Growing Demand From the Aerospace and Defence Sector and Rising Penetration of Electric Vehicles Are Increasing the Niobium Capacitor Market Size During the Forecast Period 2023-2028

The Niobium Capacitor Market size is estimated to reach US$11.5 billion by 2028, growing at a CAGR of 9.8% from 2023 to 2028. High demand for electric circuitry, rising demand from the aerospace and defence sector and growing automobile production worldwide are driving the Niobium Capacitor industry forward. In FY 2021, according to the OICA, approximately 43,99,112 vehicles were manufactured which was a 30% increase over the 33,81,819 units manufactured in 2020. However, the complex extracting process of raw materials is hampering the growth of the Niobium Capacitor market during the forecast period.

Moreover, rapid digitalization, technological advancements and growing demand for consumer electronics are creating ample opportunities for the Niobium Capacitor market to grow. As niobium capacitors are polarized capacitors with anodes made of niobium oxide and a dielectric medium made of an insulating niobium pentoxide layer, they increase automobile systems’ stability and reliability. In September 2021, Yageo Corporation extended its automotive-grade MLCC product range to reach a rated voltage of 1,000 V and enhance quality and reliability in automotive applications. Such developments boost the adoption of Niobium Capacitors and increase the market size.

APAC generated approximately 29% of the global revenues in the Niobium Capacitor industry in 2022. The growing consumer electronics industry, the presence of key market players and government initiatives toward manufacturing electric vehicles are boosting the market growth in this region. In FY 2021, China’s total Electric Vehicles sales were 2.92 million units which is more than half of the global sales. This triggers the adoption of niobium capacitors which in turn influences the Niobium Capacitor Industry in the region.

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Niobium Capacitor Market Growth Driver:

Growing demand from the Aerospace and Defense sector:

Niobium is widely used in the aerospace and defence industry. This metal is used in the aerospace industry to make superalloys. These superalloys are then used in high-temperature applications such as jet engine components, rocket subassemblies and a variety of other heat-resistant components. The aerospace and defence sector is expanding globally and is generating massive demand for aircraft and increased space activities. This is expected to drive the growth of the Niobium Capacitor market during the forecast period. According to the International Air Transport Association (IATA), the airline industry is expected to generate a revenue of US$782 billion in 2022 which is a 54.5% increase from 2021. Similarly, in November 2021, according to Airbus' statistics, the company anticipates demand for 39000 new passenger and freighter aircraft by 2040. Such developments in the Aerospace and Defense industry would positively influence the Niobium Capacitor industry outlook during the forecast period.

Major Players in this Market:

The major players in the Niobium Capacitor Market include AMG NV, AVX Corporation, Illinois Capacitor, Toshiba Corporation, CBMM and NioCorp Developments. In March 2022, KYOCERA Corporation acquired ROHM Semiconductor’s tantalum and polymer capacitor businesses to expand the existing portfolio of solid electrolytic capacitor solutions for medical, military and aerospace applications.