Niobium Market - Forecast(2024 - 2030)

Report Code: CMR 23013 Report Format: PDF + Excel

Niobium Market Overview

The niobium market size is forecast to reach US$1.7 billion by 2027 after growing at a CAGR of 5.1% during 2022-2027. Niobium is a gray, lustrous transition metal with robust properties of conductivity, resistance to corrosion, hardness, and high melting point. These superior properties determine their higher uses in several high-end applications such as the production of steel, superalloys, superconducting magnets, surgical implants, and many other applications. Niobium finds its extensive use in the production and refinement of steel. These steels are later used in several end-use industries such as construction, aerospace, and automobile. The construction industry is one of the largest markets that utilize steels produced using niobium in a wide variety of construction applications. This sector is exhibiting exceptional growth owing to the increasing investments and new project announcements and this is expected to drive the market’s growth during the forecast period. For instance, as per the report by India Brand Equity Foundation, FDIs received by India in the construction development sector (townships, housing, built up infrastructure and construction development projects) amounted to USD 26.14 billion between April 2000 and June 2021. Another major sector that is driving niobium’s higher uses is the aerospace and defense industry. Niobium contained in iron, cobalt, and nickel-based superalloys is utilized in high-temperature applications such as flying gas turbines, jet engine components, and rocket subassemblies. The aerospace and defense sector witnessing a massive boost globally with increasing demand for aircraft and space activities and this is expected to be another key factor in driving the market’s growth during the forecast period.  For instance, as per Boeing’s Commercial Market Outlook 2021-2040 report, the commercial fleet in the world is projected to touch 49,000 airplanes by 2040. The complicated extraction process of niobium might hamper the market’s growth during the forecast period.

COVID-19 Impact

The niobium market got badly affected due to the COVID-19 pandemic as several challenges such as disruption in the supply chain and factory shutdown surfaced in the market. Market players were forced to adopt new work strategies to maintain a standard business operation during the pandemic. As per the April 2020 COVID-19 report by China Molybdenum Company Limited, the company established a team that coordinated efforts from every level of business units. The report also mentioned that all its operational sites are globally confronted with challenges due to the unprecedented circumstances amid the pandemic. The market witnessed decent growth towards the end with high expansion of various end-use industries. Going forward, the market is projected to witness robust demand with a massive boost in the construction and automobile industry globally.

Niobium Market Report Coverage

The report: Niobium Market Forecast (2022-2027)”, by IndustryARC, covers an in-depth analysis of the following segments of the Niobium Industry. 

By Type: Niobium Alloys, Niobium Metal, Niobium Chemicals, Vacuum Grade Niobium, Others

By Occurrence: Carbonatites and Associates, Columbite-Tantalite, Others

By Application: Steel, Superalloys, Superconducting Magnets, Capacitors, Surgical Implants, Glass, Others

By End Use Industry: Construction, Residential, Commercial, Office, Hotels and Restaurants, Concert Halls and Museums, Educational Institutes, Automobile, Passenger Vehicle, Commercial Vehicle, Light Commercial Vehicle, Heavy Commercial Vehicle, Industrial, Aerospace and Defense, Oil and Gas, Marine, Healthcare, Jewellery, Chemical, Others

By Geography: North America (USA, Canada, Mexico), Europe (UK, Germany, France, Italy, Netherlands, Spain, Russia, Belgium, Rest of Europe), Asia Pacific (China, Japan, India, South Korea, Australia, and New Zealand, Indonesia, Taiwan, Malaysia, Rest of Asia Pacific), South America (Brazil, Argentina, Colombia and Rest of South America), and RoW (Middle East and Africa).

Key Takeaways:

  • The steel application is expected to contribute immensely to the growth of the niobium market during the forecast period. As per the World Steel Association 2021 Stainless Steel Figures report, 1878 million tonnes of crude steel were produced in 2020 globally which was 1869 million tonnes in 2019.
  •  The aerospace and defense sector will drive the growth of the market during the forecast period. For instance, according to the Airbus Global Market Forecast 2021-2040 report, around 15250 new aircraft are expected to be delivered in the next 20 years which will be for the replacement of older less fuel-efficient models.
  •  The Asia-Pacific region is projected to witness the highest demand for niobium owing to the expanding construction sector in the region. As per the data by India Brand Equity Foundation, FDI received by India in construction (infrastructure) activities stood at USD 25.38 billion between April 2000 and June 2021.

Figure: Asia Pacific Niobium Market Revenue, 2021-2027 (US$ Billion)

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Niobium Market - By Application

The steel application segment dominated the niobium market in 2021 and is growing at a CAGR of 5.6% during the forecast period. Niobium finds its high uses in the production and refinement of steel and steel alloys globally to improve strength, toughness, corrosion resistance, and other properties. The demand for steel is increasing with the rise in production globally and this is projected to drive the growth of the market during the forecast period. For instance, as per the data by World Steel Association 2021 Stainless Steel Figures, in 2020, China, India, and Japan accounted for the top three major steel-producing countries with a crude steel production figure of 1064.8 MT, 100.3 MT, and 83.2 MT respectively. The European and the Middle East region registered high production figures with a production of 139.2 million tonnes and 45.4 million tonnes of crude steel respectively in 2020. Such increasing production of steel is expected to augment the higher uses of niobium, in turn driving the market’s growth during the forecast period.

Niobium Market - By End Use Industry

The construction industry dominated the niobium market in 2021. This industry is one of the most important markets for niobium. Steels produced with the use of niobium are used in high quantities in various structural applications in high-rise buildings, bridges, and other structures. The construction sector is on a progressive track as massive construction activities are carried out globally and this is expected to contribute to the market’s growth during the forecast period. For instance, as per the 2021 Statistical Report by European Construction Industry Federation, in 2020, Germany experienced a 1.5% growth in real terms in total investment in construction. Similarly, according to the stats by India Brand Equity Foundation, Foreign Direct Investment received between April 2000 and March 2021 in the construction development sector (built-up infrastructure, housing, and construction development projects) accounted for US$ 26.08 billion. This massive growth in the construction sector in the world is expected to increase the higher requirement of niobium, thereby driving the growth of the market during the forecast period.

Niobium Market - By Geography

The Asia-Pacific region held the largest market share in the niobium market in 2021, up to 34%. The high demand for niobium is attributed to the booming construction sector in the region. Niobium is utilized in structural steel and rebar steel which are consumed in high quantities in the region’s construction sector. The construction industry in the region is booming rapidly and this is expected to stimulate the higher utilization of niobium during the forecast period. For instance, as per the stats by trade.gov, the construction sector revenue value in China is projected to touch USD 1.1 trillion in 2021 which was USD 968 billion in 2019. Similarly, as per the report by India Brand Equity Foundation, India is projected to become the world’s third-largest construction market by 2022. This huge expansion in the region’s construction sector is anticipated to augment the high demand for niobium during the forecast period.

Niobium Market Drivers

Expanding aerospace and defense sector will drive the market’s growth

Niobium finds its high uses in the aerospace and defense sector. This metal is used in the production of superalloys (cobalt, iron, and nickel-based alloys) in the aerospace sector. These superalloys are later utilized in extreme temperature applications such as jet engine components, rocket subassemblies, and several other heat-resistant components. The aerospace and defense sector expanding globally with increasing demand for aircraft and rising space activities and this is projected to bolster the growth of the market during the forecast period. For instance, as per the May 2021 report by India Brand Equity Foundation, the Union Cabinet approved the draft legislation in 2020 that allowed the private sector to undertake or participate in a range of space activities such as providing launching services and developing rockets. Similarly, as per the November 2021 stats by Airbus, the company predicts demand for 39000 new passenger and freighter aircraft by 2040. Such expansion in the aerospace and defense sector is expected to increase the higher utilization of niobium, thereby driving the growth of the market during the forecast period.

Booming construction sector will drive the market’s growth

Niobium finds its extensive use in the construction sector globally. Niobium acts as a precipitation hardener and as a grain refiner in microalloyed and high-strength low-alloy steel. These steels are utilized in multiple structural applications in the construction sector. The construction industry is showing outstanding growth globally with increasing investments and new construction project announcements and this is expected to drive the growth of the market during the forecast period. For instance, according to the stats by Federal Reserve Economic Data (FRED), total residential construction spending in the US accounted for US$ 657,608 in September 2020 which was US$ 642,031 in August 2020. Similarly, according to the August 2021 data by Eurostat, the building construction sector in the Euro Union and European Area jumped by 3.8% and 3.1% respectively in June 2021. Such a high boost in the construction sector globally is projected to stimulate the high use of niobium, in turn driving the growth of the market during the forecast period.

Niobium Market Challenges

The complicated extraction process of niobium might hamper the market’s growth

The extraction of niobium is a critical process which is a key challenge and this might hamper the market’s growth during the forecast period. The vast amount of unexplored niobium resources are present in undiscovered deposits in the world out of which some occur in covered or remote areas, making the extraction process more challenging and expensive. As per the August 2021 article by ResearchGate, many shortcomings and challenges exist in the extraction of niobium from its minerals. The niobium mineral ores contain various impurities such as refractory metallic oxides, radioactive materials, and certain amounts of rare earth elements which further makes the extraction and processing challenges. This complicated extraction of niobium might hamper the market’s growth during the forecast period.

Niobium Industry Outlook

Investment in R&D activities, acquisitions, product and technology launches are key strategies adopted by players in the market. Niobium major players include:

  • CBMM
  • Global Advanced Metals Pty Ltd
  • China Molybdenum Company Limited
  • AMG Advanced Metallurgical Group NV
  • Alkane Resources Limited
  • NioCorp Developments Ltd
  • Taseko Mines Limited
  • Titanex GmbH
  • TANIOBIS GmbH
  • Others

Acquisitions/Product Launches

  • In April 2021, NioCorp Developments Ltd announced that it has closed on the purchase of the land parcel on which the company’s Elk Creek Superalloy Materials Project operations will be located. This project will deal with the production of niobium, allowing the company to expand its niobium portfolio in the market.   

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1. Niobium Market- Market Overview
    1.1 Definitions and Scope
2. Niobium Market- Executive Summary
    2.1 Key Trends by Type
    2.2 Key Trends by Occurrence
    2.3 Key Trends by Application
    2.4 Key Trends by End Use Industry
    2.5 Key Trends by Geography
3. Niobium Market- Comparative analysis
    3.1 Market Share Analysis- Major Companies
    3.2 Product Benchmarking- Major Companies
    3.3 Top 5 Financials Analysis
    3.4 Patent Analysis- Major Companies
    3.5 Pricing Analysis (ASPs will be provided)
4. Niobium Market- Startup companies Scenario Premium Premium 
    4.1 Major startup company analysis:
        4.1.1 Investment
        4.1.2 Revenue
        4.1.3 Product portfolio
        4.1.4 Venture Capital and Funding Scenario
5. Niobium Market– Industry Market Entry Scenario Premium Premium
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing business index
    5.3 Successful Venture Profiles
    5.4 Customer Analysis - Major companies
6. Niobium Market- Market Forces
    6.1 Market Drivers
    6.2 Market Constraints
    6.3 Porters five force model
        6.3.1 Bargaining power of suppliers
        6.3.2 Bargaining powers of customers
        6.3.3 Threat of new entrants
        6.3.4 Competitive Rivalry
        6.3.5 Threat of substitutes
7. Niobium Market-Strategic analysis
    7.1 Value chain analysis
    7.2 Opportunities analysis
    7.3 Product/Market life cycle
    7.4 Distributors Analysis - Major Companies
8. Niobium Market– By Type (Market Size -US$ Million, Billion)
    8.1 Niobium Alloys
    8.2 Niobium Metal
    8.3 Niobium Chemicals
    8.4 Vacuum Grade Niobium
    8.5 Others
9. Niobium Market– By Occurrence (Market Size -US$ Million, Billion)
    9.1 Carbonatites and Associates
    9.2 Columbite-Tantalite
    9.3 Others
10. Niobium Market– By Application (Market Size -US$ Million, Billion)
    10.1 Steel
    10.2 Superalloys
    10.3 Superconducting Magnets
    10.4 Capacitors
    10.5 Surgical Implants
    10.6 Glass
    10.7 Others
11. Niobium Market– By End Use Industry (Market Size -US$ Million, Billion)
    11.1 Construction
        11.1.1 Residential
        11.1.2 Commercial
            11.1.2.1 Office
            11.1.2.2 Hotels and Restaurants
            11.1.2.3 Concert Halls and Museums
            11.1.2.4 Educational Institutes
            11.1.2.5 Others
    11.2 Automobile
        11.2.1 Passenger Vehicle
        11.2.2 Commercial Vehicle
            11.2.2.1 Light Commercial Vehicle
            11.2.2.2 Heavy Commercial Vehicle
    11.3 Industrial
    11.4 Aerospace and Defense
    11.5 Oil and Gas
    11.6 Marine
    11.7 Healthcare
    11.8 Jewellery
    11.9 Chemical
    11.10 Others
12. Niobium Market - By Geography (Market Size -US$ Million / Billion)
    12.1 North America
        12.1.1 USA
        12.1.2 Canada
        12.1.3 Mexico
    12.2 Europe
        12.2.1 UK
        12.2.2 Germany
        12.2.3 France
        12.2.4 Italy
        12.2.5 Netherlands
        12.2.6 Spain
        12.2.7 Russia
        12.2.8 Belgium
        12.2.9 Rest of Europe
    12.3 Asia Pacific
        12.3.1 China
        12.3.2 Japan
        12.3.3 India
        12.3.4 South Korea
        12.3.5 Australia and New Zealand
        12.3.6 Indonesia
        12.3.7 Taiwan
        12.3.8 Malaysia
        12.3.9 Rest of Asia Pacific
    12.4 South America
        12.4.1 Brazil
        12.4.2 Argentina
        12.4.3 Colombia
        12.4.4 Chile
        12.4.5 Rest of South America
    12.5 ROW
        12.5.1 Middle East
            12.5.1.1 Saudi Arabia
            12.5.1.2 UAE
            12.5.1.3 Israel
            12.5.1.4 Rest of Middle East
        12.5.2 Africa
            12.5.2.1 South Africa
            12.5.2.2 Nigeria
            12.5.2.3 Rest of Africa
13. Niobium Market-Entropy
    13.1 New Product Launches
    13.2 M&A’s, Collaborations, JVs and Partnerships
14. Niobium Market- Industry/Segment Competition Landscape Premium
    14.1 Company Benchmarking Matrix- Major Companies
    14.2 Market Share at Global Level- Major companies
    14.3 Market Share by Key Region- Major companies
    14.4 Market Share by Key Country- Major companies
    14.5 Market Share by Key Application - Major companies
    14.6 Market Share by Key Product Type/Product category- Major companies
15. Niobium Market- Key Company List by Country Premium Premium 
16. Niobium Market Company Analysis- Business Overview, Product Portfolio, Financials, and Developments
    16.1 Company 1
    16.2 Company 2
    16.3 Company 3
    16.4 Company 4
    16.5 Company 5
    16.6 Company 6
    16.7 Company 7
    16.8 Company 8
    16.9 Company 9
    16.10 Company 10 and more
"*Financials would be provided on a best efforts basis for private companies"

LIST OF TABLES

1.Global MARKET SEGMENTATION Market 2023-2030 ($M)
1.1 Occurrence Market 2023-2030 ($M) - Global Industry Research
1.1.1 Carbonatites and Associates Market 2023-2030 ($M)
1.1.2 Columbite-Tantalite Market 2023-2030 ($M)
1.2 End-user Industry Market 2023-2030 ($M) - Global Industry Research
1.2.1 Construction Market 2023-2030 ($M)
1.2.2 Automotive Market 2023-2030 ($M)
1.2.3 Aerospace and Defence Market 2023-2030 ($M)
1.2.4 Oil and Gas Market 2023-2030 ($M)
1.2.6 Production Analysis Market 2023-2030 ($M)
2.Global COMPETITIVE LANDSCAPE Market 2023-2030 ($M)
2.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements Market 2023-2030 ($M) - Global Industry Research
3.Global MARKET SEGMENTATION Market 2023-2030 (Volume/Units)
3.1 Occurrence Market 2023-2030 (Volume/Units) - Global Industry Research
3.1.1 Carbonatites and Associates Market 2023-2030 (Volume/Units)
3.1.2 Columbite-Tantalite Market 2023-2030 (Volume/Units)
3.2 End-user Industry Market 2023-2030 (Volume/Units) - Global Industry Research
3.2.1 Construction Market 2023-2030 (Volume/Units)
3.2.2 Automotive Market 2023-2030 (Volume/Units)
3.2.3 Aerospace and Defence Market 2023-2030 (Volume/Units)
3.2.4 Oil and Gas Market 2023-2030 (Volume/Units)
3.2.6 Production Analysis Market 2023-2030 (Volume/Units)
4.Global COMPETITIVE LANDSCAPE Market 2023-2030 (Volume/Units)
4.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements Market 2023-2030 (Volume/Units) - Global Industry Research
5.North America MARKET SEGMENTATION Market 2023-2030 ($M)
5.1 Occurrence Market 2023-2030 ($M) - Regional Industry Research
5.1.1 Carbonatites and Associates Market 2023-2030 ($M)
5.1.2 Columbite-Tantalite Market 2023-2030 ($M)
5.2 End-user Industry Market 2023-2030 ($M) - Regional Industry Research
5.2.1 Construction Market 2023-2030 ($M)
5.2.2 Automotive Market 2023-2030 ($M)
5.2.3 Aerospace and Defence Market 2023-2030 ($M)
5.2.4 Oil and Gas Market 2023-2030 ($M)
5.2.6 Production Analysis Market 2023-2030 ($M)
6.North America COMPETITIVE LANDSCAPE Market 2023-2030 ($M)
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements Market 2023-2030 ($M) - Regional Industry Research
7.South America MARKET SEGMENTATION Market 2023-2030 ($M)
7.1 Occurrence Market 2023-2030 ($M) - Regional Industry Research
7.1.1 Carbonatites and Associates Market 2023-2030 ($M)
7.1.2 Columbite-Tantalite Market 2023-2030 ($M)
7.2 End-user Industry Market 2023-2030 ($M) - Regional Industry Research
7.2.1 Construction Market 2023-2030 ($M)
7.2.2 Automotive Market 2023-2030 ($M)
7.2.3 Aerospace and Defence Market 2023-2030 ($M)
7.2.4 Oil and Gas Market 2023-2030 ($M)
7.2.6 Production Analysis Market 2023-2030 ($M)
8.South America COMPETITIVE LANDSCAPE Market 2023-2030 ($M)
8.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements Market 2023-2030 ($M) - Regional Industry Research
9.Europe MARKET SEGMENTATION Market 2023-2030 ($M)
9.1 Occurrence Market 2023-2030 ($M) - Regional Industry Research
9.1.1 Carbonatites and Associates Market 2023-2030 ($M)
9.1.2 Columbite-Tantalite Market 2023-2030 ($M)
9.2 End-user Industry Market 2023-2030 ($M) - Regional Industry Research
9.2.1 Construction Market 2023-2030 ($M)
9.2.2 Automotive Market 2023-2030 ($M)
9.2.3 Aerospace and Defence Market 2023-2030 ($M)
9.2.4 Oil and Gas Market 2023-2030 ($M)
9.2.6 Production Analysis Market 2023-2030 ($M)
10.Europe COMPETITIVE LANDSCAPE Market 2023-2030 ($M)
10.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements Market 2023-2030 ($M) - Regional Industry Research
11.APAC MARKET SEGMENTATION Market 2023-2030 ($M)
11.1 Occurrence Market 2023-2030 ($M) - Regional Industry Research
11.1.1 Carbonatites and Associates Market 2023-2030 ($M)
11.1.2 Columbite-Tantalite Market 2023-2030 ($M)
11.2 End-user Industry Market 2023-2030 ($M) - Regional Industry Research
11.2.1 Construction Market 2023-2030 ($M)
11.2.2 Automotive Market 2023-2030 ($M)
11.2.3 Aerospace and Defence Market 2023-2030 ($M)
11.2.4 Oil and Gas Market 2023-2030 ($M)
11.2.6 Production Analysis Market 2023-2030 ($M)
12.APAC COMPETITIVE LANDSCAPE Market 2023-2030 ($M)
12.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements Market 2023-2030 ($M) - Regional Industry Research
13.MENA MARKET SEGMENTATION Market 2023-2030 ($M)
13.1 Occurrence Market 2023-2030 ($M) - Regional Industry Research
13.1.1 Carbonatites and Associates Market 2023-2030 ($M)
13.1.2 Columbite-Tantalite Market 2023-2030 ($M)
13.2 End-user Industry Market 2023-2030 ($M) - Regional Industry Research
13.2.1 Construction Market 2023-2030 ($M)
13.2.2 Automotive Market 2023-2030 ($M)
13.2.3 Aerospace and Defence Market 2023-2030 ($M)
13.2.4 Oil and Gas Market 2023-2030 ($M)
13.2.6 Production Analysis Market 2023-2030 ($M)
14.MENA COMPETITIVE LANDSCAPE Market 2023-2030 ($M)
14.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements Market 2023-2030 ($M) - Regional Industry Research

LIST OF FIGURES

1.US Niobium Market Revenue, 2023-2030 ($M)
2.Canada Niobium Market Revenue, 2023-2030 ($M)
3.Mexico Niobium Market Revenue, 2023-2030 ($M)
4.Brazil Niobium Market Revenue, 2023-2030 ($M)
5.Argentina Niobium Market Revenue, 2023-2030 ($M)
6.Peru Niobium Market Revenue, 2023-2030 ($M)
7.Colombia Niobium Market Revenue, 2023-2030 ($M)
8.Chile Niobium Market Revenue, 2023-2030 ($M)
9.Rest of South America Niobium Market Revenue, 2023-2030 ($M)
10.UK Niobium Market Revenue, 2023-2030 ($M)
11.Germany Niobium Market Revenue, 2023-2030 ($M)
12.France Niobium Market Revenue, 2023-2030 ($M)
13.Italy Niobium Market Revenue, 2023-2030 ($M)
14.Spain Niobium Market Revenue, 2023-2030 ($M)
15.Rest of Europe Niobium Market Revenue, 2023-2030 ($M)
16.China Niobium Market Revenue, 2023-2030 ($M)
17.India Niobium Market Revenue, 2023-2030 ($M)
18.Japan Niobium Market Revenue, 2023-2030 ($M)
19.South Korea Niobium Market Revenue, 2023-2030 ($M)
20.South Africa Niobium Market Revenue, 2023-2030 ($M)
21.North America Niobium By Application
22.South America Niobium By Application
23.Europe Niobium By Application
24.APAC Niobium By Application
25.MENA Niobium By Application