Vancouver, Canada, 16-July-2019- Niobium Pentoxide is increasingly used in iron and steel production because it is capable of augmenting the strength of steel significantly. With adding niobium steel, the steel becomes stronger, while also improving the corrosion resistance of steel. The steel also achieves a good welding property and formability.

Niobium is a rare metal and most of the metal is produced in the form of Ferroniobium (Iron plus Niobium|), with Ferroniobium accounting for around 93% of Niobium market. The largest application of Niobium is in structured steel. Because, most plants of the metal are based in Brazil and Canada, the global production is centered on these two countries only.

Niobium in the Aerospace Industry
In Aerospace industry high purity niobium has extensive utility, with primary application areas including but not limited to, manufacturing engines and heat resistant components rockets and spacecraft. It has a high thermal resistance and processability, hence is good for manufacturing aircraft components and gas turbine blades.
The United States especially use niobium alloy to manufacture most of its jet fighter engines. Simply said, in the industrialized countries including the United States, Niobium Pentoxide is a sort after transition metal oxides, due to its defense-related uses in the aerospace, energy and transportation industries. Niobium steel is an HSLA steel used for oil and natural gas pipelines and automobile wheels.

Niobium Market Is On A Growth Path
The Niobium market is forecast to grow at a CAGR rate of 5.9% from 2019-2024. The main factors driving the market are enhanced usage of the metal in structured steel and high utility of niobium alloy in aircraft engines. These factors majorly affect Niobium Pentoxide price, as at the same time the demand for high strength and lightweight steel in oil and gas pipelines will grow at an increasing pace.
Overall on the front of Niobium oxide, and Ferroniobium news, the consumption is going to be high, with China and Japan leading as the top consumers. The industry is upbeat about the future of niobium and ferroniobium that is applied to produce huge quantities of micro-alloyed steels which have wide-ranging applications.