United States, Rockville MD, July 04, 2022 (GLOBE NEWSWIRE) -- As per the latest report on niobium hydride by Fact.MR, a market research and competitive intelligence provider, the global market is valued at US$ 40 million and is expected to progress further at a CAGR of 5.4% over the 2022-2032 forecast period.
Steady market growth is attributed to increasing hydrogen gas demand, which has grown more than threefold since 1975. Also, the number of countries that are supporting investments in hydrogen technologies is increasing rapidly. Companies are directly supporting hydrogen production, with a majority of them focused on the transportation sector. Global spending on hydrogen energy and technologies, development, and demonstration by various national governments has increased in recent years, though it remains below the 2008 peak.
Manufacturers faced a lot of supply chain issues during COVID and production was halted; but the production of niobium hydride got back on track during the start of the third quarter of 2020 across European countries such as Germany, Italy, and France, as well as the United States. This cascaded the effect to the niobium hydride demand scenario.
Niobium hydride is widely used as a portable source of hydrogen gas. Global hydrogen demand is currently subjugated by ammonia production industries, and to some extent, by the refining industry also. Pandemic-related travel restrictions and policies in 2020 cut refinery runs, which decreased hydrogen demand.
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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.
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.
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.
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.
Key Takeaways from Market Study
- Most countries are totally reliant on the import of niobium; two major producers of niobium are situated in Brazil and currently cater to 92% of the global demand.
- The United States focuses more on artificial means of production for niobium hydride.
- Niobium hydride is majorly used as a portable source of hydrogen gas and is mostly available in the powder form.
- North America is projected to capture around 29.3% of the global niobium hydride market share by 2032 and be valued at US$ 19.9 million.
- Europe is expected to provide an absolute dollar opportunity of US$ 7.3 million by 2032-end.
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To close the supply chain gap, niobium hydride manufacturers should focus on long-term contracts with niobium raw material suppliers. Key stakeholders are investing more in mergers and acquisitions of growing niobium manufacturers, which will eventually expand existing niobium hydride material production capacity.
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.
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Fact.MR, in its new offering, presents an unbiased analysis of the niobium hydride market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of six major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and MEA).
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About the Chemicals & Materials Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned chemicals & materials team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analysed the chemical & materials industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services.
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