According to the report by Expert Market Research (EMR), the global molybdenum market is projected to grow at a CAGR of 4% between 2024 and 2032. Aided by the increasing demand from various industrial sectors, the market is expected to grow significantly by 2032.
Molybdenum, a silver-gray metal, is renowned for its high melting point, strength, and resistance to corrosion. It is primarily used in the production of steel alloys, where it enhances strength, hardness, and resistance to wear and temperature. Additionally, molybdenum finds applications in the chemical industry due to its catalytic properties and in electronics for semiconductor manufacturing.
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The steel industry is the principal driver of the molybdenum market growth. As global infrastructure and construction activities continue to grow, so does the demand for high-strength steel, which significantly depends on molybdenum. The automotive sector also contributes substantially to the market, as molybdenum-alloyed steels are crucial in manufacturing vehicle parts that endure extreme stress and heat.
Another significant factor contributing to market growth is the increasing demand for energy-efficient and high-performance materials in aerospace and defense. Molybdenum’s ability to withstand high temperatures makes it ideal for aerospace applications, including in jet engines and other critical components.
Technological advancements in the extraction and processing of molybdenum have led to more efficient and environmentally friendly practices, reducing costs and increasing production capacity. Innovations in alloy development are also creating new opportunities for molybdenum in various industries.
Geographically, Asia-Pacific accounts for a significant portion of the molybdenum market share, driven by rapid industrialisation, especially in China and India. North America and Europe also hold significant shares, attributed to their advanced automotive and aerospace industries. Latin America, particularly Chile, is a key region in terms of molybdenum mining and production.
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Looking forward, the market is set to continue its growth, driven by the ongoing demand from the steel, automotive, aerospace, and electronics industries. The development of new alloys and the expanding applications of molybdenum in various high-tech sectors will further enhance the molybdenum market demand. As the global economy continues to evolve, molybdenum’s unique properties will ensure its continued relevance across a broad range of industries.
Molybdenum Market Segmentation
The market can be divided based on product type, end use, and region.
Market Breakup by Product Type
- Steel
- Chemical
- Foundry
- MO-Metal
- Nickel Alloy
- Others
Market Breakup by End Use
- Oil and Gas
- Chemical and Petrochemical
- Automotive
- Industrial Usage
- Building and Construction
- Aerospace and Defence
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global molybdenum market. Some of the major players explored in the report by Expert Market Research are as follows:
- Anglo American plc
- Antofagasta plc
- China Molybdenum Co., Ltd
- Codelco
- Freeport-McMoRan Inc.
- Others
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