Niobium Market size was valued at USD 2.09 billion in 2023 and is projected to reach USD 4.35 billion by the end of 2036, registering around 5.8% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of niobium is assessed at USD 2.19 billion.
The important factors boosting the growth of the market are the surging demand for steel in leading nations along with the growing usage of oxides & compounds in electro ceramic applications. The total production of crude steel around the world grew from around 1.6 Billion tonnes in 2015 to close to 2 billion tonnes in 2020. Out of these, China and India were the two largest producers of steel contributing to around 50% of the share of the total production in the year 2019. Further, emergence of latest technologies such as internet and laptops, where niobium is used, is also anticipated to drive the market growth. Further, the growing usage of niobium in automotive and pipeline industries in order to produce high strength and low alloy steels the extensive use of niobium in order to strengthen super alloys in aerospace sector in hot units of aircraft gas turbine engines, are some of the additional factors anticipated to contribute to the growth of the niobium market in the coming years.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024–2036 |
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CAGR |
5.8% |
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Base Year Market Size (2023) |
USD 2.09 billion |
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Forecast Year Market Size (2036) |
USD 4.35 billion |
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Regional Scope |
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The global niobium market is segmented on the basis of source type into columbite and pyrochlore. Among these segments, the pyrochlore segment is anticipated to hold the largest market share by the end of 2029. The growth of the segment can be attributed to the richness in niobium content in pyrochlores, along with the wide technological application of pyrochlores, that include ionic conductivity, luminescence, automobile exhaust gas control, and others.
Our in-depth analysis of the global market includes the following segments:
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By Source Type |
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By Product Type |
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By Application Type |
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By End User Industries |
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Geographically, the global niobium market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region.
Among the market in these regions, the Asia Pacific industry is anticipated to hold largest revenue share by 2036, attributed to rising usage of niobium in aerospace and automobile industries in emerging economies such as India, Japan and China. Further, Japan is a leader in the production of computer, fax machines, smart phones and various other components. In addition, upcoming major rail and road projects in the region along with the growing focus of China for the production of electric vehicles is estimated to generate healthy demand for niobium market. Moreover, the North America region is anticipated to witness notable growth on the back of growing demand for consumer electronics coupled with rising engineering construction in the region.
Author Credits: Rajrani Baghel
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