According to the latest report by IMARC Group, “Global Molybdenum Market Size, Share, Growth, Industry Trends, Opportunity and Forecast 2023-2028“, 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.
Molybdenum is a metallic element that appears silvery-white in color and offers high flexibility, ductility, lightweight, and excellent corrosion resistance. It exhibits exceptional mechanical stability and strength at high temperatures. It is widely utilized in rotating X-ray anodes which are essential components in clinical diagnostics. And, It is also used to create electrodes for glass melting furnaces, sprayed coatings for automotive piston rings, machine components to reduce friction, and components that can withstand exposure to molten glass and high temperatures. At present, molybdenum finds extensive applications in the oil and gas, chemical and petrochemical, construction, aerospace, and defense industries across the globe.
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The global molybdenum market is primarily driven by the rising demand for steel alloys in the iron and steel industry due to the increasing construction of residential and commercial spaces. Moreover, the rising use of molybdenum in manufacturing several automobile components is positively influencing the market growth.
Additionally, several favorable initiatives by governments of numerous countries that allow the use of stainless steel in the food and beverage (F&B) industry has catalyzed market growth. Furthermore, the increasing adoption of molybdenum catalysts in sulfur removal procedures and petroleum product refining is contributing to market growth.
Other factors, including ongoing research and development (R&D) activities, the rising demand for carbon emission reduction, and rapid urbanization and industrialization, are also anticipated to drive the market further.
Global Molybdenum Market 2023-2028 Analysis and Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Freeport-McMoRan Inc., Grupo México, Jinduicheng Molybdenum Co. Ltd, KGHM Polska Mied? S.A., ABSCO Limited, American CuMo Mining Corporation, Centerra Gold Inc., China Molybdenum Co. Ltd., China Rare Metal Material Co. Ltd., Codelco, Molten Corporation and Moly Metal L.L.P.
The report has segmented the market on the basis of product type, sales channel, end use and region.
Breakup by Product Type:
- Molybdenum Metal
- Nickel Alloy
Breakup by Sales Channel:
The Breakup by End Use:
- Oil and Gas
- Heavy Machinery
- Aerospace and Defence
Breakup by Region:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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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
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