Increase in Steel Production to Boost the Global Niobium Market | Technavio

Technavio market research analysts forecast the global niobium market to grow at a CAGR of close to 8% during the forecast period, according to their latest report.

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Technavio has published a new report on the global niobium market from 2017-2021. (Graphic: Business ...

Technavio has published a new report on the global niobium market from 2017-2021. (Graphic: Business Wire)

The market study covers the present scenario and growth prospects of the global niobium market for 2017-2021. The report also lists HSLA steel, superalloys, and superconductors as the three main end markets. The HSLA steel segment accounted for close to 90% of the market share in 2016.

According to Ajay Adikhari, a lead analyst at Technavio for metals and minerals research, “The global production of mineral concentrates of niobium is concentrated in Brazil, mostly from a very large pyrochlore deposit owned by CBMM. However, this predominance of a single producer has helped to facilitate some stability in niobium prices.”

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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global niobium market:

  • Increase in steel production
  • Growing use of niobium in aerospace superalloys
  • Large and adequate reserves of pyrochlore

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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.

Globally, the iron and steel industries consume a considerable amount of niobium every year. Niobium increases the toughness, strength, and weldability of steel products. Niobium is generally used in hot-rolled and cold-rolled steel strips and high-strength steel plates. The performance of long steel products, such as wire rod construction steel, rebar, and railway steel, can be improved significantly by adding niobium.

Growing use of niobium in aerospace superalloys

Niobium is widely used to provide creep strength in superalloys that function in the hot unit of aircraft gas turbine engines. Niobium alloys, such as Nb-Ti, NbZr, and Nb-Ta-Zr, are extensively used in the aerospace and nuclear industries. They are also used for applications that require superconductivity. These alloys are designed for high-temperature service, where increased mechanical stress is observed, and high surface integrity is generally needed.

“Niobium combines high tensile strength and ductility, rupture and creep strength with inherent stability and favorable low-cycle fatigue properties. MRI equipment, which is used for medical diagnosis, also uses superconducting magnets that are made from Nb-Ti alloy. Niobium improves the toughness and strength of steel, giving it a light design structure for increased safety,” says Ajay.

Large and adequate reserves of pyrochlore

The average geological availability of niobium in the earth’s crust is approximately 20 g/t. Around 96% of it is mined from pyrochlore in Brazil and Canada. Pyrochlore reserves are also found in Gabon, Malawi, and the Democratic Republic of the Congo.

Currently, the established deposits of niobium on the earth are massive. Brazil has the largest deposits of niobium in the world, contributing to more than 90% of the total world reserve. Brazil is concentrated with high-grade niobium reserves, with more than a 2% average content of Nb2O5.

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