New York, Oct. 13, 2023 (GLOBE NEWSWIRE) -- The global Molybdenum Market is expected to witness significant growth at a remarkable CAGR of 2.9% during the forecast period of 2023-2031. Factors such as the growing demand for high-strength and corrosion-resistant materials, increasing steel production across the globe is driving the market for molybdenum, and others are accelerating the demand for molybdenum, which, in turn, is boosting market growth. In addition, the growing demand for molybdenum in the energy sector will further boost the market growth during the forecast period.
According to a recent report by Consegic Business Intelligence, the molybdenum market is poised for strong expansion and is expected to reach USD 6,791.95 Million by 2031 and is expected to reach USD 5,422.59 million in 2023 with a compound annual growth rate of 2.9% during the period of 2023-2031. The market was valued at USD 5,300.00 million in 2022. The report highlights the growing demand for high-strength and corrosion-resistant materials across the globe, which is augmenting the global market growth. Consegic Business Intelligence study also provides insights into the market's competitive landscape, market segmentation, regional outlook, and emerging technologies in the molybdenum market.
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Molybdenum is a relatively rare element, with an abundance in the Earth's crust and it is relatively easy to mine and process. Molybdenum is found in a variety of minerals, including molybdenite, wulfenite, and powellite. The most important ore of molybdenum is molybdenite, which is a sulfide of molybdenum. Molybdenum is extracted from molybdenite by roasting the ore to produce molybdenum trioxide (MoO3), which is then reduced to molybdenum metal.
Molybdenum is an essential element for many plants and animals. It is required for nitrogen fixation, which is the process by which plants convert atmospheric nitrogen into a form that they can use to grow. Molybdenum is also required to produce enzymes, which are proteins that catalyze chemical reactions. The global molybdenum market is expected to grow in the coming years, driven by growing demand from the steel industry, the shift to clean energy, and new molybdenum mining and processing technologies.
Global Molybdenum Market: Report Attributes
| Report Attributes | Report Details |
| Study Timeline | 2017-2031 |
| Market Size in 2031 (USD Million) | USD 6,791.95 Million |
| CAGR (2023-2031) | 2.9% |
| By Application | Alloys, Catalysts, Fertilizers, Foundry, and Others |
| By End-user Industry | Oil and Gas, Steel Industry, Chemicals and Petrochemicals, Automotive, Aerospace and Defense, Electrical and Electronics, Energy and Power, Mining, and Others |
| Report Coverage | Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more. |
| By Region | North America, Asia-Pacific, Latin America, Europe, Middle East & Africa |
| Key Players | BHP, Multi Metal Development Limited, Grupo Mexico, JINDUICHENG MOLYBDENUM CO., LTD., Climax Molydenum , CMOC Group Limited, Centera Gold Inc., Rio Tinto, and Antofagasta plc. |
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Global Molybdenum Market Segmentation Details:
Based on Application, the alloys segment contributed the largest shares to the market growth in 2022. Molybdenum is commonly used as an alloying element in various applications to enhance the properties of the base materials. Molybdenum is utilized in the production of superalloys, which are heat-resistant and corrosion-resistant materials used in gas turbines, jet engines, and other high-temperature applications.
Based on the End-user Industry, the steel industry care segment accounted for the largest market share in the year 2022. Molybdenum is commonly used as an alloying element in the production of steel. It enhances the strength, hardness, and toughness of steel, making it suitable for use in construction, automotive, and aerospace applications. The diverse applications highlight the significance of molybdenum in various industries, ranging from construction and manufacturing to electronics and energy production which is driving the segment growth across the globe.
Based on Region, in the year 2022, Asia-Pacific accounted for the largest share contribution to the market growth. The Asia-Pacific region is the fastest growing economic region in the world. This economic growth is driving up demand for molybdenum in a variety of industries, such as steel, construction, and automotive. Thus, the significant growth in these industries across the region is driving the market growth in Asia Pacific.
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Competitive Landscape
BHP, Multi Metal Development Limited, JINDUICHENG MOLYBDENUM CO. LTD., and CMOC Group Limited are major market players that comprise the latest market circumstances. These companies are substantially leveraging their technologies for the development of a new range of molybdenum. Further, the molybdenum market is expected to grow steadily due to the growing demand for molybdenum in the energy sector, especially in regions such as the Asia Pacific, the Middle East, and Europe are estimated to boost the market statistics in the coming years. Additionally, the trend of using clean energy is benefiting the market growth globally.
Recent Developments
- In January 2020, China Molybdenum Co (CMOC) acquired a 95% stake in the Kisanfu copper-cobalt mine in the Democratic Republic of Congo (DRC) from Freeport-McMoRan Inc for USD 550 million.
Key Market Takeaways
- Asia Pacific accounted for the highest market share at 38.55% valued at USD 2,043.15 million in 2022 and will reach USD 2,095.83 million in 2023 and is expected to reach USD 2,629.84 million in 2031. Moreover, in Asia Pacific, China accounted for the highest market share of 22.15% during the base year of 2022.
- Based on application, the alloys segment accounted for the highest share contribution to the molybdenum market statistics in 2022.
- In the end-user industry, the steel industry segment is expected to contribute significant shares to the growth of molybdenum market statistics during the forecast period.
- Asia Pacific is expected to boost the market demand for molybdenum due to the growing demand for molybdenum from various end-user industries across the region driving market growth across the Asia Pacific region.
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List of Major Global Molybdenum Market:
- BHP
- Multi Metal Development Limited
- Grupo Mexico
- JINDUICHENG MOLYBDENUM CO., LTD.
- Climax Molydenum
- CMOC Group Limited
- Centera Gold Inc.
- Rio Tinto
- Antofagasta plc.
Global Molybdenum Market Segmentation:
- By Application
- Alloys
- Catalysts
- Fertilizers
- Foundry
- Others
- By End-user Industry
- Cosmetics & Personal Care
- Healthcare
- Food & Beverage
- Homecare
- Automotive
- Others
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Frequently Asked Questions in the Molybdenum Market Report
- What was the market size of the molybdenum industry in 2023?
- In 2023, the market size of molybdenum is USD 5,422.59 million.
- What will be the potential market valuation for the molybdenum industry by 2031?
- In 2031, the market size of molybdenum will be expected to reach USD 6,791.95 million.
- What are the key factors restraining the growth of the molybdenum market?
- High price volatility along with the rising environmental concerns is restraining the market growth at the global level.
- What is the dominant segment in the molybdenum market by application?
- In 2022, the alloys segment accounted for the highest market share in the overall molybdenum market.
- Based on current market trends and future predictions, which geographical region is growing at the fastest CAGR over the forecast period in the molybdenum market?
- Asia Pacific region accounted for the highest CAGR in the overall molybdenum market.
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