How Big is The Molybdenum Market?
The global molybdenum market size reached 5,589 Tons in 2022. Looking forward, IMARC Group expects the market to reach 6,596 Tons by 2028, exhibiting a growth rate (CAGR) of 2.6% during 2023-2028.
What is Molybdenum?
Molybdenum, an oxidation-resistant metal with a silver-toned appearance, possesses exceptional malleability and offers remarkable mechanical stability, particularly at high temperatures. Its versatile applications include serving as rotating X-ray anodes in clinical diagnostics, as electrodes in glass melting furnaces, and as sprayed coatings on automotive piston rings and machine components to reduce friction. Furthermore, molybdenum finds its utility in the production of components that are resistant to molten glass and in the creation of heat sinks with specific thermal expansion characteristics. Presently, the expanding sectors of oil and gas, chemical and petrochemical, construction, aerospace, and defense are significantly driving the global demand for this metal.
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Global Molybdenum Market Trends and Drivers:
The escalating requirement for the product in the steel industry to improve hardenability, resilience, and tensile strength is primarily driving the molybdenum market. Furthermore, the increasing usage of this metal in electronic gadgets, on account of its expansion under high-temperature conditions, is also augmenting the market growth. Apart from this, the growing utilization of molybdenum as a catalyst in petroleum refineries to aid in refining petroleum products and desulfurizing natural gas is positively influencing the global market. Moreover, the widespread adoption of the product in the aerospace sector to decrease vibration and enhance comfort for pilots and passengers is further bolstering the market growth. Besides this, the rising need for this metal in the defense sector for producing superior warheads, nozzles, and shaped charge liners is acting as another significant growth-inducing factor. Additionally, key players are launching new primary and byproduct operations to expand their customer base and concentrating on capacity expansions and mergers and acquisitions (M&A), which are expected to drive the molybdenum market in the coming years.
Who are the key players operating in the industry?
- ABSCO Limited
- American CuMo Mining Corporation
- Centerra Gold Inc.
- China Molybdenum Co. Ltd.
- China Rare Metal Material Co. Ltd.
- Codelco
- Freeport-McMoRan Inc.
- Grupo México
- Jinduicheng Molybdenum Co. Ltd
- KGHM Polska Mied S.A.
- Molten Corporation
- Moly Metal L.L.P.
Report Segmentation:
The report has been segmented the market into following categories:
Breakup by Product Type:
- Steel
- Chemical
- Foundry
- Molybdenum Metal
- Nickel Alloy
Breakup by Sales Channel:
- Manufacturer/Distributor
- Aftermarket
Breakup by End Use:
- Oil and Gas
- Automotive
- Heavy Machinery
- Energy
- Aerospace and Defence
- Others
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023- 2028)
- Porter's Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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