During the projection period, molybdenum sales are expected to expand at a substantial CAGR of 4.7%. 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.
Molybdenum is rapidly being used in electronics, electrical devices, and medical equipment due to its high electrical conductivity, which is driving growth in the global molybdenum market.
From 2023 to 2033, the worldwide molybdenum market is predicted to develop due to the increased use of molybdenum in thermal spray coatings and the aerospace and defense sectors.
Molybdenum is also utilized in high-temperature furnaces and material processing equipment, which are projected to fuel expansion in the global molybdenum market. Molybdenum is not appropriate for continuous operation at temperatures exceeding 500°C in an oxidizing atmosphere unless adequately protected by a coating, which is another issue likely to restrict expansion in the global molybdenum market over the forecast period.
The growing demand for molybdenum and related alloys in consumer electronics is projected to open up a slew of new business prospects.
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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 huge 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.
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Top Key Player in the Global Market
- 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
Key Segmentation
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
By Region:
- North America
- Latin America
- Europe
- South Asia & Pacific
- East Asia
- Middle East & Africa (MEA)
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