Niobium is a light grey, crystalline, ductile transition metal with the atomic number 41 that chemically resembles tantalum and is also known as Columbium. According to BlueQuark Research & Consulting, the Global Niobium market is expected to witness a significant growth rate during the forecasted period. Factors like the increase in the strength of steel by more than 30% by the addition of Niobium, induced precipitation, and controlled cooling rate, achieving dispersion distribution of the precipitates and adjustment in the toughness level of steel, since steel is an essential component in the construction industry, are estimated to drive the Global Niobium Market. In addition to this, Aerospace Industry employs high purity Niobium for manufacturing engines and heat resistant components for rockets and spacecraft, and Niobium-based hot alloys possess exceptional thermal resistance and processability, making them suitable for aerospace components, and gas turbine blades are projected to drive the Global Niobium Market. Further, Niobium has anti-corrosive physiological and biological compatibility meaning it will not react with various liquid substances in the human body and cause no damage to bodily tissues, and it can adapt to any sterilization method, making it suitable for manufacturing bone plate, skull plate screw, plant root, surgical instruments, and so on is expected to drive the global Niobium market. However, Niobium is scarce and highly difficult to obtain, and high mining expenses are estimated to hamper the growth of the global Niobium market.

Some niobium compounds and niobium alloys have a high superconducting transition temperature and are widely used in industrial superconductors such as superconducting generators and high power accelerator magnets, superconducting magnetic energy storage, magnetic resonance imaging equipment, and in the foundry industry, its primary role is to form a hard carbide and change the graphite morphology and size for manufacturing automotive cylinder heads, piston rings, and brakes, etc.

The Medical Industry is the vital consumer of Niobium and is projected to drive the global Niobium market. Metallic biomaterials like stainless steel, cobalt-chromium alloy, titanium, and titanium alloys containing Niobium are utilized in craniomaxillofacial surgery, and they are frequently used as a substitute material for bone deformities and defects and a scaffold material to improve patients' quality of life, thus boosting the demand for Niobium. This is primarily due to the biocompatibility and cytotoxicity of metal biomaterials, the requirement for long-term implantation and the possibility of removing them later, and the lowering of metal modulus of elasticity to reduce the effect of stress shielding. According to Johnson and Johnson, the third quarter of 2021 witnessed a total sales growth of 10.7% to USD 23.3 Billion with operational growth of 9.9%, and medical devices worldwide operational sales of medical devices grew 7.6%. With escalating investments made by the regulatory bodies to uplift the health standards, the demand for long-lasting and safe medical devices is surging along with the statistics available for the number of surgeries being performed.

Some of the market's key players are Alkane Resources Limited, Taseko Mines Limited, Advanced Metallurgical Group, Changsha South Tantalum Niobium Co. Ltd., Titan Metal Fabricators, Global Advanced Metals, and Admat Inc., among others.

The Asia Pacific region is poised to be the leader in the production and the subsequent consumption of Niobium, with most of the consumption in countries like China and India. The region is home to rising economies, where a large portion of the population lives, and the area's urbanization has accelerated the consumption of Niobium in steel manufacturing in the form of ferroniobium, and the Construction Industry is accounting growth. In addition to this, China and India have the World's most substantial armed forces respectively, and the governments of both nations invest in fighter airplanes, and along with it, increased accessibility of commercial aircraft for the common folk has escalated the usage of Niobium to ensure maximum safety of the passengers. Further, the automobile industries in China and Japan are increasing the production of electric vehicles to reduce fuel consumption, lower the level of pollutants emitted, and Niobium is employed to produce steel used by these industries. Furthermore, the consumer electronics industry of Japan is one of the largest globally, and the industry relies on Niobium owing to its durability and quality for manufacturing televisions, refrigerators, washing machines, laptops, and so on. Factors like these have made Asia-Pacific an essential region for growth in the Niobium market.

In October 2021, CBMM, a global leader in Niobium products, signed an agreement to acquire 20% of the startup Battery Streak. The company expects to drive developments in materials for batteries in mobility applications, electronic equipment, and drones with the investment.

In August 2021, Globe Metals and Mining secured a large-scale mining license from the Malawi government for its USD 250 million Kanyika Niobium project.

Global Niobium Market report provides deep insight into the market's current and future state across various regions. The study comprehensively analyses the Niobium market by segmenting based on the occurrence (Carbonatites and Associates, Columbite-Tantalite), type(Ferroniobium, Niobium Oxide, Niobium Metal, Vacuum Grade Niobium Alloys), Application (Steel, Super Alloys, Superconducting Magnets, Capacitors, Glass, Others), End-user Industry (Construction, Aerospace, Medical, Automotive, Others), and Geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa). The report examines the market drivers and restraints and the impact of Covid-19 on the market growth in detail. The study covers and includes emerging market trends, developments, opportunities, and challenges in the industry. This report also covers extensively researched competitive landscape sections with prominent companies and profiles, including their market shares and projects.