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Global Molybdenum Market to Show Impressive Growth Rate between 2018 - 2026 | TMR
Molybdenum is a chemical element which is valued as an alloying agent in stainless steel or structural steel due to its strength, ability to hold shape, corrosion resistance, and ability to operate at high temperatures. Molybdenum is a byproduct of copper mining. It is lightweight, silvery-white lustrous metal, with reminiscence of tin. It is reliable, durable, resilient, and has low degree of thermal expansion.
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Global Molybdenum Market: Drivers & Restraints
The global molybdenum market is driven by the increase in demand from large scale industries. The natural resources are depleting the manufacturers are finding the way for the new energy sources, which is required for the setting of the new renewable energy production plants. This, in turn, is driving the molybdenum market for the construction of production facilities. The demand for molybdenum is high from special chemicals and steel industries, the leading producers of the molybdenum are increasing their focus on the introducing new primary & byproduct operations. However, high price of molybdenum is a major restraint of the molybdenum market. Molybdenum is not suitable for continuous temperatures above 500 °C in an oxidized atmosphere unless it is protected by a coating. This is likely to hamper the global molybdenum market.
Global Molybdenum Market: Applications
Molybdenum is used in various applications such as fully alloy, stainless steel, cast steel, and catalysis. It is also used as a raw material in end-use applications such as oil & gas, automotive, aerospace, defense, electronics, and medical. Molybdenum is extensively used in the oil & gas industry. It is also used in the construction industry, as molybdenum is required in steel in large amount. Molybdenum is also used in automotive, aerospace, defense, electronics, and medical industries.
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Global Molybdenum Market: Key Players
Key players operating in the global molybdenum market include BHP Billiton Group, Jinduicheng Molybdenum Co., Ltd., American CuMo Mining, Compania Minera Dona Ines De Collahuasi S.C.M, S.A.B. de C.V, Grupo México, Thompson Cek Metals, Moly metal LLP, and ENF Ltd.
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