Molybdenum

Molybdenum

Global Molybdenum Market to Reach 386.8 Thousand Metric Tons by 2030

The global market for Molybdenum estimated at 299.0 Thousand Metric Tons in the year 2023, is expected to reach 386.8 Thousand Metric Tons by 2030, growing at a CAGR of 3.7% over the analysis period 2023-2030. Steel Application, one of the segments analyzed in the report, is expected to record a 4.1% CAGR and reach 264.4 Thousand Metric Tons by the end of the analysis period. Growth in the Chemicals Application segment is estimated at 3.0% CAGR over the analysis period.

The U.S. Market is Estimated at 28.0 Thousand Metric Tons While China is Forecast to Grow at 4.8% CAGR

The Molybdenum market in the U.S. is estimated at 28.0 Thousand Metric Tons in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of 176.5 Thousand Metric Tons by the year 2030 trailing a CAGR of 4.8% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 2.2% and 2.6% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 2.6% CAGR.

Global Molybdenum Market - Key Trends & Drivers Summarized

Molybdenum is a versatile and valuable metal known for its high melting point, strength, and resistance to corrosion. It plays a critical role in various industrial applications, including steel production, chemical processing, and electronics. In the steel industry, molybdenum is used as an alloying agent to enhance the strength, toughness, and wear resistance of steel products, making them suitable for demanding environments such as construction, automotive, and aerospace. In chemical applications, molybdenum compounds serve as catalysts for refining petroleum and producing various chemicals. Additionally, the metal`s excellent thermal and electrical conductivity makes it ideal for use in electronic components and high-temperature furnaces.

The demand for molybdenum has been steadily increasing due to its essential properties and diverse applications. Technological advancements have led to the development of high-performance molybdenum alloys and composites, further expanding its use in critical industries. The ongoing transition towards renewable energy sources has also boosted the demand for molybdenum in the production of wind turbines and photovoltaic cells. Furthermore, the metal`s biocompatibility has opened up new avenues in medical applications, such as in the manufacturing of implants and medical devices. Recycling of molybdenum from scrap metal and industrial waste has become an important aspect of the industry, promoting sustainability and resource efficiency.

The growth in the molybdenum market is driven by several factors. Firstly, the increasing demand for high-strength and corrosion-resistant steel in construction, automotive, and aerospace industries is a major driver. Secondly, the expanding renewable energy sector requires molybdenum for the production of efficient and durable components in wind and solar power systems. Thirdly, the electronics industry`s growth, fueled by the proliferation of smartphones, computers, and other devices, is propelling the need for molybdenum in semiconductor and electronic applications. Additionally, advancements in chemical processing and the need for efficient catalysts are boosting the use of molybdenum compounds. Lastly, the push towards sustainability and recycling is enhancing the supply chain and reducing the environmental impact, further supporting the market`s growth.

Select Competitors (Total 115 Featured) -

• ABSCO Ltd.
• Anglo American Plc
• Antofagasta PLC
• Centerra Gold Inc.
• China Molybdenum Co., Ltd.
• China Rare Metal Material Co. Ltd.
• Climax Molybdenum Company, a subsidiary of Freeport-McMoRan Inc.
• Codelco (Chile)
• Compañía Minera Antamina S.A.
• Grupo Mexico, S.A.B de C.V.
• Jinduicheng Molybdenum Co., Ltd.
• Moltun International
• Moly metal LLP
• Multi Metal Development Limited
• Rio Tinto Ltd.

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