Niobium Pentoxide Market Size, Share, Growth, and Industry Growth, By Type (Industrial Grade Niobium Pentoxide, 3N Niobium Pentoxide, 4N Niobium Pentoxide), By Application (Niobium Metal, Optical Glass, Ceramic and Others), Regional Forecast To 2032

Updated On: 08 April 2024

Niobium Pentoxide Market REPORT OVERVIEW

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The global niobium pentoxide market size was USD 236.7 million in 2021 and market is projected to touch USD 440 million by 2032, exhibiting a CAGR of 5.8% during the forecast period.

The sudden spike in CAGR is attributed to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

The inorganic substance with the formula Nb2O5 is niobium pentoxide. It is the most common precursor for other niobium-containing compounds and materials. It is a colourless, insoluble, and largely unreactive solid. With other specialised uses in capacitors, optical glasses, and the creation of lithium niobate, it is mostly utilised in alloying. It has a variety of polymorphic forms that are mostly based on niobium atoms that are octahedrally coordinated. There are numerous prefixes used to identify the polymorphs. The type of niobium that is most frequently found is monoclinic H-Nb2O5, which has a complicated structure and a unit cell with 28 niobium atoms and 70 oxygen atoms, 27 of which are octahedrally coordinated and one of which is tetrahedrally coordinated.

A basic solution of niobium pentachloride or Nb2O5 dissolved in HF can be hydrolyzed to create the uncharacterized solid hydrate Nb2O5nH2O, sometimes known as niobic acid (formerly columbic acid). The structure of molten niobium is mostly made up of polyhedral NbO5 and NbO6, with mean coordination numbers that are lower than those of the crystalline forms. In the form of ferroniobium, about 85% to 90% of the world's niobium is utilised in the manufacture of iron and steel. Niobium can boost steel's yield strength by more than 30% by being added in amounts ranging from 0.03 to 0.05 %. Additionally, by causing precipitation and regulating the cooling rate, niobium can also achieve the dispersion distribution of precipitates and change the steel's hardness level to a variety of levels.

Niobium can therefore be added to steel to increase not just its strength but also its toughness, high-temperature oxidation and corrosion resistance, reduce its brittle transition temperature, and improve the steel's welding performance and formability. The superconducting materials sector, the aircraft industry, the atomic energy industry, the electronics industry, the medical profession, the chemical industry, and the lighting industry are just a few of the industries that employ niobium pentoxide.

COVID-19 Impact: Lockdown Impacted Market Operations Globally

Covid-19 had a tremendous impact on enterprises, markets, and sectors all across the world, but the advanced materials industry was particularly hard struck. The COVID-19 epidemic is projected to significantly affect the market for chemicals and advanced materials as more countries implement lockdowns to combat the sickness. The pandemic affected many areas negatively, yet there were ups and downs in the market throughout the crisis. As other industries came to a standstill, many of the industry's normal supply lines had to be cut off, and lockdown restrictions that were enacted globally have changed how most organisations run on a daily basis. Equipment was imported by the sector in an effort to lessen shortages. The COVID-19 pandemic, which also disrupted systems and delayed reporting requirements, delayed manufacturing projects. Many people were unable to finish their tasks because of the closure. Some businesses were unable to fund the surgery as a result of the financial crisis. COVID-19 ended up being the market's downfall.

LATEST TRENDS

"Atomic Energy in the Chemical to Increase Market Sales"

Niobium has a low neutron capture cross-section, high melting point, good corrosion resistance, and good thermal conductivity. It makes an excellent material for nuclear energy reactors. The primary applications of niobium in the nuclear energy sector include heat exchanger structural materials, nuclear fuel alloys, and jacket materials for nuclear fuel. This factor enhanced the market sales.

Niobium Pentoxide Market SEGMENTATION

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• By Type

Based on type; the market is divided into industrial grade niobium, 3n niobium, 4n niobium.

In terms of product, grade niobium is the largest segment.

• By Application

Based on application; the market is divided into niobium metal, optical glass, ceramic and others.

In terms of application, niobium metal is the largest segment.

DRIVING FACTORS

"Aerospace Industry to Boost Market Growth"

The aerospace industry is the main application area of ​​high-purity niobium, mainly used in the production of rockets, spacecraft engines, and heat-resistant components. Niobium and tantalum heat-strength alloys have good heat-strength properties, heat resistance, and processing properties, and are widely used in the manufacture of aero-engine parts and gas turbine blades. Niobium alloy is used in the thermal components of almost all jet fighter engines in the United States which brings in huge amount of money and drives the niobium pentoxide market growth.

"Use of Niobium in Electronics to Propel Market Growth"

Single crystals of substances like lithium niobate and potassium niobate can be found in niobate ceramics, which are used to manufacture capacitors. They are optoelectronic and electronic crystals. They are extensively employed in the infrared, laser, and electronics industries and have good piezoelectric and optical capabilities.

RESTRAINING FACTORS

"Inadequate Safety Measures to Restrain Market Growth"

Niobium oxide is hazardous to create and handle because it has an ignition energy that is two grades greater than that of tantalum and niobium and a specific heat that is twice as high. Numerous accidents frequently occur during production, which severely restrains market expansion.

Niobium Pentoxide Market REGIONAL INSIGHTS

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"South America to Dominate the Market Owing to Vast Number of Mines"

The majority of niobium is produced in South America. Every year, South America mines and processes tonnes of niobium. Millions of metric tonnes of niobium ore were mined in the South American nation, and this is primarily why South America has the greatest niobium pentoxide market share. The high demand post-pandemic is also a factor that will affect the industry's market growth.  South America benefits from the region's extensive production of niobium, which is exported to other areas.

KEY INDUSTRY PLAYERS

"Market Players Face Fierce Competition, which will Improve the Market Growth"

The reader can use the study's conclusions to strengthen industrial competition and competitive environment strategies. niobium pentoxide market Report identifies various key players in the market and sheds light on their strategies and collaborations to combat competition. The comprehensive report provides a two-dimensional picture of the market. By knowing the global revenue of manufacturers, the global price of manufacturers, and the production by manufacturers during the forecast period of 2022 to 2031, the reader can identify the footprints of manufacturers in the niobium pentoxide industry.

List of Market Players Profiled

• CBMM (Brazil)
• Solikamsk Magnesium Works (Russia)
• AMG (Germany)
• Materion (U.S.)
• Mitsui Kinzoku (India)
• Taki Chemical (Japan)
• MPIL (India)
• JX Nippon Mining & Metals Corporation (Japan)
• Ximei Group (U.S.)
• KING-TAN Tantalum (China)
• F&X Electro-Materials (China)

REPORT COVERAGE

The report's in-depth analysis of the restraints illustrates how they differ from drivers and leaves potential for tactical planning. The factors that hinder market expansion are crucial because they can be recognised to create new strategies for seizing the profitable chances that are available in the constantly expanding industry. In order to better comprehend the market, perspectives from industry experts have also been taken into consideration. The report also examines the market's current state of development and global market trends for niobium pentoxide. In order to conduct a thorough analysis and show the market's profile and prospects, it also divides the niobium pentoxide market into segments based on type and applications.