What Has Been the Progress and Growth of the Molybdenum Market in Recent Years?
The molybdenum market has seen considerable growth due to a variety of factors.
• The molybdenum market size has experienced consistent growth in the past few years. There will be a progression from $4.87 billion in 2024 to $5.11 billion in 2025, which corresponds to a compound annual growth rate (CAGR) of 4.9%.
Factors contributing to the growth in the historic period include a rise in steel production, its application in different industrial operations, growing urbanization, increased demand for military hardware, and rigorous environmental laws that heighten the demand for high-performance materials.
How Does the Forecast Look for the Molybdenum Market?
The molybdenum market is expected to maintain its strong growth trajectory in upcoming years.
• A consistent expansion is anticipated in the molybdenum market size in the coming years. The market value is projected to climb to $6.14 billion in 2029 with a compound annual growth rate (CAGR) of 4.7%.
The projected growth for the forecast period can be credited to factors such as a surge in construction and infrastructure initiatives, the expansion of the automotive manufacturing sector, escalating recycling of molybdenum-based products, the heightened use of molybdenum in medical equipment, and funds channeled into new or ongoing mining ventures. Significant patterns for the forecast period incorporate advancements in mining and processing methods, an escalating focus on sustainability and recycling, increased funding in research and development, upcoming applications, and shifts in regional demand patterns.
What Are The Leading Drivers Of Growth In The Molybdenum Market?
The molybdenum market is anticipated to prosper in light of rising steel production. This upswing in steel production is spurred by an escalating demand in sectors such as construction, automotive, and infrastructure worldwide. Molybdenum contributes to strengthening steel's toughness and durability against corrosion, rendering it suitable for high-stress applications. It equally boosts its hardenability and aptitude for welding in alloy steels. For example, in April 2024, the non-profit Belgium-based World Steel Association revealed that steel production in Africa had climbed to 1.9 million tons in March 2024, a 1.1% increment compared to 2023. In addition, the Middle East produced steel amounting to 4.8 million tons in 2024, a 4.0% growth from 2023. Hence, the molybdenum market is being propelled by the uptick in steel production.
How Are The Segments Defined Within The Global Molybdenum Market?
The molybdenummarket covered in this report is segmented –
1) By Product Type: Steel, Chemicals, Foundries, Mo-Metals, Nickel Alloy, Other Product Types
2) By Application: Full Alloy, Stainless-Steel, Cast Iron, Catalysis
3) By End-User Industry: Oil And Gas, Chemicals And Petrochemicals, Automotive, Mechanical Engineering, Industrial Usage, Power Generation, Aerospace And Defense, Electronics And Medical, Process Industry, Other End User Industries
Subsegments:
1) By Steel: Stainless Steel, Alloy Steel, Carbon Steel, Structural Steel, Other Steel Products
2) By Chemicals: Molybdenum Trioxide (MoO3), Ammonium Molybdate, Molybdenum Disulfide (MoS2), Molybdenum Oxybromide, Other Molybdenum Chemicals
3) By Foundries: Cast Iron, Non-Ferrous Castings, Investment Castings, Sand Castings, Die Castings
4) By Mo-Metals: Molybdenum Rods, Molybdenum Sheets, Molybdenum Plates, Molybdenum Tubes, Molybdenum Wire, Molybdenum Powders
5) By Nickel Alloy: Molybdenum-Rich Nickel Alloys, Inconel Alloys, Monel Alloys, Hastelloy Alloys, Nickel-Copper Alloys, Other Nickel-Based Alloys
6) By Other Product Types: Electronics and Electrical Applications, Aerospace Applications, Medical Applications, Catalysts, Miscellaneous Products
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How Are New Trends Impacting The Size Of The Molybdenum Market?
Leading corporations in the molybdenum market are leveraging strategic partnerships to boost their production prowess and broaden their market presence. These joint ventures allow companies to enhance their combined capabilities, leading to mutual success and benefits. For example, in August 2023, Univar Solutions Inc., a chemical and ingredients provider based in the US, formed a strategic alliance with Climax Molybdenum Company, a mining equipment firm from Sweden. The aim was to strengthen their foothold in the Latin American market for molybdenum products, like Molysulfide, which are used in coatings and greases. Thanks to this collaboration, Univar Solutions is now able to offer a wider range of molybdenum-centric solutions necessary for industries like automotive and aerospace. Furthermore, it provides more secure access to crucial materials for metalworking applications and lubricants.
Who Are the Key Players In The Molybdenum Market?
Major companies operating in the molybdenum market are:
• BHP Group Limited
• Rio Tinto Group
• Anglo American plc
• Freeport-McMoRan Inc.
• Teck Resources Limited
• Codelco
• Grupo México
• CMOC Group Limited
• Southern Copper Corporation
• Sumitomo Metal Mining Co. Ltd.
• KGHM Polska Miedz S.A.
• Antofagasta PLC
• China Daye Non-Ferrous Metals Mining Limited
• Lundin Mining Corporation
• Ivanhoe Mines Ltd.
• Hudbay Minerals Inc.
• Jinduicheng Molybdenum Co. Ltd.
• Zangezur Copper Molybdenum Combine CJSC
• Centerra Gold Inc.
• Taseko Mines Limited
• Copper Mountain Mining Corporation
• Sierra Metals Inc.
• Imperial Metals Corporation
• Amerigo Resources Ltd.
• Thompson Creek Metals Company Inc.
• Avanti Kitsault Mine Ltd.
• Erdene Resource Development Corp.
• General Moly Inc.
• Highland Copper Company Inc
What Is The Most Dominant Region In The Molybdenum Market?
Asia-Pacific was the largest region in the molybdenum market in 2024. The regions covered in the molybdenum market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
