Global Niobium Market 2017-2021
About Niobium Market
Niobium is a shiny grey, ductile metal with a chemical symbol Nb and an atomic number 41. It belongs to group 5 and period 4 in the periodic table. Like tantalum, it is one of the refractory metals. It is valued for its unique chemical properties, including its heat and wear resistance and inert nature. It has a high melting point of 4,474 °F and a boiling point of 2,719°F. It is mainly added as an alloying element in the form of ferroniobium (FeNb) to steel.
Technavio’s analysts forecast the global niobium market to grow at a CAGR of 7.66% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global niobium market for 2017-2021. The report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Niobium Market 2017-2021
Technavio recognizes the following companies as the key players in the global niobium market: Advanced Metallurgical Group, Anglo American, CBMM, Magris Resources, and Global Advanced Metals.
Other Prominent Vendors in the market are: Admat, Alkane Resources, Changsha South Tantalum Niobium, Dneprovsky Special Tubes Plant, Grandview Materials, Taseko, and TITAN Metal Fabricators.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is growing market of niobium superalloys for land-based turbines. Land-based turbines for electricity generation are gradually becoming essential as the efficiencies of these machines are being elevated to acceptable levels (55%-57%) by increasing operating temperatures. To solve problems related to the exposure of materials to high temperatures, engine manufacturers are using Inconel 706 and Inconel 718 superalloys as popular solutions.”
According to the report, one driver in the market is increase in steel production. The increase in steel production will significantly impact the demand for niobium. The major industries driving the steel market are the automotive, construction, household appliances, and mechanical machinery industries. During 2013-2015, the construction industry emerged as the largest consumer of steel among these industries, accounting for more than 50% of the steel output. It was followed by the automotive industry, which was the second-largest consumer of steel. The global production of crude steel increased by 0.16% in 2016, with renewed expansion in the US and Europe balancing a second successive year of reduction in steel production in China.
Further, the report states that one challenge in the market is difficulties in niobium processing. Niobium processing can be difficult because the minerals are heavy, brittle, and usually highly intergrown with sulfide and other oxide minerals. Depending on the grain size and textural properties, different separation techniques can be used to concentrate niobium minerals. The techniques include grinding, regular or high-intensity magnetic separation, conventional and centrifugal gravity separation, and advanced flotation techniques.
Advanced Metallurgical Group, Anglo American, CBMM, Magris Resources, Global Advanced Metals, Admat, Alkane Resources, Changsha South Tantalum Niobium, Dneprovsky Special Tubes Plant, Grandview Materials, Taseko, and TITAN Metal Fabricators.