NEWARK, Del, Jan. 17, 2023 (GLOBE NEWSWIRE) -- The molybdenum market size is projected to be valued at US$ 316.0 billion in 2023 and is expected to rise to US$ 500 billion by 2033. The sales of molybdenum are expected to grow at a significant CAGR of 4.7% during the forecast period.
Given its high electrical conductivity, molybdenum is increasingly being used in electronics, electrical devices, and medical equipment, which is driving growth in the global molybdenum market.
Rising adoption of molybdenum in thermal spray coatings and the aerospace and defense sector is expected to drive growth in the global molybdenum market from 2023 to 2033.
Molybdenum is also used in material processing equipment and high-temperature furnaces, which are expected to drive growth in the global molybdenum market. Molybdenum is not suitable for continuous service at temperatures above 500°C in an oxidizing atmosphere unless protected by an adequate coating, which is another factor that is expected to impede growth in the global molybdenum market over the forecast period.
The rising demand for molybdenum and its alloys in consumer devices is expected to create numerous market opportunities.
Request a Sample @ https://www.futuremarketinsights.com/reports/sample/rep-gb-5643
Key Takeaways from Market Study
- The robust spending on defense budgets and various advancements in aviation technologies in the United States is leading the market towards a revenue contribution of US$ 177.1 billion by 2033.
- Japan is one of the most lucrative regions of all, witnessing a growth rate of over 12.5% due to various infrastructural development programs. Furthermore, Japan also exports a heft amount (9.9%) of molybdenum to the global market.
- Good trade relations with molybdenum-producing countries have made the U.K. a significant consumer of molybdenum. It is expected to grow at a CAGR of 3.8% and register a revenue share of US$ 21.0 billion by 2033.
- Stainless steel is the front runner in the application segment growing at a significant rate of 4.2% due to its various beneficial characteristics combined with surging high demand in various end-user industries.
- Molybdenum is widely used in the chemical and petrochemical industries as a catalyst. Molybdenum catalysts are most commonly used in the hydrodesulfurization (HDS) of petroleum, petrochemicals, and coal-derived liquids, leading the market to a growth trajectory of 4.0%.
Manufacturers are focusing on market expansion strategy
Manufacturers are concentrating on the production and supply of molybdenum for the consumer base in order to maintain market share. Key players are increasing their market penetration by expanding their global presence. In order to penetrate and sustain in a price-sensitive market, new entrants must thoroughly research the molybdenum market.
Many industries, including oil and gas, infrastructure, energy production, and automotive, are focusing on Steel Moly alloy products for consumers, thereby sustaining market growth and creating new opportunities for new entrants.
Cadila Healthcare's (Zydus Cadila's) wholly-owned material subsidiary Zydus Animal Health and Investments (ZAHL) sold its molybdenum business for nearly INR 3,000 crore to a consortium led by Multiples Alternate Asset Management in May 2021.
Browse Full Report @ https://www.futuremarketinsights.com/reports/molybdenum-market
Some of the Key Players Operating in the market include:
- BHP Billiton Group
- Jinduicheng Molybdenum Co.
- American CuMo Mining
- Thompson Creek metals
- Moly Metal LLP
- ENF Ltd.
- Compania Minera Dona Ines De Collahuasi S.C.M.
- Freeport McMoran
Molybdenum Market by category
End-user Industry:
- Oil and Gas
- Chemicals and Petrochemicals
- Automotive
- Mechanical Engineering
- Building and Construction
- Power Generation
- Aerospace and Defence
- Electronics and Medical
- Process Industry
- Other Industries
Application:
- Full Alloy
- Stainless Steel
- HSLA
- Tools
- Carbon
- Cast Iron
- Catalysts
- MO Metal Alloy
- Super alloy
- Other Applications
By Region:
- North America
- Latin America
- Europe
- South Asia & Pacific
- East Asia
- Middle East & Africa (MEA)
Ask an Analyst @ https://www.futuremarketinsights.com/ask-question/rep-gb-5643
Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
4. Global Analysis 2017 to 2022 and Forecast, 2023 to 2033
Get Full TOC @ https://www.futuremarketinsights.com/toc/rep-gb-5643
Have a Look at Latest Reports of Chemicals & Materials Domain:
Oil & Gas Pipeline Coatings Market Growth: Demand in the oil & gas pipeline coatings market is projected to grow at a value of 5.6% CAGR between 2022 and 2029.
Mono Propylene Glycol Market Type: The global business is anticipated to witness a considerable CAGR of 4.5% during the period of 2022 and 2029.
Vapour Barrier Market Analysis Forecast: The global business is projected to witness a growth rate of 4.4% over the forecast period of 2022 and 2029.
Synthetic Quartz Market Sale: The global business is anticipated to witness a considerable CAGR of 6.1% during the period of 2022 and 2029.
Soft Magnetic Composites Market Value: The global soft magnetic composites market is projected to witness a growth rate of 8.7% during the forecast period of 2022 and 2029.
About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware - 19713, USA
T: +1-845-579-5705
LinkedIn| Twitter| Blogs | YouTube
For Sales Enquiries: sales@futuremarketinsights.com
Old Source: Increase in Global Demand of Oil & Gas will Push Molybdenum Market attain a healthy CAGR of 3.8% by year 2026 end. Explore more data analysis by Future Market Insights, Inc.
