How big is the molybdenum market today, and what are its future growth expectations?
The molybdenum market size has grown steadily in recent years. It will grow from $4.87 $ billion in 2024 to $5.11 $ billion in 2025 at a compound annual growth rate (CAGR) of 4.9%. The growth in the historic period can be attributed to increasing steel production, utilizing it in various industrial processes, increasing urbanization, high demand for military equipment, and stricter environmental regulations increasing the need for high-performance materials.
The molybdenum market size is expected to see steady growth in the next few years. It will grow to $6.14 $ billion in 2029 at a compound annual growth rate (CAGR) of 4.7%. The growth in the forecast period can be attributed to increased construction and infrastructure projects, growth in automotive production, increased recycling of molybdenum-containing products, growing adoption of molybdenum in medical equipment, and capital investment in new or existing mining projects. Major trends in the forecast period include innovations in mining and processing technologies, growing emphasis on sustainability and recycling, greater investment in research and development, emerging applications, and changes in regional demand patterns.
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What have been the primary factors driving the molybdenum market’s growth?
The increasing steel production is expected to propel the growth of the molybdenum market going forward. The increase in steel production is driven by increased demand in construction, automotive, and infrastructure projects globally. Molybdenum enhances steel’s strength, toughness, and corrosion resistance, making it ideal for high-stress applications. It also improves hardenability and weldability in alloy steels. For instance, in April 2024, according to the World Steel Association, a Belgium-based non-profit association, Africa’s steel production reached 1.9 million tons in March 2024, marking a 1.1% increase compared to 2023. Further, the Middle East produced 4.8 million tons of steel in 2024, reflecting a 4.0% rise compared to 2023. Therefore, increasing steel production is driving the molybdenum market.
What are the key segments within the molybdenum market?
The molybdenummarket covered in this report is segmented –
1) By Product Type: Steel, Chemicals, Foundries, Mo-Metals, Nickel Alloy, Other Product Types
2) By Application: Full Alloy, Stainless-Steel, Cast Iron, Catalysis
3) By End-User Industry: Oil And Gas, Chemicals And Petrochemicals, Automotive, Mechanical Engineering, Industrial Usage, Power Generation, Aerospace And Defense, Electronics And Medical, Process Industry, Other End User Industries
Subsegments:
1) By Steel: Stainless Steel, Alloy Steel, Carbon Steel, Structural Steel, Other Steel Products
2) By Chemicals: Molybdenum Trioxide (MoO3), Ammonium Molybdate, Molybdenum Disulfide (MoS2), Molybdenum Oxybromide, Other Molybdenum Chemicals
3) By Foundries: Cast Iron, Non-Ferrous Castings, Investment Castings, Sand Castings, Die Castings
4) By Mo-Metals: Molybdenum Rods, Molybdenum Sheets, Molybdenum Plates, Molybdenum Tubes, Molybdenum Wire, Molybdenum Powders
5) By Nickel Alloy: Molybdenum-Rich Nickel Alloys, Inconel Alloys, Monel Alloys, Hastelloy Alloys, Nickel-Copper Alloys, Other Nickel-Based Alloys
6) By Other Product Types: Electronics and Electrical Applications, Aerospace Applications, Medical Applications, Catalysts, Miscellaneous Products
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Which key players are shaping the molybdenum market?
Major companies operating in the molybdenum market are BHP Group Limited, Rio Tinto Group, Anglo American plc, Freeport-McMoRan Inc., Teck Resources Limited, Codelco, Grupo México, CMOC Group Limited, Southern Copper Corporation, Sumitomo Metal Mining Co. Ltd., KGHM Polska Miedz S.A., Antofagasta PLC, China Daye Non-Ferrous Metals Mining Limited, Lundin Mining Corporation, Ivanhoe Mines Ltd., Hudbay Minerals Inc., Jinduicheng Molybdenum Co. Ltd., Zangezur Copper Molybdenum Combine CJSC, Centerra Gold Inc., Taseko Mines Limited, Copper Mountain Mining Corporation, Sierra Metals Inc., Imperial Metals Corporation, Amerigo Resources Ltd., Thompson Creek Metals Company Inc., Avanti Kitsault Mine Ltd., Erdene Resource Development Corp., General Moly Inc., Highland Copper Company Inc
How will emerging trends drive the molybdenum market throughout the forecast period?
Major companies operating in the molybdenum market are adopting strategic partnerships approach to enhance production capabilities and expand market reach. Strategic partnerships refer to a process in which companies leverage each other’s strengths and resources to achieve mutual benefits and success. For instance, in August 2023, Univar Solutions Inc., a US-based provider of chemicals and ingredients, partnered with Climax Molybdenum Company, a Sweden-based mining equipment company, to enhance their presence in the Latin American market for molybdenum products, such as Molysulfide, used in greases and coatings. This partnership enables Univar Solutions to broaden its product offerings, supplying customers with a broader range of molybdenum-based solutions essential in industries such as automotive and aerospace. It also ensures more reliable access to critical materials for lubricants and metalworking applications.
How do regional factors impact the molybdenum market, and which region is the largest contributor?
Asia-Pacific was the largest region in the molybdenum market in 2024. The regions covered in the molybdenum market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Does The Molybdenum Market Report 2025 Offer?
The molybdenum market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Molybdenum is a chemical element with the symbol Mo and atomic number 42. It is a silver-gray, refractory metal that belongs to Group 6 of the periodic table. Molybdenum is primarily known for its strength and durability, especially at high temperatures. It is a valuable component in various alloys, particularly in steel production, where it enhances hardness and strength.
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