The report forecasts the global niobium market to grow at a CAGR of 7.5% during the period 2016-2020.
Commenting on the report, an analyst from the research team said: A trend helping to boost market growth is the advancement of high-performance electroceramics. The growth of ultra-high-purity niobium in particular grain sizes and tight distributions is escalating the development of high-performance electroceramics. The electronics market has experienced significant changes in the past few decades. The need for compact, high-performance electroceramics has elevated due to the growth and commercialization of new technologies such as computers, mobile devices, and the Internet.
According to the report, a key growth driver is the extensive use of niobium in steel production. Globally, the steel industry consumes a considerable amount of niobium. Niobium increases the toughness, strength, and weldability of steel products. Among flat steel products, it is used in the production of hot-rolled and cold-rolled steel strips and high-strength steel plates. Among long steel products, it is used for strengthening wire rods, reinforcing bars, structural sections, and rail steels.
What will the market size be in 2020 and what will the growth rate be?
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