The “Niobium - Global Market Outlook (2018-2027)” report has been added to ResearchAndMarkets.com's offering. The global niobium market accounted for 11,500 tonnes in 2018 and is expected to reach 25,900 tonnes by 2027, growing at a CAGR of 9.5% during the forecast period. Increasing usage in the automotive industry and extensive accelerating usage in structural steels are the significant factors propelling market growth. However, factors such as an insufficient supply of niobium and the impact of COVID-19 pandemic are hampering the market growth. Niobium metal originates from volcanic rocks in various places around the world. It is a rare element obtained from tantalite and pyrochlore mineral ores. The demand in the automotive, construction and aerospace sectors is anticipated to drive this market over the forecast period. The advancement in the niobium market was the development of high-performance electro ceramics. Ultra-high- purity in the sizes of grain and rigid distribution channels are predicted to fuel the demand for niobium over the forecast period. This can also be used in steel as ferroniobium for the production of high strength and low alloy steel for automotive, construction, and pipeline industries. Niobium is also used in certain types of stainless steel. The addition of niobium in steel makes it stronger so that less steel is required, thereby reducing the overall cost of construction. Therefore, niobium is increasingly used in iron, and the growth of the steel industry will play a crucial role in driving the growth of the niobium market. The commercialization of new technologies such as mobile devices, computers, and the internet has led to the expansion of the niobium market, besides the use of compounds and oxides in electro ceramics applications. Based on the end-user, the construction segment is going to have a lucrative growth during the forecast period owing to the rising standard of living, increasing urbanization, and the growth of the repair construction industry (due to replacement of old infrastructures). By geography, Asia Pacific is going to experience lucrative growth during the forecast period due to the increasing demand for HSLA steel in the construction industry. China, Japan, South Korea, and India are leading countries using ferroniobium for the production of HSLA steel. Growing investments in the non-residential sector and infrastructural activities are anticipated to drive the construction industry in this region. Moreover, China is likely to be dominant over the forecast period. Some of the key players profiled in the niobium market include Alkane Resources Ltd, Anglo American, CBMM, Corevale Limited, Global Advanced Metals, Grandview Materials, Molycorp, NIOBEC (Magris Resources Company), NioCorp Developments Ltd, Taseko Mines Ltd, and Titanex GmbH.
Original Source: Research and Markets, 2020. Found on GlobeNewsWire 6 JUL 2020 (Website: http://www.globenewswire.com).