Market Size of Niobium Industry
| Study Period | 2019-2029 |
| Market Volume (2024) | 106.85 kilotons |
| Market Volume (2029) | 171.49 kilotons |
| CAGR (2024 - 2029) | 9.92 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Niobium Market Analysis
The Niobium Market size is estimated at 106.85 kilotons in 2024, and is expected to reach 171.49 kilotons by 2029, growing at a CAGR of 9.92% during the forecast period (2024-2029).
The COVID-19 pandemic negatively impacted the market in 2020. This was because of the shutdown of the manufacturing facilities and plants due to the lockdown and restrictions. Supply chain and transportation disruptions further created hindrances for the market. However, the industry witnessed a recovery in 2021, thus rebounding the demand for the market studied.
- Over the medium term, accelerating usage of structural steel and increasing demand for lighter-weight and more fuel-efficient vehicles are some of the factors driving the growth of the market studied.
- On the flip side, limited supply sources and concerns about health issues on acute exposure is expected to hinder the growth of the market.
- However, the expected usage of niobium in next-generation lithium-ion batteries and innovative techniques and mine design are anticipated to provide numerous opportunities over the forecast period.
- Asia-Pacific dominated the market with the largest consumption from countries, such as China and Japan.
