Analysis of Potential Impact of COVID-19 on Niobium-titanium Alloys Market Key Players : Global Business Insights And Development Analysis To 2027

Niobium-titanium Alloys Market: Overview

Niobium-titanium alloys are alloys that are made up of niobium and titanium elements. Niobium-titanium alloys are generally used as industrial superconducting magnets, type II semiconductor wires, with the matrix of aluminum or copper.
Niobium-titanium is a superconductor at temperature below 43 Kelvin. Niobium-titanium alloy has a critical magnetic field of about 15 teslas, which is suitable for fabricating super magnets generating magnetic fields up to about 10 teslas. Niobium-titanium alloy wire is usually wrapped in copper.
Fusion reactors, high-speed maglev trains, and magneto hydrodynamic (MHD) power plants generally use conventional types of superconductors. However, superconductors made up of niobium-titanium alloys are expected to be used in fusion reactors, high-speed maglev trains, and magneto hydrodynamic (MHD) power plants owing to their advantage of higher superconductivity than conventional superconductors.
Niobium-titanium alloys are used in high pressure equipment to filter gold and nickel in high pressure and high concentration oxygen environment. Niobium-containing titanium alloys, such as IMI367, are used in surgical implants, particularly in the production of femoral components for hip repair.

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Keys Drivers and Restraints of Niobium-titanium Alloys Market

Magnetic Resonance Imagining (MRI) is a testing equipment used by medical practitioners to diagnose medical conditions of a patient. The powerful magnetic field and radio waves emitted by a MRI machine are used to produce detailed picture of the inside of the body. This helps doctors monitor and provide suitable treatment for variety of disorders. Niobium-titanium alloys are primarily used in the manufacture of MRI machines. Thus, increase in demand for niobium-titanium alloys in MRI equipment is anticipated to drive the global niobium-titanium alloys market during the forecast period.
The International Thermonuclear Experimental Reactor (ITER) is an international nuclear fusion research and engineering megaproject, which is expected to be the world’s largest magnetic confinement plasma physics experiment project. The project aims to signify the principle of producing more thermal power from the fusion process than is used to heat the plasma, something that has not yet been achieved in any fusion reactor. Superconducting niobium-titanium alloys are being used in the central solenoid coil that is expected to produce a field of up to 13.5 teslas. Rapid use of NbTi by ITER is anticipated to further drive the global niobium-titanium alloys market in the near future.

Niobium-titanium Alloys Market: Application Segment

Based on application, the niobium-titanium alloys market can be segmented into NbTi for Accelerator, NbTi for Magnetic Resonance Imaging (MRI) walk in center, NbTi for International Thermonuclear Experimental Reactor (ITER), and NbTi for MRI (Monolith)
Niobium-titanium alloys are the standard for building superconducting magnets that operate at near absolute zero temperatures in MRI machines. Niobium-titanium alloys are being increasingly used in the medical equipment. The segment is expected to account for significant share of the market during the forecast period.
Most high energy accelerators, i.e. machines that use electric fields to speed up and increase the energy of a beam of particles, now primarily use superconducting magnets. These magnets are majorly made up of niobium-titanium alloys, owing to their anti-corrosion and flame retardant properties. Increase in usage of niobium-titanium alloys in high energy accelerators is expected to boost the market during the forecast period.

Asia Pacific to be Key Region of Global Niobium-titanium Alloys Market

In terms of region, the global niobium-titanium alloys market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
In terms of demand, Asia Pacific accounts for considerable share of the global market. It is followed by North America and Europe. Expansion of the medical sector due to technological advancement, particularly in North America and Europe, is projected to fuel the niobium-titanium alloys market in the region.

Key Manufacturers Operating in Global Niobium-titanium Alloys Market

The global niobium-titanium alloys market was highly fragmented in 2019. Major players have prominent presence in developing countries. Key manufacturers operating in the global market are: