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The latest report by IMARC, titled “ Molybdenum Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-20 27
” the global molybdenum market reached a volume of 5,400 Tons in 2021.
Molybdenum is a silvery-white, lustrous, lightweight, transition metal that is recovered from mining copper and tungsten. Durable, corrosion-resistant, strong, and stable at high temperatures, it offers excellent strength and mechanical stability. The material also has low thermal expansion properties, making it more efficient at retaining shape. Additionally, it is a vital trace mineral that occurs naturally in milk, cereal grains, leafy vegetables, and organ meats. It is primarily used as an alloying agent in the manufacturing of structural steel and stainless steel to enhance hardness, electrical conductivity, and tensile strength. In addition to being used in rotating X-ray anodes, it is also employed in molten glassresistant components and heat sinks that are thermally expansive.
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The global market is majorly driven by the escalating demand for steel alloys in the iron and steel industry across the globe. This can be attributed to the widespread construction of residential and commercial spaces. In addition to this, the rapid product utilization in the automotive industry for the manufacturing of several automobile components is providing an impetus to the market. Besides this, favorable government regulations that permit stainless steel to be used in the food and beverage industry are fueling the demand for food-grade stainless steel, which, in turn, is driving the market. Moreover, the growing adoption of molybdenum catalysts in sulfur removal procedures and refining petroleum products is impacting the market positively. In line with this, the escalating demand for superior aircraft turbine engines due to considerable growth in the aviation industry is resulting in a higher product uptake. Also, the augmenting demand for molybdenum in the defense industry to manufacture high-quality war equipment and devices is positively influencing the market. The market is further propelled by the increasing usage of molybdenum in electronic devices due to its tendency to expand at high temperatures. Some of the other factors contributing to the market include rapid urbanization and industrialization, the augmenting demand for reducing carbon emission, inflating disposable income levels and extensive research and development (R&D) activities. On account of the aforementioned factors, the market is anticipated to reach a volume of 6,429 Tons by 2027, exhibiting a CAGR of 2.80% during 2022-2027.
Looking forward, the market value is projected to reach a strong growth during the forecast period (2022-2027).
Market Summary:
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 Defense
• 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
Competitive Landscape with Key Players:
• 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.
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