The molybdenum market is experiencing substantial growth, with its size projected to reach USD 316.0 billion in 2023 and surge to USD 500 billion by 2033. This impressive increase is driven by a robust CAGR of 4.7% throughout the forecast period. The expanding demand for molybdenum, a key element in steel alloys and high-performance materials, underscores its critical role in various industrial applications, further bolstering its market value and growth prospects.
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.
Key Takeaways from the 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.
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
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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
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