Worldwide Sales Of Niobium Carbide Increased At 2.5% CAGR During 2022, Unveils Fact.MR

As per the in-depth market analysis by Fact.MR, a market research and competitive intelligence provider, the market value for niobium carbide increased at a CAGR of 2.5% during the last four years. Niobium is a key raw material used in the making of niobium carbide. A majority of the world's niobium production is concentrated in Brazil, with over 90% of the niobium being used as ferroniobium. China is the biggest importer of niobium in the world. Different types of carbides such as tantalum carbides, niobium carbides, and their mixers help in improving the desired results and performance of carbide alloys and their cutting tools.

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Niobium carbide is majorly used for the preparation of metal-ceramic materials, wear-resistant and high-temperature materials, high-temperature vacuum devices in mechanical processing, metallurgical applications, and various other industries. Cermets based on niobium carbide are highly suitable for machining steel materials with extreme hard gear, and aluminium alloys as well.

The global market for niobium carbide is forecasted to progress at a CAGR of 5.1% over the decade and reach US$ 95.5 million by the end of 2032.

Why are Sales of Niobium Carbide Continuously Rising?
"Niobium Carbide Pricing Expected to Decrease Going Forward"

Niobium carbide is still in a very nascent stage. An increase in consumption will gradually decrease the price and make it even more affordable as compared to its alternatives that are currently used in the market.

In recent years, due to the high prices of tantalum carbide, a few manufacturers / hard metal producers have started using niobium carbide instead tantalum carbide. This is due to the low cost of niobium carbide as compared to tantalum carbide. This is a major factor contributing to an increase in the demand for niobium carbide.

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"Beneficial Properties of Niobium Carbide"

Cutting tools that are made from niobium carbide have better thermal hardness, impact, and oxidation resistance. Niobium carbide can be easily infused in various other carbides such as titanium carbide, zirconium carbide, etc.

Key Segments Covered in Niobium Carbide Industry Research

Niobium Carbide Market by Purity :
2N Niobium Carbide
3N Niobium Carbide
4N Niobium Carbide
5N Niobium Carbide

Niobium Carbide Market by Application :
Carbide Alloys
Coating Materials
Mettallurgical
Cutting & Machining (In Tool bits)
Others

Niobium Carbide Market by Form :
Flakes
Powder
Sputtering Target

Niobium Carbide Market by Region :
North America
Latin America
Europe
East Asia
South East Asia & Oceania
Middle East & Africa

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The COVID-19 pandemic has had an unprecedented impact on the global economy and the state of the chemical industry, which experienced a significant decline in demand over the past eight months. While the industry was already facing cyclical challenges such as overcapacity, pricing pressures, and trade uncertainty before 2020, many postpandemic changes have shown a structural or disruptive character. Chemical companies in the United States have responded to the crisis by focusing on operational efficiency, asset optimization, and cost management.

As the industry moves into 2021, the changed economic, social, environmental, and political expectations are expected to play an even greater role in shaping its future. To succeed in the shifting industry landscape of the chemical market, companies should consider implementing a series of targeted, strategic initiatives across major functional areas such as R&D and technology. Too much focus on the short term, however, could mean that companies end up neglecting long-term opportunities, including investing in innovation, emerging applications, and adopting new business models that generate sustained growth

Niobium carbide is a ceramic-grade material that is very hard and used in tool bits for cutting tools as an industrial application. Through sintering, it is added to cemented carbide as an additive for inhibiting grain growth.

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