“North America is responsible for the majority of niobium hydride consumption, being widely used as a portable source of hydrogen gas. Such dominance opens new investment opportunities for greenhouse fuel manufacturers to zero emissions,” says a Fact.MR analyst.
United States, Rockville MD, 04 Jul. 2022 (GLOBE NEWSWIRE) — According to the latest niobium hydride report from Fact.MR, a market research and competitive intelligence provider, the global market is valued at US$40 million and is expected to grow further at a CAGR of 5.4% over the forecast period 2022-2032.
The steady growth of the market is attributed to the increase in demand for hydrogen gas, which has more than tripled since 1975. Additionally, the number of countries supporting investments in hydrogen technologies is growing rapidly. Companies directly support hydrogen production, with the majority of them focusing on the transport sector. Global spending on hydrogen energy and technologies, development and demonstration by various national governments has increased in recent years, although it remains below the 2008 peak.
Manufacturers have faced many supply chain issues during COVID and production has been halted; but niobium hydride production got back on track at the beginning of the third quarter of 2020 in European countries such as Germany, Italy and France, as well as in the United States. This passed on the effect to the application for niobium hydride script.
Niobium hydride is widely used as a portable source of hydrogen gas. Global hydrogen demand is currently being driven by ammonia production industries and to some extent by the refining industry as well. Pandemic-related travel restrictions and policies in 2020 have reduced refining cycles, reducing demand for hydrogen.
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The demand for niobium hydride has grown rapidly over the past few years, mainly due to the extensive implementation of hydrogen in several industries such as automotive, aerospace, and general metal manufacturing.
The major players have channeled their efforts towards the development of differentiated, efficient and diversified offers to better meet customer needs. The recent development of niobium hydride has shown promising results and continues to do so, while the reliability, durability and safety of the products are exclusively improved.
The United States is already committed to the hydrogen economy and technology, and companies have invested millions of dollars to create new revenue-generating opportunities from hydrogen gas, primarily in the fuel sector. transport.
Niobium is used in the creation of alloys, including stainless steel; basically it improves the strength of alloys, especially at low temperatures. The Brazilian niobium hydride market is expected to grow at a CAGR of approximately 4.7% over the decade.
Main takeaways from Market Study
Most countries are totally dependent on the import of niobium; two major niobium producers are located in Brazil and currently meet 92% of global demand.
The United States is focusing more on artificial means of niobium hydride production.
Niobium hydride is primarily used as a portable source of hydrogen gas and is mostly available in powder form.
North America is expected to capture around 29.3% of the global niobium hydride market share by 2032 and valued at US$19.9 million.
Europe is expected to offer an absolute dollar opportunity of US$7.3 million by the end of 2032.
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To bridge the supply chain gap, niobium hydride manufacturers should focus on long-term contracts with niobium raw material suppliers. Major stakeholders are investing more in mergers and acquisitions of growing niobium manufacturers, which will eventually expand the existing production capacity of niobium hydride materials.
American Elements, Ereztech LLC and NEO are the main niobium hydride companies.
Niobium hydride brands have established strategic partnerships with raw material suppliers to maintain production capacity in factories, which creates attractive absolute dollar opportunities for players operating in this business model.
More valuable information in offer
Fact.MR, in its new offering, presents an unbiased analysis of the niobium hydride market, showcasing historical market data (2017-2021) and forecast statistics for the period 2022-2032.
The study reveals essential information based on six major regions of the world (North America, Latin America, Europe, East Asia, South Asia and Oceania and MEA).
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About Chemicals & Materials Ddivision at Fact.MR
Expert analysis, actionable insights, and strategic recommendations from Fact.MR’s highly experienced chemicals and materials team help customers around the world meet their unique business intelligence needs. With a repository of over a thousand reports and over a million data points, the team has analyzed the chemical and materials industry in over 50 countries for over a decade. The team provides unparalleled end-to-end research and advisory services.
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