Dubai, UAE, March 28, 2023 (GLOBE NEWSWIRE) -- Global Niobium Market Report 2023:
As per the recent research report published by Extrapolate, the global Niobium Market size is projected to reach USD 1979.63 million by 2028 from USD 1544.7 million in 2021, exhibiting a CAGR of 3.61% during the forecast period.
Niobium, a rare metal, is commonly used to manufacture high-strength alloys, superconducting magnets, and electronic components. The growing demand for niobium can be attributed to its unique properties, making it an essential material in many industries. This demand is expected to continue to increase due to the metal's versatility and applications in emerging technologies such as renewable energy and electric vehicles.
Apart from this, the market for niobium is driven by demand from the steel and aerospace industries, which use the metal to produce high-strength alloys resistant to heat, corrosion, and wear. In recent years, there has been an increase in demand for niobium from the automotive industry, which is used in manufacturing high-performance engines and lightweight parts for electric vehicles.
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Competitive Landscape
The global niobium market is highly consolidated, with the top 2 players contributing more than 90% to overall production and revenue.
The world's largest producer of niobium is Companhia Brasileira de Metalurgia e Mineração (CBMM), a Brazilian company, a subsidiary of the Moreira Salles Group. CBMM operates the Araxá niobium mine in Brazil, the world's largest mine. The company produces about 85% of the world's niobium supply, making it a significant player in the industry.
Key Players
- CBMM
- Niobec
- Anglo American
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The Global Niobium Market Segmentation is as below:
Market Segmentation by Type
- Ferroniobium
- Niobium Oxide
- Niobium Metal
Ferroniobium to Dominate the Global Niobium Market
Ferroniobium, a vital niobium alloy and iron alloy, dominates the global niobium market. Companhia Brasileira de Metalurgia e Mineração (CBMM), the largest niobium producer in the world, has been leading the charge in ferroniobium production. In 2021, CBMM produced nearly 92 thousand metric tons of ferroniobium, which accounted for over 92% of its niobium output in the same year.
Ferroniobium, in particular, is widely used in producing high-strength, low-alloy (HSLA) steel, which is used to construct bridges, pipelines, and buildings. It also has applications in producing superalloys used in the aerospace industry for their excellent high-temperature performance.
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Market Segmentation by Application:
- Structure Steels
- Automotive Steel
- Pipeline Steels
- Stainless Steels
- Others
High Demand for Niobium in Manufacturing of Structural Steel
Niobium is a crucial element used in manufacturing high-strength, low-alloy (HSLA) structural steel to improve its strength, durability, and corrosion resistance. Structural steel is a widely used construction material in infrastructure, transportation, energy, and manufacturing industries for constructing buildings, bridges, highways, railways, pipelines, offshore structures, and many other infrastructure projects. Most end users prefer structural steel due to its versatility and cost-effectiveness, fueling the overall demand for niobium.
As per Extrapolate’s study, the construction industry is the largest consumer of structural steel, accounting for more than 50% of the total demand. Apart from this, niobium finds applications in manufacturing steel used across the automotive, aerospace, and energy industries.
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Geographic Segmentation
- North America (USA, Canada, Mexico)
- Europe (Germany, UK, France, Russia, Italy, Rest of Europe)
- Asia-Pacific (China, Japan, South Korea, India, Southeast Asia, Rest of Asia-Pacific)
- South America (Brazil, Argentina, Columbia, Rest of South America)
- The Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, South Africa, Rest of MEA)
Canada to Remain Second Largest Contributor After Brazil to Global Niobium Market
In 2022, the global production of niobium was pegged at around 79,000 thousand metric tons. However, the production is highly concentrated in just a few countries, with Brazil being the world's largest producer, accounting for over 90% of global production. For instance, in 2022, it produced over 75,000 thousand metric tons of niobium. Canada (7,000 thousand metric tons) and DR Congo (600 thousand metric tons) are the next largest producers, with a combined output of less than 8% of global production. The remaining countries, including Nigeria and Rwanda, account for less than 1% of global production.
Canada is crucial in supplying this valuable metal to various industries worldwide. The Niobec Mine, the country's sole niobium producer, has been instrumental in maintaining Canada's position in the market. The increasing global demand for HSLA steel, particularly in Canada’s automotive, aerospace, and construction sectors, has driven the need for niobium, solidifying Canada's position in the market. In addition to this, the government of Canada has ensured a commitment to foster a favorable business environment for the mining industry, which has played a role in supporting the nation's position as one of the leading niobium producers.
Browse Complete TOC: https://www.extrapolate.com/toc/chemicals-and-advanced-materials/niobium-market-report/44224
Major Points from TOC:
1 Research Methodology and Statistical Scope
1.1 Market Definition and Statistical Scope of Niobium
1.2 Key Market Segments
1.2.1 Niobium Segment by Type
1.2.2 Niobium Segment by Application
1.3 Methodology & Sources of Information
1.3.1 Research Methodology
1.3.2 Research Process
1.3.3 Market Breakdown and Data Triangulation
1.3.4 Base Year
1.3.5 Report Assumptions & Caveats
2 Niobium Market Overview
3 Niobium Market Competitive Landscape
4 Niobium Industry Chain Analysis
5 The Development and Dynamics of Niobium Market
5.1 Key Development Trends
5.2 Driving Factors
5.3 Market Challenges
5.4 Market Restraints
5.5 Industry News
5.5.1 New Product Developments
5.5.2 Mergers & Acquisitions
5.5.3 Expansions
5.5.4 Collaboration/Supply Contracts
5.6 Industry Policies
6 Niobium Market Segmentation by Type
7 Niobium Market Segmentation by Application
8 Niobium Market Segmentation by Region
9 Key Companies Profiled
10 Niobium Market Forecast by Region
11 Forecast Market by Type and by Application (2022-2028)
12 Conclusion and Key Findings
Section II: Global Hafnium Market Report 2023:
The global Hafnium Market generated a revenue of USD 77.08 million in 2021 and is projected to reach a valuation of USD 114.47 million by 2028, at a CAGR of 5.81% during the forecast period.
Hafnium is used primarily in the nuclear industry due to its excellent neutron absorption properties. It is also used in aerospace and defense industries, as well as in electronics and other high-tech applications. The global hafnium market is relatively small, with limited production and consumption. As per Extrapolate’s findings, the primary source of hafnium is from the mineral zirconium. Hafnium is extracted from zirconium using a series of chemical processes, and the production of hafnium is directly linked to zirconium production.
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France is the leading global producer of hafnium, accounting for 45% of the world's production, with the United States, Ukraine, and Russia following closely behind with 41%, 8%, and 8%, respectively. The annual hafnium production in France is approximately 30 tons. Notably, France supplies 71% of the European Union's hafnium needs.
Price Trend Analysis: Widening Demand and Supply Gap is Putting Pressure On the Prices of Hafnium
Due to hafnium's limited production and availability, the market is often subject to supply constraints. This has led to a relatively high price for hafnium, which is currently around $4,000-5,000 per kilogram. The price of hafnium will remain high in the coming years, as demand for hafnium is expected to increase in the nuclear, aerospace, defense, and electronics industries. However, developing new extraction technologies and discovering new hafnium reserves could lead to an increase in supply and a decrease in price in the long term.
Hafnium has experienced a significant price increase in the last few years. As per Extrapolate’s findings, the current price of hafnium per kilogram is pegged at above USD 4,900. Looking back to the beginning of 2022, the price of hafnium was USD 1,632.40 per kg, but it has since surged by over 200% Compared to its price of USD 1,404.30 per kg on January 1st, 2021, hafnium has risen by more than 250% as of today.
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Global Hafnium Market Segmentation Analysis
The hafnium market research report comprises distinct sections categorized by manufacturers, type, application, and region (country). By analyzing these market segments, decision-makers can optimize their product, sales, and marketing strategies. Furthermore, market segmentation can facilitate the development of product offerings tailored to specific market segments, thereby enhancing product development cycles.
Key Company
- Alkane Resources
- Orano
- ATI
- CNNC Jinghuan
- Nanjing Youtian Metal Technology
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Market Segmentation (by Type)
- Hafnium Sponge
- Hafnium Crystal Bar
- Others
Market Segmentation (by Application)
- Super Alloy
- Nuclear
- Plasma Cutting
- Others
Key Benefits of This Market Research:
- Industry drivers, restraints, and opportunities covered in the study
- Neutral perspective on the market performance
- Recent industry trends and developments
- Competitive landscape & strategies of key players
- Potential & niche segments and regions exhibiting promising growth covered
- Historical, current, and projected market size, in terms of value
- In-depth analysis of the Hafnium Market
- Overview of the regional outlook of the Hafnium Market
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Key Points from TOC:
1 Research Methodology and Statistical Scope
2 Hafnium Market Overview
3 Hafnium Market Competitive Landscape
4 Hafnium Industry Chain Analysis
5 The Development and Dynamics of Hafnium Market
6 Hafnium Market Segmentation by Type
7 Hafnium Market Segmentation by Application
8 Hafnium Market Segmentation by Region
9 Key Companies Profiled
10 Hafnium Market Forecast by Region
11 Forecast Market by Type and by Application (2022-2028)
12 Conclusion and Key Findings
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