With accelerating usage in structural steels and growing usage in the automobile and aerospace industry in countries, such as China, India, and Japan, the consumption of niobium is increasing in the region.
New York, Jan. 24, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Niobium Market - Growth, Trends, and Forecast (2019 - 2024)" - https://www.reportlinker.com/p05778137/?utm_source=GNW
The consumption of niobium is very high in steel manufacturing in the form of ferroniobium, and the construction industry is thriving in several emerging economies, such as China and India, among others. The Chinese automotive manufacturing industry is the largest in the world. The automotive industry is growing steadily, with high production and demand for passenger cars. Further, the aviation industry is currently running 2,185 general aviation aircraft. Moreover, it is planning to have more than 5,000 aircraft and 500 airports by 2020. With the growing demand from various end-user industries in different countries, the demand for niobium is projecetd to increase at a high rate during the forecast period.
The global niobium market is dominated by CBMM accounting for 84% of the market, which holds a monopoly over niobium supply. The other prominent companies include China Molybdenum Co. Ltd (CMOC International), NIOBEC (Magris Resources Company), Alkane Resources Ltd, and Grandview Materials, among others.
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