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Niobium Hydride Market

Niobium Hydride Market

Niobium Hydride Market Analysis By Region (North America, Latin America, Europe, East Asia, South Asia & Oceania, and MEA) - Global Market Insights 2022 to 2032

Niobium Hydride Market
FACT7532MR

Niobium Hydride Market Outlook (2022-2032)

The global niobium hydride market reached a valuation of US$ 38 million at the end of 2021 and is forecast to grow to US$ 67 million by 2032, expanding at a high CAGR of 5.4%.

Stronger downstream demand, rising consumer spending, and increased business investments are likely to benefit niobium hydride suppliers. Despite an economic slowdown, the global hydrogen industry is poised to witness significant growth over the coming years.

Ramped-up production capacities and the ongoing vision of the United States to double its niobium production capacity by 2032 will positively impact market expansion.

Report Attributes

Details

Niobium Hydride Market size (2021A)

US$ 38 Million

Estimated Market Value (2022E)

US$ 40 Million

Forecasted Market Value (2032F)

US$ 67 Million

Global Market Growth Rate (2022-2032)

5.4% CAGR

North America Market Share (2021)

~26.7%

North America Market Growth Rate (2022-2032)

6.3% CAGR

U.S. Market Growth Rate (2022-2032)

6.6% CAGR

Market Share of Top 3 Companies

~85.7%

Key players in the market should shift their focus towards attracting a newer customer base by selling niobium hydride at a competitive price without compromising on quality.

Furthermore, tier-2 players could focus on market-specific joint ventures as it could strengthen their position in the niobium hydride market, which has plenty of potential in North America and South Asia & Oceania.

Interested to Procure The Data

Niobium Hydride Consumption Analysis (2017-2021) Vs. Market Outlook (2022-2032)

Latest market analysis by Fact.MR, a market research and competitive analysis provider, reveals that the market value for niobium hydride over 2017-2021 increased at a CAGR of around 4%.

Players have adopted targeted expansions, acquisitions, and collaboration strategies to improve their geographical footprint. Market players are focusing on joining ventures with regional OEMs and manufacturers to extend their market penetration. This has helped them in gaining access to a newer customer base, and the same trend is expected to continue over the coming years for increasing profitability.

All these factors pose startling challenges to newer entrants as they find it very difficult to sustain in the market.

Nevertheless, the global market for niobium hydride is set to expand at 5.4% CAGR over the next ten years.

Niobium hydride market forecast by Fact.MR

What are the Key Influencing Factors Driving Demand for Niobium Hydride?

“Market Being Driven by Increasing Use of Hydrogen across Industries”

Demand for niobium hydride has increased rapidly over the recent past, primarily due to extensive implementation of hydrogen across several industries such as automotive, aerospace, and general metal manufacturing.

The current phase of the global niobium hydride market is characterized by an emphasis on improving operational efficiency, and thereby lowering costs, in turn improving overall profitability.

Major players have channelized their efforts towards the development of differentiated, efficient, yet diversified offerings to better cater to client requirements. Recent development in niobium hydride have shown promising outcomes and continue to do so, while product reliability, durability, and safety are exclusively enhanced.

Companies should look out for improving delivery times, establishing a robust supply chain experience, and making customization for end users to keep up with the industry trends. Cost optimization involves reducing set-up costs and improving manufacturing flexibility, which is generally the biggest growth barrier in the niobium hydride market as it requires robust infrastructure as well as excellent network support.

Country-Wise Analysis

Why are Sales of Niobium Hydride High in the United States?

The United States is already engaged in the hydrogen economy and technology, and firms have invested millions of dollars to create new revenue generation opportunities from hydrogen gas, majorly in the transportation sector.

In the United States, a majority of the hydrogen produced is used in refining petroleum and producing fertilizers; however, manufacturers are facing complications to supply hydrogen in a particular time frame because the weight and volume of hydrogen storage systems are too high, which results in inadequate vehicle range as compared to other fuel storage systems.

U.S. manufacturers are investing more in niobium hydride extracting plants to supply hydrogen gas in a portable way. U.S.-based companies are investing in the research and development of artificial by-products, such as niobium found in rear mines, which leads to higher costs while importing from different regions.

The North American market is anticipated to expand at a CAGR of 6.3% to reach US$ 15.6 million by 2032.

Why Does Brazil Have a Stronghold Over the Niobium Hydride Market?

Brazil is a prominent producer of niobium and almost 98% of the world’s niobium is found in Brazil.

Niobium is used in the creation of alloys, including stainless steel; basically, it improves the strength of alloys, particularly at a lower temperature. The Brazilian niobium hydride market is expected to expand at a CAGR of around 4.7% over the decade.

Prime manufacturers of niobium hydride are investing in new product development to attract refinery and alloy customers. In the Brazilian market, companies are also focusing on an effective supply chain, which, in turn, acts as a growth driver for the sales of niobium hydride in and around the country.

Competition Landscape

American Elements, Ereztech LLC, and NEO are the top companies manufacturing niobium hydride.

Niobium hydride brands have established strategic partnerships with raw material suppliers to maintain their production capacity at plants, and this creates attractive absolute dollar opportunities for players operating in this business model.

Fact.MR has provided detailed information about the overall strategies adopted by niobium hydride suppliers, along with a detailed overview of the niobium hydride market, including SWOT analysis and sales generated across geographies.

An Adaptive Approach to Modern-day Research Needs

Niobium Hydride Market Segmentation

  • by Region :

    • North America
    • Latin America
    • Europe
    • East Asia
    • South Asia & Oceania
    • Middle East & Africa

- FAQs -

The global niobium hydride market is valued at US$ 40 million in 2022.
The global market for niobium hydride is expected to expand at 5.4% CAGR through 2032.
North America holds 26.7% share in the worldwide niobium hydride market.
Sales of niobium hydride increased at a CAGR of 4% during 2017-2021.
Key players manufacturing niobium hydride are involved in strategic partnerships with suppliers of niobium, along with the development of joint ventures to cut down on procuring costs.
Top companies producing niobium hydride are American Elements, Ereztech LLC, and NEO.
The European market accounts for approximately 22.7% market share at present.

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