Global Niobium Market Overview
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Drivers and Restraints:
The high purity of the grain sizes and the rigid distribution channels should stimulate the demand for niobium during the forecast period. The commercialization of new technologies such as mobile devices, computers and the internet has led to the expansion of the niobium market, as well as the use of compounds and oxides in electroceramic applications. The inadequate supply of niobium should be a restriction in the market during the forecast period. Niobium is used in steel as ferroniobium for the production of low alloy steel and high strength for the automotive, construction and pipe industries. Niobium is also used in certain types of stainless steels. The addition of niobium in steel makes it stronger, since it requires less steel, which reduces the overall cost of construction. As a result, niobium is increasingly used in steel and the growth of the steel industry will play a crucial role in the growth of the niobium market.
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Based on geography, the niobium market is divided between North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. Asia Pacific had a dominant market share in 2016 and is expected to maintain its position during the forecast period, which represents almost 50% of the global niobium market. It is expected that the growing demand for HSLA steel in the construction sector will boost the niobium market in this region. China, Japan, South Korea and India are the main countries that use ferroniobio for the production of HSLA steel. Increased investment in the non-residential sector and infrastructure activities should stimulate the construction industry in this region. China is expected to be dominant during the forecast period. Latin America is expected to expand rapidly due to Brazil's increased niobium production capacity. North America represented a significant market share in 2016 due to the development of the automotive and aerospace sectors. The United States is an important market for niobium and is expected to be the leading country during the forecast period.
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Key Players for Niobium Market:
Global Advanced Metals, Anglo American, CBMM, Magris Resources, Corevale Limited, SDMS, Alkane Resources Ltd., Molycorp, Grandview Materials Inc., Taseko Mines Ltd., Advanced Metallurgical, NioCorp Developments Ltd., and Titanex GmbH are the major players of the market.
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