Europe Niobium Market Size and Share Outlook, By Application, 2023-2031
5.4. Europe Niobium Market Size and Share Outlook By End-User, 2023-2031
5.5. Europe Niobium Market Size and Share Outlook by Country, 2023-2031
5.5.1. Germany
5.5.2. France
5.5.3. Russia
5.5.4. Italy
5.5.5. Belgium
5.5.6. Rest of Europe
6. ASIA PACIFIC NIOBIUM MARKET VALUE, MARKET SHARE AND FORECAST TO 2031
6.1. Asia Pacific Niobium Market Overview, 2023
6.2. Asia Pacific Niobium Market Size and Share Outlook By Type, 2023-2031
6.3. Asia Pacific Niobium Market Size and Share Outlook, By Application, 2023-2031
6.4. Asia Pacific Niobium Market Size and Share Outlook By End-User, 2023-2031
6.5. Asia Pacific Niobium Market Size and Share Outlook by Country, 2023-2031
6.5.1. China
6.5.2. Japan
6.5.3. South Korea
6.5.4. India
6.5.5. Rest of Asia Pacific
7. SOUTH AND CENTRAL AMERICA NIOBIUM MARKET VALUE, MARKET SHARE AND FORECAST TO 2031
7.1. South and Central America Niobium Market Overview, 2023
7.2. South and Central America Niobium Market Size and Share Outlook By Type, 2023-2031
7.3. South and Central America Niobium Market Size and Share Outlook, By Application, 2023-2031
7.4. South and Central America Niobium Market Size and Share Outlook By End-User, 2023-2031
7.5. South and Central America Niobium Market Size and Share Outlook by Country, 2023-2031
7.5.1. Brazil
7.5.2. Argentina
7.5.3. Rest of South and Central America
8. MIDDLE EAST AFRICA NIOBIUM MARKET VALUE, MARKET SHARE AND FORECAST TO 2031
8.1. Middle East Africa Niobium Market Overview, 2023
8.2. Middle East Africa Niobium Market Size and Share Outlook by Type, 2023-2031
8.3. Middle East Africa Niobium Market Size and Share Outlook, By Application, 2023-2031
8.4. Middle East Africa Niobium Market Size and Share Outlook By End-User, 2023-2031
8.5. Middle East Africa Niobium Market Size and Share Outlook by Country, 2023-2031
8.5.1. Middle East
8.5.2. Africa
9. NIOBIUM MARKET STRUCTURE
Anglo American plc
AMG Critical Materials NV
Ningxia Orient Tantalum Industry Co., Ltd.
CBMM
10. NIOBIUM TRADE DATA
11. APPENDIX
11.1. About Us
11.2. Sources
11.3. Research Methodology
11.4. Contact Information
Get Free Sample
At OG Analysis, we understand the importance of informed decision-making in today's dynamic business landscape. To help you experience the depth and quality of our market research reports, we offer complimentary samples tailored to your specific needs.
Start Now! Please fill the form below for your free sample.
Why Request a Free Sample?
Evaluate Our Expertise: Our reports are crafted by industry experts and seasoned analysts. Requesting a sample allows you to assess the depth of research and the caliber of insights we provide.
Tailored to Your Needs: Let us know your industry, market segment, or specific topic of interest. Our free samples are customized to ensure relevance to your business objectives.
Witness Actionable Insights: See firsthand how our reports go beyond data, offering actionable insights and strategic recommendations that can drive your business forward.
Embark on your journey towards strategic decision-making by requesting a free sample from OG Analysis. Experience the caliber of insights that can transform the way you approach your business challenges.
$4150- 5%
$6450- 10%
$8450- 15%
Didn’t find what you’re looking for? TALK TO OUR ANALYST TEAM
Need something within your budget? NO WORRIES! WE GOT YOU COVERED!
