Nickel Niobium Market is Expected to Witness Lucrative Grow by 2028
The Global Nickel Niobium Market was valued at USD 621.25 Million in 2020 and is expected to grow at a Compound Annual Growth Rate (CAGR) of 3.1% between 2021 to 2028. Niobium is a metallic element that is used, in combination with other metals, to make up alloys. It is predominantly used with elemental nickel, forming a compound known as nickel niobium. It is highly durable, exceptionally resilient, can withstand temperature changes and resists corrosion. Owing to these features, it has found multitude of applications in a wide range of industries.
It is used in the manufacturing of engines in automotive, aerospace and defense industries, in electronic components and gadgets, in the manufacturing of pipes in the construction and, oil and gas industry, and is utilized as a semiconductor among others.
Rising demand from a myriad of end-use industries, owing to the notable characteristics of the compound, is the key factor that is augmenting the growth of the nickel niobium market across worldwide.
However, the COVID-19 pandemic brought in worldwide lockdown, travel bans, business shutdowns and import and export restrictions. Due to which, the manufacturing units were closed off and the supply chains of several industries were disrupted. This caused a decline in the demand and revenue of oil and gas, building and construction, aerospace, and defense industries, which in turn, hampered the growth of the nickel niobium market.
Globally, North America is dominating the nickel niobium market and this dominance can be attributed to the presence of large number of oil and gas exploration projects and enhanced building, construction, aerospace, and defense industries in the region.
Subsequently, Asia-Pacific is anticipated to be the region that grows most rapidly, during the forecast period. This surge is accredited to the presence of large number of developing economies, rising technological advancements, and soaring electronics and appliances sector in the region.
Some of the major players operating in the global nickel niobium market are H.C. Starck GmbH, AMG Superalloys, KBM Affilips B.V., Kymera International, Westbrook Resources Ltd., Cometal S.A., and Kennametal Inc., among others.