Global Molybdenum Market is segmented By End Products (Steel, Chemicals, Foundries, MO-Metals, Nickel Alloys), By End-User Industry (Oil & Gas, Chemical and Petrochemical, Automotive, Industrial Usage, Building & Construction, Aerospace & Defense, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031
Molybdenum Market Size
The Global Molybdenum Market reached USD 8.2 billion in 2022 and is expected to reach USD 11.1 billion by 2031, growing with a CAGR of 4.0% during the forecast period 2024-2031. The molybdenum market is a dynamic and thriving sector, driven by its diverse Products and superior properties. Despite facing challenges related to sustainability and regulatory restrictions, the market continues to evolve through innovations and investments in research and development.
As industries prioritize energy efficiency and sustainable materials, molybdenum remains a significant player in steel, chemical, and foundries. With ongoing advancements, the market is poised for further growth and opportunities in the years to come. Asia-Pacific is among the growing regions in the Global Molybdenum Market, covering more than 1/4th of the market share due to its large population, high disposable income levels, and robust construction market growth.
The region has witnessed a surge in market opportunities and participation in molybdenum due to rapid urbanization and infrastructure development in countries such as China and India are fueling the demand for molybdenum in construction.
Further, the steel segment is the fastest-growing segment of the global molybdenum market close to reaching almost half of the market share in the type segment. In short, the market shows promising opportunities for manufacturers and suppliers, driven by ongoing infrastructure development, automotive innovation, and technological advancements.
Molybdenum Market Summary
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Metrics |
Details |
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CAGR |
4.0% |
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Size Available for Years |
2022-2031 |
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Forecast Period |
2024-2031 |
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Data Availability |
Value (US$) |
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Segments Covered |
Product, End-User and Region |
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Regions Covered |
North America, Europe, Asia-Pacific, South America, and Middle East & Africa |
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Fastest Growing Region |
Asia-Pacific |
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Largest Region |
Asia-Pacific |
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Report Insights Covered |
Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Equipment Product Launches, Growth Strategies, Revenue Analysis, Porter’s Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis and Other key Insights. |
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Molybdenum Market Trends
Renewable Energy Sector Growth
The Global Molybdenum Market is driven by a combination of factors, including the growth of the renewable energy sector. The renewable energy sector is emerging as a significant driver for the global molybdenum market. Molybdenum finds applications in the production of catalysts used in the refining of petroleum and the synthesis of biofuels. Additionally, molybdenum-based materials are used in photovoltaic solar cells and energy storage systems. With the increasing focus on clean energy sources and the transition towards renewable energy, the demand for molybdenum in the renewable energy sector is expected to grow.
According to the International Renewable Energy Agency (IREA), global renewable energy capacity grew by 10.3% in 2020, with significant solar and wind energy installations investments. The respective driver, supported by data from government sources, validate the positive market trends for molybdenum. As industries continue to advance and evolve, the demand for molybdenum is expected to grow, offering significant opportunities for market players in the coming years.
Steel Production and Infrastructure Development
Molybdenum is a versatile metal with a wide range of applications in industries such as steel production, energy, chemicals, and electronics. Its unique properties, including high melting point, corrosion resistance, and excellent mechanical strength, make it a vital component in various industrial processes.
The Global Molybdenum Market has witnessed significant growth in recent years due to several key drivers. Steel production and infrastructure development is one among the aforementioned factors that plays key role in the growth of Global Molybdenum Market.
Steel production is the primary driver of the global molybdenum market, as molybdenum is a crucial alloying element in stainless and high-strength steel. The construction and infrastructure sectors, in particular, strongly influence the demand for molybdenum.
According to data from the World Steel Association, global crude steel production reached 1,864 million metric tons in 2020, showing a modest increase compared to the previous year. The continuous growth in infrastructure development, driven by government investments and urbanization, propels the steel demand, subsequently boosting the demand for molybdenum.
Stringent Environmental Regulations Coupled with Geopolitical and Trade Uncertainties
Environmental regulations and sustainability concerns present additional restraints on the global molybdenum market. Molybdenum mining and processing activities can have significant environmental impacts, such as soil and water pollution. Governments worldwide are imposing stricter regulations on mining operations to mitigate these environmental risks.
For instance, the European Union has implemented regulations to ensure sustainable mining practices, including proper waste management and environmental impact assessments. Compliance with these regulations increases the operational costs for molybdenum producers, which can affect market growth.
Geopolitical factors and trade uncertainties pose significant challenges to the global molybdenum market. Tariffs, trade disputes, and geopolitical tensions among major economies can disrupt the supply chain and create market uncertainties.
For instance, the trade tensions between the U.S. and China have substantially impacted the molybdenum market. The imposition of tariffs and trade restrictions between these two countries has disrupted molybdenum's global supply and demand dynamics. Such uncertainties can hinder market growth and create challenges for market participants.
Molybdenum Market Segment Analysis
The Global Molybdenum Market is segmented based on Product, end-user, and region.
The ability of Molybdenum to Improve Mechanical Properties
The steel industry is a primary consumer of molybdenum. Molybdenum is added to steel alloys to improve their mechanical properties, making them suitable for critical applications in the construction, automotive, and infrastructure sectors.
According to data from the World Steel Association, global crude steel production reached 1.86 billion metric tons in 2020, marking a slight decline compared to the previous year due to the impact of the COVID-19 pandemic. However, steel production is expected to rebound strongly in the coming years as economies recover and infrastructure projects resume. This increased steel production will drive the demand for molybdenum as an alloying element.
Further, infrastructure development is a significant driver for the growth of the steel end-user segment in the molybdenum market. Governments across the globe are investing in large-scale infrastructure projects to drive economic growth and enhance connectivity. For instance, the United States launched the USD 2.3 trillion Infrastructure Investment and Jobs Act in 2021, focusing on upgrading transportation, broadband, and clean energy infrastructure.
Similarly, China's Belt and Road Initiative aims to develop infrastructure projects in over 140 countries. Such infrastructure investments fuel the steel demand and, consequently, molybdenum, which is vital in constructing durable and high-strength infrastructure components.
Source: DataM Intelligence Analysis (2023)
Global Molybdenum Market Geographical Share
The Growth of Steel and Electronics Industries in Asia-Pacific
The Asia-Pacific region has emerged as a significant player in the global molybdenum market, exhibiting remarkable growth in recent years. Molybdenum, a refractory metal with exceptional heat resistance, high strength, and corrosion resistance, finds diverse applications in industries such as steel, chemicals, electronics, and energy.
According to data from the World Steel Association, the region accounted for approximately 70% of global crude steel production in 2020. China, in particular, is the world's largest steel producer, with a significant portion of its steel production utilizing molybdenum. The Chinese government's focus on infrastructure development and urbanization has fueled the demand for steel, contributing to the growth of the molybdenum market in Asia-Pacific.
Moreover, the robust growth of the electronics industry in Asia-Pacific has further bolstered the demand for molybdenum. Molybdenum finds applications in electronic devices and semiconductor manufacturing. As the region leads in producing and consuming electronic products, the demand for molybdenum has increased significantly. According to the Asian Development Bank, Asia-Pacific is the largest consumer of electronic products, accounting for more than half of global electronic sales.
Source: DataM Intelligence Analysis (2023)
Molybdenum Market Key players
The major global players include BHP Billiton Group, Jinduicheng Molybdenum Co. Ltd., American CuMo Mining, Compañía Minera Antamina S.A, S.A.B. de C.V, Grupo México, Thompson Cek Metals, Moly metal LLP, ENF Ltd. and Compania Minera Dona Ines De Collahuasi S.C.M.
COVID-19 Impact Analysis
COVID Impact
The outbreak of the COVID-19 pandemic in late 2019 had far-reaching implications for various industries worldwide. The molybdenum market, a critical component of many industrial sectors, was not immune to the effects of the global health crisis.
Moreover, the COVID-19 pandemic has significantly influenced consumer demand for molybdenum products across multiple sectors. The economic slowdown, temporary closures of businesses, and changes in consumer behavior have caused shifts in demand patterns.
Industries heavily reliant on molybdenum, such as construction have experienced decreased demand due to lockdowns and restrictions. However, the market is currently bouncing back due to the boost experienced in the construction industry. The COVID-19 pandemic led to a significant decline in global economic activity, reducing demand for molybdenum across various sectors.
Lockdown measures, travel restrictions, and temporary closures of industries disrupted supply chains, leading to production delays and decreased consumption. According to data from the International Monetary Fund (IMF), the global economy contracted by 3.5% in 2020, reflecting the severe impact of the pandemic.
Consequently, industries such as automotive, construction, and oil and gas, which are significant consumers of molybdenum, witnessed a decline in demand due to reduced activities and investments. However, by closely monitoring these factors and adapting to the evolving market dynamics, participants in the molybdenum market can navigate the challenges posed by the pandemic and seize emerging opportunities.
Russia- Ukraine War Impact
The ongoing conflict between Russia and Ukraine has had far-reaching implications across various sectors, including the Global Molybdenum Market. Molybdenum, a strategic metal widely used in industries such as steel production, energy, and electronics, has witnessed significant market fluctuations due to geopolitical tensions and disruptions in supply chains. Ukraine is a key player in the global molybdenum market, with significant reserves and production capacity. The conflict with Russia has resulted in disruptions in the supply of molybdenum from Ukrainian mines.
Further, the Russia-Ukraine war has led to increased global demand for molybdenum as countries seek to diversify their supply sources. The reliance on Ukrainian molybdenum has prompted importers to explore alternative markets and secure stable supplies. One such example is U.S., which has shown an increased demand for molybdenum due to concerns over supply disruptions. According to data from the U.S. Geological Survey, molybdenum imports by U.S. increased by approximately 23% in 2020 compared to the previous year, indicating the impact of the conflict on global trade dynamics.
Key Developments
- On January 18, 2023, the European prices for molybdenum reached an all-time high of USD 9,680/tonne due surge in price for copper.
- On March 14, 2023, CME Group announced the first 90 contract trades of molybdenum oxide futures due to a surge in its applications related to clean power technologies.
- On June 16, 2023, Greenland Resources had an LOI with FLSmidth to provide technical support, technology, and metallurgical process equipments.
Why Purchase the Report?
- To visualize the Global Molybdenum Market segmentation based on Product, end-user, and region, as well as understand key commercial assets and players.
- Identify commercial opportunities by analyzing trends and co-development.
- Excel data sheet with numerous data points of molybdenum market-level with all segments.
- PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
- Product mapping available as Excel consisting of key products of all the major players.
The Global Molybdenum Market Report Would Provide Approximately 53 Tables, 53 Figures, And 187 Pages.
Target Audience 2024
- Manufacturers/ Buyers
- Industry Investors/Investment Bankers
- Research Professionals
- Emerging Companies
