Niobium Market Size

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.