Molybdenum Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Molybdenum Market: Global Industry Trends, Share, Size, Growth, 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 silvery-white, highly ductile and corrosion-resistant metal offering excellent strength and mechanical stability at high temperatures. It is widely used in rotating X-ray anodes that further find application in clinical diagnostics, glass melting furnace electrodes and sprayed coatings of automotive piston rings and machine components to reduce friction. It is also utilized in the production of components that are resistant to molten glass and heat sinks with thermal expansivity. At present, the burgeoning oil and gas, chemical and petrochemical, construction, aerospace, and defense sectors are positively influencing the demand for molybdenum across the globe.

Molybdenum Market Trends:
The growing demand for molybdenum in the steel industry to increase the hardenability, toughness, and tensile strength of steel represents one of the key factors driving the market. Moreover, there is a rise in the utilization of molybdenum in electronic devices due to its expansion under high-temperature conditions. This, along with the rising employment of molybdenum as a catalyst in petroleum refineries to help refine petroleum products and remove sulfur from natural gas, is propelling the growth of the market. In addition, there is an increase in the usage of molybdenum in the aerospace industry to reduce vibration and improve pilot and passenger comfort. It is also used to stable control surfaces for ailerons, elevators, and rudder sections of aircraft, helicopter rotor blades, and cockpit equipment. Besides this, the rising applications of molybdenum in the defense industry for manufacturing premier warheads, nozzles, and shaped charge liners, is positively influencing the market. Furthermore, key market players are introducing new primary and byproduct operations to expand their customer base. These players are also focusing on capacity expansions and mergers and acquisitions (M&A), which is projected to bolster their overall sales and profitability.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global molybdenum market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on product type, sales channel and end use.

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:
The competitive landscape of the industry has also been examined along with the profiles of the key players being 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 and Moly Metal L.L.P.

Key Questions Answered in This Report

1. What was the size of the global molybdenum market in 2022?
2. What is the expected growth rate of the global molybdenum market during 2023-2028?
3. What are the key factors driving the global molybdenum market?
4. What has been the impact of COVID-19 on the global molybdenum market?
5. What is the breakup of the global molybdenum market based on the product type?
6. What are the key regions in the global molybdenum market?
7. Who are the key players/companies in the global molybdenum market?