Niobium Carbide Market Size, Share, Growth, and Industry Analysis by Type (Niobium Carbide 99.0% & Niobium Carbide 99.5%), By Application (Carbide Alloy, Coating Materials & Metallurgical), Regional Forecast From 2023 To 2028

Updated On: 15 May 2023

NIOBIUM CARBIDE MARKET REPORT OVERVIEW

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The global niobium carbide market size is USD 46 million in 2022 and the market is expected to reach USD 61 million in 2028, exhibiting a compound annual growth rate (CAGR) of 4.6% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with niobium carbide market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels.

Niobium carbide is an extremely hard ceramic-grade substance used in cutting tool bits in the industrial sector. The transition metal niobium, which has an atomic number of 41 and is light grey, crystalline, and ductile, is chemically similar to tantalum. It is applied to cemented carbide as an additive to stop grain growth through sintering. It is primarily employed in the preparation of high-temperature, wear-resistant, metal-ceramic materials.

Vacuum equipment is used in metallurgical applications, mechanical processes, and many other sectors. Niobium is-based on cermet’s are excellent for cutting extremely hard steel materials as well as alloys of aluminum. The performance of carbide alloys and their cutting tools can be improved by using several types of carbides, such as tantalum carbides, carbides, and their mixers.

COVID-19 Impact: Supply Chain Causes Market Distortion

The COVID-19 epidemic caused problems for chemicals & industrial companies like volatile markets, a drop in customer confidence, and difficulties with import and export transactions. Markets were shut down and people stayed at home due to the lockdown. Supply chain breaches, stock market inefficiencies and vendor instability are the results of this advance. The halt on chemicals industry affected the whole market. Due to shutdown of markets, there was no need of the product which resulted in the downfall of carbide. The pandemic impacted the industry dynamics, forcing organizations to revamp their entire operation structures to maintain stability amid the disruptions the financial imbalance that occurs due to shutdown of various stores & large sectors was the main reason that distorted the whole market. Aside from that, the companies' business operations have been affected by the outbreak, which has an effect on the overall carbide industry. This has partially impacted the niobium carbide market.

LATEST TRENDS

"Reliable Cutting Tool to Boost the Market Growth "

Niobium carbide development is currently in its very early stages. When compared to alternative solutions now on the market, the price will be even more competitive as usage increases and the cost continually declines. This carbide cutting tools provide greater thermal hardness, impact resistance, and oxidation resistance. Other carbides, like titanium carbide, zirconium carbide, and others, can easily be infused with niobium carbide. Niobium is a very tough refractory ceramic substance that is often utilized in cutting tool bits. It is typically produced through sintering and used frequently as an additive in cemented carbides as a grain development inhibitor. It looks like a brown-gray metallic powder with a purple sheen. Maintaining this trend is helping the market to grow. Thus, carbide alloy is a main trend which is creating opportunities for the market to boost. The market's total expansion is primarily due to all these new developments.

NIOBIUM CARBIDE MARKET SEGMENTATION

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• By Types 

Based on type, the market is classified into Niobium Carbide 99.0% & Niobium Carbide 99.5%.

• By Application

Based on application, the market is categorized into Carbide Alloy, Coating Materials & Metallurgical.

DRIVING FACTORS

"Medical Industry that Gives the Market Extra Boost "

The primary consumer of niobium, which is expected to drive the global niobium market, is the medical industry. In craniomaxillofacial surgery, metallic biomaterials like stainless steel, cobalt-chromium alloy, titanium, and titanium alloys containing Niobium are frequently used as substitute materials for bone deformities and defects and as a scaffold material to improve patients' quality of life, which increases the demand for Niobium. This is primarily caused by metal biomaterials' biocompatibility and cytotoxicity, the need for long-term implantation and the potential for removal, as well as the lowering of the metal's modulus of elasticity to lessen the impact of stress shielding. Niobium's extensive impact on the medical industry is the primary market driver. As a result, the growth, and increasing demand of product in medical industries and advancement of infrastructure to boost the market will contribute to the expansion of the chemical industry and it will improve the overall niobium carbide market growth.

"Various Driving Factors to Encourage Market Expansion "

NBC weight reduction lowers inertia in dynamic applications and machining machinery. decrease in adhesive wear (tooling applications). In comparison to WC grades, NBC grades exhibit overall lower friction in tribo-contacts. Even though NBC has a lesser hardness at room temperature, it has a hot hardness at 700°C that is comparable to or higher than that of WC. It is utilized commercially in cutting tool bits. It is used for the production of high-temperature-resistant alloys and special stainless steels. The market is being driven by many factors and its characteristics, which is the main driving factor that will elevate chemical industry as a whole. As a result, during the projected period, the market for materials is anticipated to rise rapidly. The characteristics of this product are what are causing the market to grow.

RESTRAINING FACTORS

"Harmful Effects of Product to Impede Market Expansion"

Niobium and its compounds may be toxic (niobium dust causes eye and skin irritation), but there are no reports of human being poisoned by it. Apart from measuring its concentration, no research on niobium in humans has been undertaken. Niobium, when inhaled, is retained mainly in the lungs, and secondarily in bones. It interferes with calcium as an activator of enzyme systems. Therefore, a significant factor limiting the growth of this market are the it's harmful effects. If this problem is fixed, the market will start to grow right away.

NIOBIUM CARBIDE MARKET REGIONAL INSIGHTS

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"Increasing Demand for Coating Materials to Fuel Market Growth in North America "

The market for niobium carbide in North America has benefited from the region's expanding industrial development, and various driving factors which has increased the potential sectors as this region is the largest user of the product. The key factor driving the growth of the niobium carbide market share is their growing demand of metallurgical characteristics and coating materials is one of the major reasons to drive the market. Rapid urbanization developments will further boost the overall market.

KEY INDUSTRY PLAYERS

"Leading Firms to Increase Product Demand"

The study includes information on the market players and where they stand within the sector. Through appropriate research, mergers, technological development, expanding production facilities, and collaboration, data is being acquired and made available. The study on devices offers details on manufacturers, regions, types, applications, sales channels, distributors, traders, dealers, research findings, and more.

List of Market Players Profiled

•  H.C. Starck (Germany)
•  Kennametal (U.S.)
•  ESPI Metals (U.S.)
•  Zhuzhou Guangyuan (China)
• Japan New Metals (Japan)

REPORT COVERAGE

The segmentation of the market by type and application is covered in detail in the study. A wide spectrum of players, including current and potential market leaders, are examined in the study. A number of significant reasons are expected to fuel a sizable market expansion. The research also includes factors that are probably to increase niobium carbide market share in order to provide market insights. The report also contains predictions for market growth during the anticipated time frame. Clarifying why one region dominates the global market is the aim of the regional study. The market is unable to expand due to a number of problems, all of which have been carefully taken into account. The research also contains a market strategic analysis. It includes thorough market information.