Press release
Niobium Market Development, Revenue, Future Growth and Forecast to 2029
COVID-19 Impact-
Detrimental Impact of Covid-19 on Chemical Industry
COVID-19 had a negative impact on the market due to the pandemic, several countries throughout the world went into lockdown, resulting in a drop in niobium demand from various.
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Segments-
By type, the market is segmented into ferroniobium, niobium oxide, niobium metal, vacuum grade niobium alloys. On the basis of application, the market is segregated into steel, superalloys, superconducting magnets, capacitors, glass, and others. On the basis of end-use, the market is fragmented into construction, automotive, aerospace & defense, oil & gas, and others. Finally, by geography, the market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
What does the Report Offer?
The report for niobium consists of an overview of the related technologies market. Identifying new market prospects and developing focused promotional programs. The research includes data on major drivers, restraints, and opportunities, and complete analysis of the market share.
Drivers & Restraints-
Increasing Demand in Steel to Stimulate Growth
The global niobium market growth is expected to grow due to the increasing demand in steel during the projected period. The rising demand for steel in a variety of applications will help to increase the usage. The product is used in steel as ferroniobium in the pipeline, construction, and automotive industries to make high strength and low alloy steel. Stainless steel is the most common application. The usage in steel not only makes it stronger, but it also helps to minimize the amount of steel required, lowering the overall cost. Increased usage of light-weight steel in the automobile industry, improvements in steel manufacturing, will help to ensure product demand.
REGIONAL INSIGHTS
Increasing Demand in Construction Industry to Promote Growth in Asia Pacific
Asia Pacific is expected to hold the largest global niobium market share during the forecast period. The rising adoption in the construction industry, and increasing application in the steel industry are expected to drive the market in the region.
North America is expected to have a sizable market. This is due to rising adoption of the product in superalloys & capacitors applications is expected to drive the market.
Competitive Landscape-
Increasing Number of Mergers to Create Opportunities for Prominent Players
Product launches, product approvals, and other organic growth tactics such as patents and events are being prioritized by a number of companies. Mergers, expansions, acquisitions, and partnerships, and new product development, are highlighted as strategic techniques used by prominent corporations. These efforts have paved the road for market players to expand their business and client base.
Industry Development-
January 2020: NioCorp Developments Ltd signed legal agreements with numerous landowners in southeastern Nebraska, mostly to expand the company's land acquisition options. These are expected to be used in the Elk Creek Superalloy Materials Project. This deal encompasses 226 acres of land in total.
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List of Key Players Profiled in the Global Market for Niobium:
Anglo American
Global Advanced Metals
CBMM
Advanced Metallurgical
Magris Resources
SDMS
Alkane Resources
Grandview Materials
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